Washington–The U.S. Re Group is gauging insurance industry and U.S. government support for a quasi-governmental tax-exempt entity that would be used as a long-term follow up for the current Terrorism Risk Insurance Act.
However, TRIA is scheduled to expire Dec. 31 and there is little time left for Congress to act on any legislation beyond must-do bills before recessing for the year, U.S. Re officials acknowledge.
Given that, U.S. Re Group officials said that the most appropriate thing for Congress to do is extend TRIA and then work next year on a long-term solution. U.S. Re developed its proposal as an advisor to the U.S. Treasury Department.
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