Insurers Left In Lurch On Terrorism Risks
Washington
What seemed like a relatively quiet year for the property-casualty industry on Capitol Hill turned into an intense, trying experience in the wake of the Sept. 11 terrorist tragedy.
From dealing with a series of important, but not solvency-threatening issues related to the Gramm-Leach-Bliley Financial Services Modernization Actsuch as privacy and optional federal charteringthe industry suddenly found itself asking Congress and the Bush administration for a federal backstop to pay losses that could arise from another major terrorist event.
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