WASHINGTON–Renewal of the federal Terrorism Risk Insurance Act drew expressions of support at a House Financial Services Subcommittee hearing yesterday, but how long that extension should last was debated.
Rep. Paul Kanjorski, D-Penn., the chairman of the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprise, acknowledged a strong need to extend the TRIA program beyond its current deadline of the end of the year. However, he proposed extending the program for six-to-eight years–a far shorter period than that recommended by other lawmakers.
Mr. Kanjorski said that Congress should recognize the “delicate balance” between providing security and spurring the industry to provide the coverage.
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