An insurance brokers' group representative told a U.S. Senate panel yesterday that its members believe continuing the legislation providing a federal backstop for insurers' terrorism catastrophe losses is a matter of national security.
Speaking on behalf of the Washington, D.C.-based Council of Insurance Agents & Brokers, Don Bailey, chief executive officer of Willis, said renewal of the Terrorism Risk Insurance Act "is not about protecting the balance sheets of insurers and brokers–it is about protecting commercial policyholders and creating and sustaining a national economy that encourages investment and development."
According to the transcript of his comments made before the Senate Banking Committee yesterday, Mr. Bailey said, "This is a matter that far transcends the insurance industry–it is a matter of our national economic security."
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