NY Seeks Extension On Federal Terrorism Coverage Backstop

Law360, New York (September 18, 2013, 8:35 PM EDT) -- Speaking Wednesday before a committee that advises the Federal Insurance Office, New York Superintendent of Financial Services Benjamin Lawsky called for a permanent extension of a federal program that supports terrorism insurance.

Lawsky argued that there would always be a need for a federal backstop for terrorism insurance like the one established under the Terrorism Risk Insurance Act in the wake of the 9/11 attacks.

His statement came after experts told the Federal Advisory Committee on Insurance that the government's reinsurance program for terrorism has worked...
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