Insurers should prepare "for the inevitable disappearance of the Terrorism Risk Insurance Act" after its second expiration on Dec. 31, 2007, a leading Treasury Department official warned.
Treasury is asking for industry input on a study of the long-term availability and affordability of terrorism risk insurance, as an arm of the agency starts work on a report it must send to Congress by Sept. 30.
Comments last week by Emil Henry Jr., assistant secretary for financial institutions, clearly indicated that despite the mandate to file the report, the Bush administration wants to be done with the federal terrorism reinsurance program as soon as possible.
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