Washington–A Bush Administration recommendation, that insurers should bear more risk if the federal backstop provided by the Terrorism Risk Insurance Act is renewed, is open to negotiation Treasury Secretary John Snow told Congress today.
Mr. Snow's remarks, an apparent softening of the White House initial stance, came in testimony before the House Financial Services Committee concerning the recommendations by his department in its June 30 report evaluating TRIA, which is due to sunset at year's end.
Secretary Snow painted the proposals for TRIA changes as recommendations from the administration for improving the program, rather than unequivocal demands.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
