Congress would be doing the nation an economic injustice if it fails to renew an federal backstop for terrorism insurance, Rep. Michael G. Oxley, R-Ohio, told an insurance industry meeting this week.
"It would be a travesty of enormous proportions for our economy should we not be able to extend TRIA," he told an audience of insurers and reinsurers at the annual meeting of the Property Casualty Insurers Association of America (PCI) in Chicago..
The terrorist attacks of Sept. 11, 2001, he noted, "did more than murder thousands of people. The attacks drained the insurance industry's surplus and threatened both marketplace solvency and our country's economy."
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