US HOUSE PANEL APPROVES RENEWAL OF FEDERAL TERRORISM REINSURANCE PROGRAMME

The US House of Representatives financial services committee this week voted 57 to 0 to reauthorise the Terrorism Risk Insurance Programme, the federal reinsurance programme that was first approved in the wake of the September 11, 2001 terrorist attacks. The panel approved a seven-year reauthorisation of the programme, which is scheduled to expire at the end of 2020. “The programme is working as intended, effectively protecting our economy from the costs of a terrorist attack and providing security for many of our nation’s hospitals, stadiums, schools and small businesses,” said committee chair Rep Maxine Waters. The bill now goes to the full House, where it has broad bipartisan support.