Battle begins to extend terrorism backstop.(Tria's Fate Uncertain)

National Underwriter Property & Casualty-Risk & Benefits Management, February, 2005 by Postal, Arthur D.

LEGISLATION EXTENDING the Terrorism Risk Insurance Act for two years beyond its Dec. 31 expiration date has been introduced in the Senate, while Fed Chairman Alan Greenspan boosted the case for extension by conceding that a private reinsurance market for terrorism coverage has yet to be created.

A hearing to explore the effectiveness of the current program and what could potentially happen if TRIA is not extended will be held by the Senate Banking Committee this week--on March 3. However, as displayed when in tense efforts failed to win passage of legislation extending the program in the waning days of the last Congress, "nothing is for certain," said Dennis Kelly, a staff official at the American Insurance Association. The Senate bill--S. 467, introduced...

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