Carriers Scramble to Comply with Terrorism Risk Insurance Act
- Topics:
- Terrorism Insurance
- Tags:
- Carrier,
- Government,
- Homeland Security,
- Regulations,
- Republican,
- Terrorism,
- Terrorism Risk Insurance Act,
- Tort,
- U.S. Senate
- Source:
- Wells Publishing
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Overview: The Terrorism Risk Insurance Act finally became law Nov. 26 after more than a year of pitched congressional wrangling. Many insurers are finding themselves with remarkably little time in which to comply with the new law namely, to resume offering coverage for acts of terrorism now that their exclusions have been effectively nullified. It has been gratifying. It is also frightening. Republican leaders pushed for tort reform in the Senate. However, after Republicans retook the Senate in the 2002 midterm elections, hesitant lawmakers signed on to a compromise bill omitting much of the legal restrictions they would initially wanted after reassurances from the President that tort reform issues would be revisited next year.
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Format: HTML | Date: Dec 2002 | Pages: 1
