Short-Term 'Chaos' Possible In Implementing Terrorism Bill
When the U.S. Senate passed the Terrorism Risk Insurance Act by an 86-11 vote last week, following approval the week before by the House, it heartened members of the insurance industry and risk management community who supported the measure, but left them guessing about its effects.
Besides wondering how the U.S. Treasury Department would interpret its charge to administer various aspects of the bill, many were unsure what the effect on the marketplace and premium prices would be. Indeed, the representative for one insurance broker organization predicted a "chaotic" situation, at least in the short term.
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