A bipartisan group of senators announced a deal Thursday to reauthorize and extend the country's terrorism risk insurance program, which is expected to be taken up by the Banking Committee in coming weeks.

Sens. Charles Schumer, D-N.Y., Mark Kirk, R-Ill., Dean Heller, R-Nev., and Chris Murphy, D-Conn., unveiled the plan, which would extend the Terrorism Risk Insurance Act for an additional seven years. The program provides a federal backstop to insurance and reinsurance companies in the event of a catastrophic terrorist event.

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