NEW YORK--Regulators and insurance industry representatives expressed hope today of fashioning some sort of plan over the next few months that will help insurers with terrorism risk when the current federal backstop expires next year.
At an all-day hearing convened by the National Association of Insurance Commissioners insurance industry representatives expressed virtual unanimity that there needs to be some federal involvement in covering terrorism exposures once the Terrorism Risk Insurance Act expires next year.
New York Superintendent of Insurance Howard Mills, who chairs the NAIC's Terrorism Insurance Implementation Working Group, which heard the testimony, said he felt the industry position was "evolving."
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