Washington–The removal of indicted Rep. Tom DeLay, as House majority leader eliminates a major stumbling block for terrorism insurance backstop legislation sought by insurance interests, according to a confidential industry assessment.
Mr. DeLay, R-Texas, known as "The Hammer," was forced to step from his party post yesterday after being charged with campaign finance violations.
The development "has significant consequences" for extension of the Terrorism Risk Insurance Act, according to a private memo obtained by National Underwriter which was sent to members of the Council of Insurance Agents and Brokers by their top Washington lobbyist.
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