A newly introduced bill in the House of Representatives to expand and continue the federal backstop for insurers' terrorism losses has the support of the Risk and Insurance Management Society, with some reservations, the group announced.
RIMS said it was commending Congress and the House Financial Services Committee on Monday's introduction of H.R. 2761, the Terrorism Risk Insurance Revision and Extension Act (TRIREA) of 2007.
But while RIMS said it backs the 10-year extension and inclusion of domestic terrorism language, it cited concerns about how a nuclear, biological, chemical and radiological attack provision would impact on the market.
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