Property/casualty insurance industry groups, business associations and observers alike were quick to condemn the death of TRIA renewal for 2014. Without federal terrorism reinsurance in place for 2015, they predicted canceled coverage, market chaos and more unless the measure can …
A U.S. program that backstops insurance companies’ losses from acts of terrorism is set to end after the Senate didn’t extend it. Efforts to reauthorize the Terrorism Risk Insurance Act for six years fell apart after Senator Tom Coburn, an …
When the U.S. House of Representatives approved a terrorism insurance bill last week, it contained a little-noticed provision that would require at least one member of the Federal Reserve’s board to have community banking experience. That provision appears destined to …
The U.S. Senate is close to extending an insurance program Sen. Charles Schumer said is vital to New York’s post-9/11 resurgence and economic development in cities across the country. Schumer, D-N.Y., introduced a bill on April 10 that would extend …
A bipartisan group of U.S. senators has agreed on legislation to extend the government’s financial backstop of terrorism insurance for seven years. The legislation would raise private insurers’ co-payments to 20 percent from 15 percent. “In the long shadow of …
