Washington–The chief executive officer of a mutual insurer warned the Senate Banking Committee in a letter that renewal of the Terrorism Risk Insurance Act along the lines being pushed by the White House and conservative members of Congress would make it difficult for small and medium-sized insurers to survive.
"If the Terrorism Risk Insurance Act is not extended along the lines suggested by the Dodd-Bennett bill, companies like [us], which make up the bulk of insurers in the U.S., will be unlikely to survive in the event of the terrorist attack," said Warren W. Heck, chairman and CEO of Greater New York Mutual Insurance Co.
The letter was written to Sens. Richard Shelby, R-Ala., and Paul Sarbanes, D-Md., chairman and ranking minority member, respectively, of the Senate Banking panel.
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