House passes version of TRIA bill

This afternoon the House passed its version of the Terrorism Risk Insurance Act (TRIA) extension bill by a 371-49 vote. As passed by the House, the bill would extend the TRIA program for another three years. The bill includes modifications increasing the industry's share of the potential loss burden as well as expanding  TRIA 's scope to include the insurance of nuclear, biological, chemical and radioactive exposures. On Nov. 18,  the Senate passed its own version of the bill, which the Bush administration and Treasury have endorsed. The Senate is expected to reconvene Dec. 12. Negotiations in which House and Senate Banking members and staff  will try to reconcile the differences between the two versions will occur next week. Both the House and Senate are scheduled to adjourn on Dec.20. The Commercial Mortgage Securities Association expects an agreement on a final TRIA bill on or before that date. The CMSA hopes that the final version will incorporate some of the House provisions, including the creation of a commission that could provide a framework for a permanent resolution.