Business Services Industry
Industry questions findings of TRIA report; Treasury opposes renewal of program without changes.(News)(ine Lloyd Thompson Group PLC)
Business Insurance, July, 2005 by Hofmann, Mark A.
Byline: MARK A. HOFMANN WASHINGTON-The U.S. Congress should move swiftly to deal with the terrorism insurance issue in the wake of the Treasury Department's recommendation that the Terrorism Risk Insurance Act not be extended in its present form, risk managers and insurers say. In a June 30 letter accompanying his department's long-awaited report on the state of the terrorism insurance market, Treasury Secretary John Snow said that "continuation of the program in its current form is likely to hinder the further development of the insurance market by crowding out innovation and capacity building.
Consistent with its original purpose as a temporary program scheduled to end on Dec. 31, 2005, and the need to encourage further development of the private market,...
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