The House of Representatives approved a six years extension of a federal backstop for terrorism insurance program, which was created after the attacks of Sept. 11, 2001.
House lawmakers passed the Terrorism Risk Insurance Act extension today in a 417-7 vote that sends the measure to the Senate.
Senator Charles Schumer and Rep. Jeb Hensarling (TX-R,) worked on an extension that would give insurers reimbursements after losses in a terror attack reach $200 million from $100 million.
The measure would increase companies’ co-payments to 20 percent from 15 percent.
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