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Punitive DamageProvision Could Derail Terrorism Bill Washington

Creating a federal role in the market for terrorism insurance remains a top priority for Congress this year, but the Senate remains at loggerheads over the issue of punitive damages, an industry representative says.

“I think [terrorism insurance] is on the must do list,” said Carl Parks, senior vice president of federal affairs for the Des Plaines, Ill.-based National Association of Independent Insurers. “There is bipartisan support for getting something done, not for the insurance industry but for business and the economy in general.”

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