Insurance companies are praising the House for approving legislation that would provide government loans to cover terrorism-related losses, but they generally stopped short of fully endorsing the bill.
The legislation, H.R. 3210, was approved yesterday by a 227-193 vote. Insurance companies had questioned whether a loan program would be sufficient to expand capacity for terrorism risks, but they praised the fact that the legislative process is moving forward.
Robert E. Vagley, president of the Washington-based American Insurance Association, called the vote "a very positive, meaningful step toward getting an effective terrorism insurance backstop in place prior to Congressional adjournment."
