Insurance company trade groups are butting heads over what provisions should be part of legislation to extend the federal government's reinsurance backstop for high-level terrorism losses, with the potential impact on smaller carriers fueling the dispute.
The disagreement involves the American Insurance Association on one side, against the Property Casualty Insurers Association of America and the National Association of Mutual Insurance Companies on the other.
Among other points of contention, PCI and NAMIC feel AIA jumped the gun in announcing an agreement with the Coalition to Insure Against Terrorism over a proposed provision for an extension of the Terrorism Risk Insurance Act.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
