Washington–The Mortgage Bankers Association (MBA) has called on lawmakers to ensure that some form of federal backstop for terrorism insurance remains available in 2006 or risk a serious disruption of the commercial real estate finance industry.
In a letter to House Financial Services Committee Chairman Mike Oxley, R-Ohio, and Ranking Member Barney Frank, D-Mass., the association said that Congress must act to ensure the continued availability of terrorism coverage established under the Terrorism Risk Insurance Act is maintained and not allow the process to be slowed by attempts to improve the program.
In a letter signed by Kurt Pfotenhauer, an MBA senior vice president, the group said, "Our membership can appreciate the interest of many House members to make certain reforms to the program; however, we wish to reiterate that it is most important that terrorism insurance remains available and affordable beyond December 31, 2005."
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
