Still, though, the House version has hung onto a number of provisions from its previously passed legislation such as the inclusion of life insurance. The earlier version of House legislation was assailed in some industry quarters and met with disapproval from Pres. George Bush.
Real estate and insurance executives, meanwhile, are anxiously waiting for passage of any legislation; many are supportive of this version, which passed by a final vote of 303 to 116. "We are pleased to see the House continuing to focus on the critical need to extend TRIEA," says Kieran Quinn, chairman of the Mortgage Bankers Association in a statement.
"As real estate capital markets continue to weather industry turmoil, extending terrorism risk insurance will resolve an important area of capital market uncertainly--the long-term availability of terrorism insurance," he adds.
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