Did Industry Fundraiser Put TRIA InJeopardy?

Washington

Raw partisan politics might delay consideration of extending theTerrorism Risk Insurance Act, according to a top Capitol Hillpublication.

Roll Call reports in its June 14 edition that someSenate Democrats are planning to “drag their feet” on a bill toextend TRIA to punish some insurance groups and companies that hadbeen planning to hold a fundraising dinner for John Thune, aRepublican running against Senate Democratic Leader Tom Daschle,D-S.D.

The report quotes unnamed Democratic Senate aides as blastingthe insurance industry for planning a fundraising dinner for Mr.Thune at the same time it is lobbying Democrats for support on TRIAextension. One unnamed aide called the industry's efforts “clumsywith respect to both timing and presentation,” while another saidTRIA extension is not a “must-do” bill.

The article asserts that the dinner was postponed over thecontroversy and that it will be very difficult to reschedule it.The dinner is sponsored by the American Insurance Association, theProperty Casualty Insurers Association of America and severalinsurers.

The Roll Call article said that while Democrats stillsupport TRIA extension, there is now little chance the program willbe reauthorized this year.

Gary Karr of Washington-based AIA said the association'sPolitical Action Committee support both Democrats and Republicanswho back AIA on its issues. AIA's PAC supports Mr. Thune, Mr. Karradded, because the group believes he is the better candidate onlegal reform.

Julie Gackenbach, assistant vice president of governmentrelations with PCI in Des Plaines, Ill., said TRIA extension is notdead. She noted that over 120 members of the House ofRepresentatives signed a letter calling on the Bush Administrationto support extension, a position backed by the National Associationof Insurance Commissioners and policyholder groups.

As for the Thune fundraiser, Jimi Grande, political director forPCI, said it will be rescheduled and he believes it will draw alarge turnout.

Reproduced from National Underwriter Edition, June 18, 2004.Copyright 2004 by The National Underwriter Company in the serialpublication. All rights reserved.Copyright in this article as anindependent work may be held by the author.