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Treasury issues backstop help.(News)(Treasury Department issued interim guidance on Terrorism Risk Insurance Act of 2002)
Business Insurance, December, 2002 by Hofmann, Mark A.
Byline: MARK A. HOFMANN WASHINGTON-The Treasury Department has issued its first interim guidance on implementation of the Terrorism Risk Insurance Act of 2002. The interim guidance was unveiled at a Dec. 3 press conference by Treasury Undersecretary Peter Fisher and National Assn. of Insurance Commissioners President Terri Vaughan.
The Treasury Department expects to issue additional guidance in the future, ``including how we intend to apply the law to captive insurers and other self-insurance arrangements,'' said Mr. Fisher. President Bush signed the act Nov. 26, allowing creation of a federal reinsurance program to help insurers pay for future catastrophic terrorism-related losses. The first interim guidance deals with how insurers can meet the act's...
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