Despite the threat of a White House veto, the House last week overwhelmingly approved the Terrorism Risk Insurance Revision and Extension Act of 2007, which would extend coverage under TRIA for 15 years and expand its coverage to include domestic acts of terrorism among other things.

One of the most controversial aspects of the House bill is coverage for nuclear, biological, chemical, and radiological events (NBCR). Some insurance groups say they don't know how to insure for NBCR risks. Others predict coverage would be expensive and unaffordable for many businesses and warn that it could discourage the market and impact the availability and pricing of insurance.

Strong opposition to the bill in the Senate is expected. Meanwhile the President has said he doesn't favor an extension beyond one or two years.

With only three months left until the Dec. 31 expiration date for TRIA, many businesses are concerned that workers' compensation rates nationwide will substantially increase.