Reinsurer Exec Says Industry Can Take On Terrorism Risks

Law360, New York (November 13, 2013, 4:21 PM EST) -- A reinsurance industry executive who testified at a Wednesday hearing urged Congress to tinker with the federal backstop for federal insurance so that the private sector could gradually shoulder more responsibility for conventional terrorism risks, while others argued the soon-to-expire program should be left as is.

The debate arose at the second of a series of hearings focusing on the government's terrorism reinsurance program, which was set up by the Terrorism Risk Insurance Act to ease insurers back into the terrorism insurance market after the devastating...
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