The House of Representatives has overwhelmingly approved legislation to extend the Terrorism Risk Insurance Program through 2034, passing the measure by a bipartisan vote of 373-15. The bill, sponsored by Rep. Mike Flood, aims to protect the commercial insurance market against catastrophic losses from certified terrorist attacks. Created after September 11, 2001, the program shares financial responsibility between private insurers and the federal government. The legislation also raises the minimum insured losses required for terrorism certification from $5 million to $10 million beginning in 2029. The bill now heads to the Senate for further consideration.
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