Jan 5, 2015 4:16 PM by News Staff
WASHINGTON (AP) - The GOP-controlled House is moving quickly to revive a lapsed government program that's credited with reviving the market for insurance against terrorism after the Sept. 11 attacks.
The terrorism risk insurance program was originally enacted in 2002 after the 9/11 attacks caused the private market for terrorism insurance to collapse. It provides a government backstop for private insurance companies in the event of catastrophic losses.
The program expired at the end of last year. A compromise measure to extend it for another six years sailed through the House last month but got snagged in the Senate due to the objections of former Republican Sen. Tom Coburn.
Majority Leader Kevin McCarthy announced Monday that the House will again vote on the legislation later this week.
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