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Article: Push to include Group life under Terrorism Act.(In Congress)(Group life insurance)
- Article from:
- National Underwriter Life & Health-Financial Services Edition
- Article date:
- May 3, 2004
- Author:
CopyrightCOPYRIGHT 2004 The National Underwriter Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Terrorism Risk Insurance Act should be expanded to include group life insurance, says a senior member of the House Financial Services Committee.
"Group life insurance has characteristics similar to commercial property-casualty insurance in that there is excessive concentration of risks," says Rep. Paul Kanjorski, D-Pa., who spoke during a hearing.
Group life insurers have remained in the marketplace, he says, despite a lack of reinsurance, and this has caused a significant amount of anxiety both in the life insurance industry and among people who obtain their life insurance coverage through their employers.
New York Insurance Superintendent ...