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Efforts to renew TRIA begin; Insurers expect lobbying challenge.(News)(Terrorism Risk Insurance Act)
Business Insurance, March, 2004 by Hofmann, Mark A.
Byline: MARK A. HOFMANN WASHINGTON-Efforts to persuade Congress to reauthorize the Terrorism Risk Insurance Act are beginning to build up steam. Although the act-which provides a federal backstop to cover losses stemming from a catastrophic terrorist attack-doesn't expire until the end of 2005, proponents of extending the backstop say they must move now on reauthorization or leave open the possibility of major market disruptions.
"The most pressing concern is that displacement could begin to occur early next year, not in 2006, because any one-year policy issued on Jan. 2, 2005, is going to be bare to 100% terrorism risk for at least one day,'' said Joel Wood, senior vp-government affairs for the Council of Insurance Agents & Brokers in Washington....
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