Bi-partisan support extends Terrorism Risk Insurance Act by six years, and also includes agent licensing reform with the inclusion of a permanent National Association of Registered Agents and Brokers. UPDATE: House also passes the Insurance Capital Standards Clarification Act, which recognizes the difference between the banking and insurance markets.
Lawmakers are close to extending a federal program that covers a portion of corporations losses from acts of terrorism, according to three congressional aides.
One of things the insurance industry hates most is uncertainty. The ability to accurately assess and predict risk with reasonable certainty is key to success in the insurance business.
The most likely path to enactment of legislation reauthorizing a federal backstop for terrorism risk insurance that insurers can live with is House de facto acceptance of the preferable Senate bill.