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Frank unveils terrorism risk bill |
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By Jessica Holzer
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Posted: 06/18/07 07:25 PM [ET] |
House Financial Services Committee Chairman Barney Frank (D-Mass.) and Rep. Michael Capuano (D-Mass.) yesterday introduced a bill to extend by 10 years the federal backstop for terrorism insurance passed into law after the Sept. 11, 2001 terrorist attacks.
The legislation expands the program by including domestic acts of terrorism as well as nuclear, biological, chemical and radiological (NBCR) attacks to the risks covered by the backstop. It also adds group life insurers to the lines of insurance that must provide terrorism coverage and lowers the minimum size of the event covered under the program from $100 million to $50 million in insured losses.
The Senate has yet to introduce any terrorism risk insurance legislation. The program will expire at the end of the year unless Congress steps in.
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