The House and Senate have both passed legislation that would create a one-to-three-yearprogram that would provide federal aid to domestic insurance companies in the advent of another large-scale terrorist attack. The program would require the federal government to subsidize a portion of insurers' losses arising from terrorist attacks--although how much, and whether or not the aid would be repaid are among the differences in the bills.

Last year's terrorist attacks resulted in the property-and-casualty industry's first-ever loss, and the industry has since adopted a terrorism exclusion clause for commercial properties that has been adopted by all but five states.

Not everyone agrees that a terrorism insurance bill is necessary. For instance, the Consumer Federation of America says insurance companies have yet to justify their request to expose taxpayers to significant financial risk, says a recent report fromthe group. While such insurance may be necessary for some "trophy" properties, the legislation under consideration is too broad, the consumer group argues.