Insurance company trade groups are butting heads over what provisions should be part of legislation to extend the federal government's reinsurance backstop for high-level terrorism losses, with the potential impact on smaller carriers fueling the dispute.
The disagreement involves the American Insurance Association on one side, against the Property Casualty Insurers Association of America and the National Association of Mutual Insurance Companies on the other.
Among other points of contention, PCI and NAMIC feel AIA jumped the gun in announcing an agreement with the Coalition to Insure Against Terrorism over a proposed provision for an extension of the Terrorism Risk Insurance Act.
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