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Terrorism Bill Faces Roadblock

Washington

Legislation creating a federal backstop in the terrorism insurance market remains bottled up in the Senate amid concerns that it could face yet another roadblock.

Sources told National Underwriter that Sen. Phil Gramm, R-Texas, one of the original sponsors of the Senate bill, is suggesting that the industrys retention level of $10 billion is too low, and should be $10 billion only in the first year, then increased to $20 billion in the second.

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