The Risk and Insurance Management Society Inc. pledged yesterday to continue its efforts to extend the Terrorism Risk Insurance Act despite a Treasury Department report that any further federal backstop for the industry should be limited in nature.
"The recommendations issued in the Treasury Department report on the future of TRIA [which expires Dec.31] do not reflect the reality of the current environment," said RIMS President Ellen Vinck in a statement.
"The removal of a federal backstop for terrorism insurance needlessly puts our nation's economy at risk," said Ms. Vinck
She continued, "RIMS, therefore, renews its call to Congress to pass legislation to extend the Terrorism Risk Insurance program without further delay."
RIMS said it believes there is still a need for a federal reinsurance backstop, "and we look forward to working with the administration and Congress on this important endeavor."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.