Extension of TRIA only a short-term fix.(Congress approval for terrorism insurance)(Editorial)

Business Insurance, December, 2005

RISK MANAGERS AND INSURERS have gained an additional two years of breathing room-but precious little else-from Congress' approval of a measure that would extend a scaled-back version of the federal terrorism insurance backstop through the end of 2007. That's not to say that the extension isn't welcome-anything that returns some certainty to the terrorism insurance market comes as good news.

But the bill leaves an awful lot of unfinished business that needs to be addressed. Ironically, the extension bill passed by the House wouldn't have left nearly so many matters unsettled. The House's support for a broad-based independent commission required to present lawmakers with long-term solutions to the problems associated with providing terrorism insurance by...