Claims News Service, Jan.26, 8:53 a.m. EST — The Independent Insurance Agents & Brokers of America (the Big “I”) is supporting a study that will examine long-term federal terrorism insurance. The association is responding to a bipartisan bill recently introduced in the House of Representatives.

Sponsored by Rep. Vito Fossella, the Commission on the Terrorism Risk Insurance Act would create a commission to study and report to Congress by the end of 2006 on whether a long-term federal terrorism backstop is needed when the current backstop expires in 2007. The bill takes the language from the 2005 House-passed version of the TRIA extension that was ushered through the U.S. House of Representatives by Chairmen Mike Oxley (R-Ohio) and Richard Baker (R-La.) at the end of last year.

“The long term problem of terrorism risk, the exposure faced by insurers, and the needs of commercial policyholders requires a careful and comprehensive study,” said Big “I” CEO Robert A. Rusbuldt. “We applaud this serious effort to study this issue and to formulate viable solutions that will enhance our economic security, benefit commercial policy holders, ensure independent agents and brokers have a viable product for their commercial customers, and provide protection for American taxpayers by engaging in needed risk management.”