The Independent Insurance Agents and Brokers of America is throwing its support behind the growing demand in the House of Representatives for a commission independent of the Bush administration to study whether there is a need for a long-term federal terrorism reinsurance program.
The IIABA is backing a bipartisan bill quietly introduced in the House last month that would create a commission with heavy insurance industry representation to study and report to Congress by year's end on whether a long-term federal terrorism backstop is needed when the newly-extended Terrorism Risk Insurance Act expires on Dec. 31, 2007.
“The long-term problem of terrorism risk, the exposure faced by insurers and the needs of commercial policyholders require a careful and comprehensive study,” said Robert Rusbuldt, chief executive officer of the IIABA.
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