|
|
Backstop supporters seeking alternatives to current TRIA; Lawmakers examine options after Treasury objects to extension.(News)(Terrorism Risk Insurance Act, Department of the Treasury)
- Article from:
-
Business Insurance
- Article date:
-
August 1, 2005
- Author:
-
|
Copyright informationCOPYRIGHT 2005 Crain Communications, Inc. 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)
|
Byline: MARK A. HOFMANN
WASHINGTON-A key lawmaker wants to work with the Treasury Department during the August recess to devise alternatives to the existing federal terrorism insurance backstop provided by the Terrorism Risk Insurance Act.
Rep. Richard Baker, R-La., made that offer during a hearing about the future of terrorism insurance before the House Financial Services Committee's Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. Rep. Baker, who chairs the subcommittee, said it is "very clear'' that the White House will not accept a simple exten-sion of the current program, which is set to expire on Dec. 31.
A June 30 Treasury ...