President George W. Bush signed into law, H.R. 3210, the Terrorism Risk Insurance Act of 2002, Tuesday.
“Since its introduction, the Terrorism Risk Insurance Act, has gone over a lot of tough hurdles. Had it not been for President Bush’s ongoing persistence, the bill would have certainly died during the legislative process” Monte Ward, NAMIC’s federal affairs vice president, said.
“By signing this bill into public law, the President sent a very clear and
important message regarding national preparedness against future terrorism attacks. NAMIC congratulates the President for his dedication to this very important cause. We plan to work in the coming months with the Administration and Congress to ensure that compliance with the law does not become an undue burden for insurance companies. We are most eager to view the study being conducted by the Secretary of Treasury to see what potential effects acts of terrorism have on the availability of personal lines coverage,” Ward added.
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