Washington–Congress should begin work to extend a modified Terrorism Risk Insurance Act or establish a federal terrorism pool system, speakers at an event held by the Washington Legal Foundation said.
Warren Heck, the chairman and chief executive officer of the Greater New York Mutual Insurance Company, said the main criticisms voiced against the federal "backstop" created by TRIA are untrue.
He referred to portions of the Treasury Department report on the TRIA program that said a federal backstop was effectively preventing the growth of a private market and the emergence of new capital for terrorism reinsurance.
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