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Terrorism Bill Needs Clarification

Anyone involved in the insurance industry–underwriter, seller or buyer–is familiar with chaos theory firsthand. No matter how certain you are that all contingencies are accounted for, the theory goes, unforeseen events might still allow chaos to ultimately prevail.

Implementation of the Terrorism Risk Insurance Act is no exception. After President Bush signed the compromise bill presented to him by a lame duck Congress, it was left to the Treasury Department to figure out how to implement it. It is no surprise that there are many more questions than answers facing Treasury at this point.

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