With only five days to go before the Terrorism Risk Insurance Act (TRIA) was set to expire at year's end, President Bush signed into law legislation that reauthorizes the federal backstop for another seven years. The legislation extends coverage for acts of domestic terrorism, in addition to foreign acts of terrorism. Several House provisions were eliminated from the final bill at the last minute, including coverage of nuclear, biological, chemical and radiological events, adding group life insurance to the backstop and lowering the programs “trigger” level for coverage to $50 million from $100 million.
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