NAIC Joins TRIA Bandwagon, Calls For Renewal Of Backstop

Law360, New York (August 26, 2013, 2:30 PM EDT) -- State insurance regulators on Monday formally urged Congress to renew a federal terrorism reinsurance program that was established after the 9/11 attacks, becoming the latest contingent to rally around the backstop.

At a summer meeting in Indianapolis, the National Association of Insurance Commissioners greenlighted a resolution calling for a third extension of the Terrorism Risk Insurance Act, which is set to expire at the end of 2014.

The program provides reinsurance coverage for up to $100 billion in losses from a certified terrorism event, though the...
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