Washington–A Treasury report outlining the Bush administration's position on the Terrorism Risk Insurance Act dims the prospects that the measure providing a backstop for insurers will be renewed at the end of this year, according to the head of an insurers' trade group.
Ken Crerar, president of the Council of Insurance Agents and Brokers, gave that assessment in a memo to his membership, which sought to accent the positive even as others in the industry were privately expressing pessimism.
Mr. Crerar wrote that it was "clear that the administration is throwing a considerable amount of cold water on prospects for renewal of TRIA past its expiration at the end of this year, and raised the bar high for any acceptable alternative solution."
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