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WASHINGTON–The president of the American Insurance Association plans to urge Congress Thursday “to act as quickly as possible” on legislation extending the Terrorism Risk Act so that the new program is in place as insurers and their policyholders go through the upcoming renewal season.

In remarks scheduled to be delivered at a hearing on H.R. 2671, “the Terrorism Risk Insurance Revision and Extension Act of 2007, Gov. Marc Racicot also asked that the current retention and co-share levels for insurance losses be maintained in any legislation extending TRIA.

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