An insurance brokers' group representative told a U.S. Senate panel last week that its members believe that 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."
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
