Terrorism risk insurance reauthorization legislation being introduced in the House will have a "punitive impact on smaller, regional and niche insurers and their policyholders" if it becomes law, the National Association of Mutual Insurance Companies says.
The comments by Jimi Grande, NAMIC's senior vice president of federal and political affairs, followed the release of the "TRIA Reform Act of 2014" by the House Financial Services Committee's Republican leadership. Rep. Randy Neugebauer, R-Texas, one of the primary sponsors, says he hopes the legislation can be introduced by Monday.
The bill would increase industry liability over five years to $500 million from the current $100 million for conventional terrorist attacks. It would also establish a separate program for nuclear, biological, chemical and radiation (NBCR) attacks.
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