(by Geck Finn)

The Terrorism Risk Insurance Act was approved on Wednesday as the U.S. House Financial Services Committee signed the legislation to extend its activity through the end of 2007.

Earlier, TRIA was a real issue for the government as it was to expire by late 2005. The Act is expected to be extended before the current Congress adjourns, analysts say. This will help to prevent property/casualty market decline, they add.

The Committee approved the extension on a voice vote and now it moves to the full House on the expectations to be voted on before the Congress next week adjournment.

The HFSC also approved an amendment to the Terrorism Insurance Backstop Extension Act—H.R this week.