The Bush Administration and a Senate Panel have agreed to extend TRIA for seven years. A key element of the compromise was the removal of the requirement contained in the House version for covering nuclear, biological, chemical, and radiological (NBCR) attacks.

The Senate version calls for studies on NBCR coverage and on a "reset" mechanism for deductibles in areas of "unique capacity constraints".

Both the Senate and House versions provide that the federal government assumes $100 billion of the risk from a major terrorist attack after insurers have paid 20 percent of the premiums they've collected from the previous year towards the terrorism claims.

Like the House version, the Senate version extends coverage to acts of domestic terrorism.

The Senate and House versions diverge on the "trigger" or level of losses at which the TRIA program kicks in. The Senate trigger is set at $100 million, whereas the House version is $50 million.

The Senate version also removes the requirement contained in the House version that Congress needs to vote to authorize the funding in the event of an actual terrorist attack.