Fort Lauderdale, Fla.–State legislators here started planning for a marketplace without a federal terrorism insurance backstop by asking the nation's regulators to craft a solution without help from Washington.
Lawmakers at the National Conference of Insurance Legislators spring meeting heard pessimistic outlooks on the federal government's willingness to participate in a permanent solution for terrorism insurance once the Terrorism Risk Insurance Extension Act expires in 2007.
The group proved quite receptive to suggestions from both industry and Consumer Federation of America Insurance Director J. Robert Hunter, a TRIA critic, that NCOIL and the National Association of Insurance Commissioners join forces to deal with terrorism risk insurance.
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