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RIMS Lobbies For Congress To Back Terrorism Reinsurance

To The Editor:

The Risk and Insurance Management Society wholeheartedly concurs with the conclusion drawn in NU‘s Jan. 21 editorial, “California, New York Take Big Risks on Terrorism Policies.”

The absence of Congressional action to provide a federal terrorism reinsurance backstop has caused a confusing and potentially dangerous situation–specifically for insurers in New York and California, two of the four states where terrorism exclusions do not exist, as well as for policyholders everywhere who are faced with absorbing nearly all terrorist risk themselves.

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