June 21, 2002—On June 19th, the U.S. Senate passed the Terrorism Risk Insurance Act of 2002 (S. 2600) by a vote of 84-14.
The legislation aims to provide at least a one-year federal backstop of up to $100 billion in funds after insurance companies incur losses of $10 billion. Provisions are included to extend the measure for a second year if needed. BOMA International and its coalition partners have strongly supported this legislation.
The House of Representatives and the Senate must now reach a compromise in order to pass the legislation on to President Bush. The House and Senate versions differ on whether any government funds must be re-paid. The House version, H.R. 3210, was passed last year.
Based on a report from BOMA.org
