Washington–An insurance trade group official said at a symposium on terrorism last week that her industry will be hurt if the Terrorism Risk Insurance Act is not extended.
"The U.S. economy will suffer if a federal public/private partnership to insure against catastrophic terrorist attacks is not in place to continue beyond Dec. 31, when the Terrorism Risk Insurance Act (TRIA) expires," said Debra Ballen, executive vice president of the Washington-based American Insurance Association.
Her comments came as a key Treasury Department report on TRIA was expected to be released at any moment. The report mandated by Congress concerns whether the act, which provides a federal backstop for foreign terrorism risk, has fulfilled its function.
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