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Congress Can’t Afford Delay On Terrorism Reinsurance Bill

The insurance industry could not have asked for a better turn of events last month in its quest to convince Congress to put a federal terrorism reinsurance backstop in place.

For one, the U.S. General Accounting Office came through big time. Congress said it needed hard evidence that the lack of reinsurance coverage for terrorism risks in the private market had put the general economy at risk. GAO, its independent research unit, delivered the goods.

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