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Senator pledges action on backstop.(Senate Committee on Banking, Housing and Urban Affairs regulates terrorism insurance )
Business Insurance, October, 2005 by Hofmann, Mark A.
Byline: MARK A. HOFMANN WASHINGTON-The Senate Banking, Housing and Urban Affairs Committee plans to take up federal terrorism insurance legislation "as soon as we can,'' according to the panel's chairman. Committee Chairman Richard Shelby, R-Ala., made that pledge Tuesday in response to a question by Sen.
Robert Bennett, R-Utah, before the committee began a hearing on the future of the National Flood Insurance Program. Sen. Bennett is co-sponsor of a bill that would extend the Terrorism Risk Insurance Act-which provides a federal financial backstop for insurers facing losses from future catastrophic terrorist attacks-for two years beyond its current Dec. 31 expiration. Sen. Shelby, one of 11 senators who voted against TRIA when it was approved in 2002,...
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