Business Services Industry
Just-in-time extension for terror coverage backstop.(Spotlight: Year in Review--Risk Management)
Business Insurance, January, 2006 by Hofmann, Mark A.
Byline: Mark A. Hofmann A report delivered at the last possible minute helped assure that the fate of the federal reinsurance backstop created by the Terrorism Risk Insurance Act wouldn't be determined until the last possible minute, either. The Treasury Department prepared the report in question, which was required by TRIA to be completed by June 30.
And on the morning of June 30, Treasury released its report on the state of the terrorism insurance market. Proponents of extending TRIA didn't like what they read. The report said that the Bush administration-which had pushed hard for TRIA's enactment in 2002-could not support extending the backstop beyond its scheduled Dec. 31, 2005, expiration unless lawmakers scaled back the program considerably. The...
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