WASHINGTON–Legislation that would modify the federal measure that provides government support for insurers in the event of catastrophic terrorism loss has been introduced by Sen. Charles Schumer, D-N.Y.
The legislation, S. 2621, introduced on Monday would temporarily lower insurer deductibles for the program after a major loss to ensure that companies can withstand multiple attacks within a short time frame.
A similar provision was included in the House version of the Terrorism Risk Insurance Act extension legislation last year, but was not included in the final version signed by President Bush in December.
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