Insurance industry trade groups are urging Congress to move quickly for a compromise that reconciles rival measures to extend the federal terrorism insurance backstop that were approved in House and Senate committees yesterday.
Meanwhile, the Consumer Federation of America voiced moderate support of the Senate bill, but harshly criticized the House measure as one that would put an additional burden on taxpayers and consumers.
J. Robert Hunter, director of insurance for the CFA, was particularly critical of language in the House legislation that pre-empted the current ability of states to regulate terrorism insurance rates and forms.
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