Business Services Industry
Call for TRIA extension grows louder in Congress; House panels weigh impact of federal backstop.(News)(Terrorism Risk Insurance Act)
Business Insurance, May, 2004
Byline: MARK A. HOFMANN WASHINGTON-Support may be growing in Congress for extending the Terrorism Risk Insurance Act beyond its current Dec. 31, 2005, sunset date. As was evident in last week's joint meeting of the House Financial Services Committee's Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises and the Subcommittee on Oversight and Investigations, lawmakers fear that the private insurance market is not yet able to guarantee that terrorism insurance it will be available once TRIA expires.
TRIA, which became law in late 2002, provided for a 37-month federal backstop to help private property/casualty insurers offer coverage for losses from future terrorist events. The act was designed to give private insurers enough time...
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