While some narrowing of the current government backstop onterror coverage remains possible, it now looks more likely thatTRIA will be renewed in some form, insurer trade groups suggestedlast week.
Following two weeks of disappointment over Treasury's June 30report, and urgent statements delivered in the wake of Londonterror blasts underscoring the need for TRIA renewal, the groupssaw a change in tone from the Bush administration when TreasurySecretary John Snow testified at Congressional hearings.
The Council of Insurance Agents and Brokers, in a report tomembers prepared after the House Financial Services Committeehearing on Wednesday, said Sec. Snow's “verbal testimony today andresponse[s] to questions [were] extremely conciliatory and almostcompletely at odds with the utterances of Treasury officials in thepast two weeks, at least in tone. “
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