While the extension of the Terrorism Risk Insurance Act appears to have significant support on Capitol Hill, a House Financial Services Subcommittee hearing last week revealed there is still considerable debate ahead over how long the federal reinsurance program should last.
Rep. Paul Kanjorski, D-Pa., who chairs the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprise, acknowledged a strong need to extend TRIA beyond its current deadline at year's end.
However, he also said lawmakers should recognize the “delicate balance” between providing security to the market and spurring private insurers to write the exposure. Along those lines, he proposed extending the program for six-to-eight years.
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