Insurance Biz Lobbies Sens. To Extend Terrorism Backstop

Law360, New York (February 25, 2014, 3:22 PM EST) -- Insurance bigwigs and policyholder groups alike urged a Senate banking panel Tuesday to maintain the soon-to-expire federal terrorism reinsurance program as is, saying that reforms designed to pass more risk to the private sector will depress coverage capacity and raise prices.

At a full Banking, Housing and Urban Affairs Committee hearing, commercial insurance stakeholders called for a long-term or permanent reauthorization of the federal backstop set up under the Terrorism Risk Insurance Act, which Congress passed in 2002 to make terrorism coverage affordable again after devastating...
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