Terrorism Insurance Backstop Extension Act of 2005

H.R. 1153, the Terrorism Insurance Backstop Extension Act of 2005, would extend a federal program that provides a financial safety net for insurance companies in the event of a major terrorist attack. By extending this "backstop" through 2007, the bill aims to ensure that commercial insurance remains available and affordable for businesses, which helps stabilize the economy and protects large-scale construction and development projects. Additionally, the bill requires the Department of the Treasury to study whether similar protections should be expanded to include group life insurance providers.