Just what would the insurance world look like without some sort of federal involvement in covering terrorism risks? That's a bridge the industry and regulators are not yet willing to cross. Indeed, insurance industry and corporate buyer representatives expressed virtual unanimity that there needs to be some federal involvement in covering terrorism exposures once the Terrorism Risk Insurance Act expires at the end of next year.
Industry and buyer groups laid out their wish lists here last week during an all-day hearing of the National Association of Insurance Commissioners Terrorism Insurance Implementation Working Group.
New York Insurance Superintendent Howard Mills, who chairs the working group, said he felt the industry's position was “evolving.”
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