WASHINGTON — The Senate Banking Committee approved a bill Tuesday to reauthorize the Terrorism Risk Insurance Act for seven years.

The unanimous vote is the first step for legislation that is considered must-pass this year, before the program expires in December. The bill would extend the program, which provides a government backstop for insurers and reinsurers in the event of a terrorist attack, until December 2021. It also includes several tweaks designed to reduce the size of government's support, raising the mandatory recoupment threshold from $27.5 billion to $37.5 billion and increasing insurers' co-pay from 15% to 20% after a deductible.

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