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Claims News Service, Jan.26, 8:53 a.m. EST — The Independent Insurance Agents & Brokers of America (the Big “I”) is supporting a study that will examine long-term federal terrorism insurance. The association is responding to a bipartisan bill recently introduced in the House of Representatives.

Sponsored by Rep. Vito Fossella, the Commission on the Terrorism Risk Insurance Act would create a commission to study and report to Congress by the end of 2006 on whether a long-term federal terrorism backstop is needed when the current backstop expires in 2007. The bill takes the language from the 2005 House-passed version of the TRIA extension that was ushered through the U.S. House of Representatives by Chairmen Mike Oxley (R-Ohio) and Richard Baker (R-La.) at the end of last year.

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