House OKs backstop for insurers on terrorism losses

Holzer, Jessica
September 2007
Hill;9/20/2007, Vol. 14 Issue 108, p6
The article reports on the House of the Representatives' approval to renew and expand the federal backstop to insurers for terrorism risks. The legislation ensures that the government would not spend money unless the Congress acts in the outcome of terrorism to pay insurers. However, the American Insurance Association raised concerns that the legislation could weaken the federal backstop. After enactment, the House bill would renew the Terrorism Risk Insurance Act by 15 years.


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