Terrorism Insurance Act Set to Expire


9-11-smokeCongress failed to extend a bipartisan bill providing terrorism risk insurance after the U.S. Senate was unable to reach a final vote on Tuesday.

Republican Oklahoma Sen. Tom Coburn blocked the vote over provisions that would extend the measure for six years and create a licensing program enabling insurance agents to sell across state lines.

The Terrorism Insurance Act, which was created after the 9/11 attacks in 2001, provides a government backstop to help insurers and their customers recover losses from terrorist attacks.

The program has been essential to industries including construction, major sports and real estate, but failure to reauthorize the measure means it will have to be reintroduced when the next Congress meets in January. Read more.

{Andy Heller-Matzav.com Newscenter}