Insurers including ACE Ltd. and the Hartford Financial Services Group Inc. have called on lawmakers to extend the program, as have universities, the National Football League and lobbying groups such as the American Insurance Association.

Hensarling had previously said he wanted to abolish the terrorism insurance program and replace it with private coverage. Later he agreed it should be extended in some form.

He proposed limiting government reimbursement by raising the payout threshold to $500 million for attacks waged with conventional weapons.

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