Word that Sen. Roger Wicker, R-Miss., had introduced an amendment that would end the Terrorism Risk Insurance Act (TRIA) in 2013 sent the insurance industry scrambling to persuade Wicker to drop his plan.
Wicker had wanted to add the amendment to the legislation reauthorizing the National Flood Insurance Program. Currently, TRIA is scheduled to sunset in 2014 unless reauthorized by Congress.
In discussing the merits of his planned amendment, Wicker said, “Terrorism insurance is an important product for many across our country, but a private market may be better suited to insure against these risks rather than a government program.”
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