Industry Reactions To TRIA
Associations applaud passage of House, Senate Committees
Insurance industry trade groups voiced support late last week for the House and Senate financial services panels' passage of legislation extending the Terrorism Risk Insurance Act, but asked Congress to quickly reconcile differing measures and get a compromise bill on the books.
o J. Robert Hunter, director of insurance for the Consumer Federation of America, was particularly critical of language in the House bill that pre-empted the current ability of states to regulate terrorism insurance rates and forms. That amendment was removed during markup in a manager's amendment, but another amendment significantly streamlining regulation of surplus lines was added during the markup.
o Leigh Ann Pusey, senior vice president for government affairs of the American Insurance Association, said that "AIA will continue working with members of Congress and the administration in that same spirit of cooperation to get workable legislation to the president's desk in the next few weeks."
o William Stiglitz, president of the Independent Insurance Agents & Brokers of America, "applauded" the committees for "producing thoughtful and needed legislation."
o National Association of Professional Insurance Agents executive vice president and CEO Len Brevik said, "PIA's message to Congress on TRIA takes a page from what Nike says--Just Renew It!"
o Ernst Csiszar, president and CEO of the Property Casualty Insurers Association of America, "applauded" committee chairmen in the House and Senate for their work on the bill and said the association "looks forward to working with a conference committee to ensure that President Bush has the opportunity to sign workable legislation into law by Dec. 31."
o Ken Crerar, president of the Council of Insurance Agents and Brokers, said he was "extremely pleased to report that very significant action occurred today in both the House and Senate, which we hope will result in the extension of the federal backstop for terrorism insurance." He noted that despite reports of wide gulfs between the bills, "we think congressional leaders could get their staffs to negotiate out their differences in a day's time."
o David Winston, senior vice president for federal affairs for the National Association of Mutual Insurance Companies, said that, "NAMIC supports S. 467, the 'Terrorism Risk Insurance Extension Act of 2005,' as reported by the Senate Banking Committee and urges its swift passage on the Senate floor."
o Eric J. Oxfeld, president of UWC--Strategic Services on Unemployment & Workers' Compensation and the National Foundation for Unemployment Compensation & Workers' Compensation--said, "For the sake of America's workers and employers, UWC urges the full House and Senate to act quickly to assure that a workable terrorism risk insurance backstop remains in place after the end of 2005."
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