Business Services Industry
TRIA bills' introduction renews hope; Backers hail actions of House, Senate.(News)(Terrorism Risk Insurance Act)
Business Insurance, March, 2005 by HOFMANN, MARK A.
Byline: MARK A. HOFMANN WASHINGTON-Supporters of extending the Terrorism Risk Insurance Act by two years say they have renewed hopes, now that extension bills have been introduced in both chambers of Congress. House Democrats' introduction last week of the Terrorism Insurance Backstop Extension Act came only a couple of weeks after Sens.
Robert Bennett, R-Utah, and Christopher Dodd, D-Conn., introduced a similar bill in the Senate. TRIA, which established a federal financial backstop for insurers covering losses from future catastrophic terrorist attacks, is slated to expire at the end of the year. Extension proponents-including risk managers and insurers-have argued that the backstop must be maintained to prevent market disruptions. The House...
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