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TRIA's end will lead to `major changes'.(Industry News)(Terrorism Risk Insurance Act)(Brief Article)
Business Insurance, February, 2005
NEW YORK-Failure to extend the federal Terrorism Risk Insurance Act beyond its scheduled sunset on Dec. 31, 2005 is already prompting changes in some sectors of the U.S. insurance industry, and the failure to extend the measure could have a significant impact on some insurers, according to Standard & Poor's Corp.
in a recent report, "The End of Terrorism Insurance Could Bring Big Changes in the U.S.,'' S&P said workers compensation insurers could be particularly vulnerable if TRIA isn't extended because states require them to cover on-the job injuries regardless of the cause. TRIA currently may reinsure claims for injuries resulting from terrorist attacks, S&P noted, but in the absence of that backstop workers comp insurers could face huge liabilities....
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