Washington–An insurance trade group official said at a symposiumon terrorism last week that her industry will be hurt if theTerrorism Risk Insurance Act is not extended.
"The U.S. economy will suffer if a federal public/privatepartnership to insure against catastrophic terrorist attacks is notin place to continue beyond Dec. 31, when the Terrorism RiskInsurance Act (TRIA) expires," said Debra Ballen, executive vicepresident of the Washington-based American InsuranceAssociation.
Her comments came as a key Treasury Department report on TRIAwas expected to be released at any moment. The report mandated byCongress concerns whether the act, which provides a federalbackstop for foreign terrorism risk, has fulfilled itsfunction.
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