Story Of The Year: Terrorism Bill Passes At Last
It took over 14 months and a lame duck session of Congress, but a law establishing a federal reinsurance backstop for terrorism losses was finally approved. The big questions now are how to implement the program, and will it do the trick?
Reactions from industry observers run the gamut, from consumer advocates fretting that insurers will seize the opportunity to price-gouge, to rating agencies concerned that carriers will practically give terrorism insurance away to land a big account.
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