Rep. Barney Frank threw down the gauntlet last month on extension of the Terrorism Risk Insurance Act, insisting that he would not be bullied by the U.S. Senate into abandoning his broader vision for the program and swallowing the more limited Senate bill at the 11th hour. But with the federal reinsurance backstop set to expire Dec. 31, the Senate showing no signs of caving in and a White House veto threat looming, will Barney blink rather than let TRIA pass into oblivion? I think he must and he will.
I was impressed by Rep. Franks bravado when I watched him stride confidently on stage and draw his line in the sand during a late October speech in Boston at the annual meeting of the Property Casualty Insurers Association of America.
My concern is that the Senate will pass a [TRIA extension] bill that is better than nothing right at the end of the year, and then say the House must take it or leave it, even if we believe it is inadequate, Rep. Frank said at the time. I will not be subjected to this kind of tactic.
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
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
