Connecticut cheered news Thursday of the federal government’s six-year extension through 2020 of its guarantee to insurers who provided terrorism coverage.
The measure passed the House on Wednesday and Senate on Thursday. It now heads to President Obama, who is expected to sign it, authorities said.
The Terrorism Risk Insurance Act arose after the Sept. 11, 2011 terrorist attacks on U.S. soil. The act, which expired on New Year’s Eve, gives the insurance industry a federal backstop to provide coverage and make it affordable, authorities said.
“This reauthorization was essential and restores much-needed certainty to the insurance industry here in the Insurance Capital,” Gov. Dannel P. Malloy said in a statement. “We are grateful that the reauthorization had the strong support of Connecticut’s Congressional delegation and that Congress moved swiftly and overwhelmingly to approve it.”
The state Insurance Department also lobbied Connecticut’s Congressional delegation via letters, urging their to support to extend the measure.
“This is tremendous news for the people, businesses and projects that rely on the coverage,” Deputy Insurance Commissioner Anne Melissa Dowling said in the statement.
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Reauthorizing terrorism risk insurance is essential for New England
