WASHINGTON--The Senate Banking committee's incoming chairman said the panel will work to establish a permanent federal program to backstop insurers against terrorism risk rather than renewing the Terrorism Risk Insurance Act.
Sen. Chris Dodd, D-Conn., who will assume leadership of the committee when the 110th Congress convenes in January, said today that the TRIA legislation has been "very helpful" in maintaining a stable environment for the insurance and real estate industry, although the private market for terrorism risk that the bill was intended to foster has not come to fruition. As a result, he said efforts in the Banking Committee will focus on establishing a permanent program.
"I will not do another extension," he said. "It's going to be a permanent bill, or nothing."
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