U.S. Senate Votes to Renew Terrorism Insurance Bill
The U.S. Senate voted Thursday to extend a federal terrorism program for six years. Lawmakers failed to extend the program before it expired last year, and it was quickly reauthorized in a 93 to 4 vote, reports Reuters.
The U.S. House of Representatives approved the bill Wednesday, and President Barack Obama is expected to sign it into law.
The program, originally created in the aftermath of the September 11, 2001, attacks, encourages insurers to offer terrorism coverage for big buildings, sports stadiums and shopping malls. It establishes a federal backstop that kicks in if insurers lose a certain amount of money after an attack. Thursday’s bill doubles the losses insurers must suffer before the backstop kicks in to $200 million.