Despite the industry's relief at extension of the federal terrorism reinsurance backstop as expiration loomed, there is still plenty of legislative work that needs to be done in the coming year at both the federal and state levels to improve the efficiency of insurance transactions--although preoccupation with the November elections may make progress difficult, producer representatives warn.
After the frenzy of activity--especially in Congress--in 2007, culminating with the seven-year extension of the Terrorism Risk Insurance Act, "a little more calm would be welcomed in 2008," according to Joel Wood, senior vice president of government affairs for the Washington-based Council of Insurance Agents and Brokers.
Still, industry lobbyists cannot afford to rest on their laurels, as "we have a full plate in 2008--more than people realize," noted Bob Rusbuldt, president and chief executive officer of the Independent Insurance Agents and Brokers of America in Alexandria, Va.
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