Legislation that would modify the federal measure providing a backstop for insurers in the event of catastrophic terrorism loss has been introduced by Sen. Charles Schumer, D-N.Y.
The legislation–S. 2621–would temporarily lower insurer deductibles before tapping the federal reinsurance backstop 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 did not make the cut in the final version signed by President George W. Bush.
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