The Senate approved legislation Thursday to reauthorize the Terrorism Risk Insurance Act, sending it to President Obama's desk after a months-long battle.

The bill to renew the TRIA program, which provides a government backstop for insurers in the wake of a catastrophic attack, was a key priority for both the insurance and banking industries. Many commercial mortgage documents require terrorism insurance over the life of the loan. But the legislation succeeded despite earlier attempts to pass it last year that failed.

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