The House will move swiftly after the Thanksgiving recess to put into law a terrorism insurance bill aimed at preventing an economic crisis if coverage is not available after Jan. 1.
According to The Washington Post, although House Republicans and Democrats have not resolved all of their differences, including disagreement on a provision in the legislation to limit liability, it is likely a new federal system for backing up the insurance industry can be in place soon.
The Senate is considering other proposals.
The House plan would offer billions of dollars in loans to help pay terrorism claims resulting from a future attack. The insurance industry would be required to pick up the initial $1 billion in losses, and the government would cover 90 percent of any additional claims. The industry and its policyholders would have to repay the money.
