Economy Could Drown If Re Pool Isn't Created

Expect a fierce battle in Washington over the creation of somesort of federal reinsurance mechanism to back up private insurersin case of another major terrorist attack like the Sept. 11destruction of New York's World Trade Center.

We commend the insurance industry for its quick action toformulate a compromise proposal from four different plans put forthby various insurance company associations. The result was a plan tocreate a state-chartered mutual reinsurer, Homeland Security, tocover property-casualty risks via two separate pools–one forpersonal lines, the other for commercial.

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