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Terrorism Insurance Reauthorized for 7 More Years

Congress approved a law (P.L. 110-160) reauthorizing the government-based terrorism insurance program for seven more years. Under the law, the terrorism insurance program, which was slated to expire at the end of 2008, will be extended until the end of 2015. A study of how to move terrorism insurance into the private market had concluded that private terrorism insurance was highly unlikely in the foreseeable future and that the government program was the only way to provide such insurance.