NFL With Developers Push for Congress Win on Terrorism Insurance
INN Breaking News, June 2, 2014
Industry groups want to assure that any changes don’t reduce the availability of insurance. They’re pressing for as long an extension as possible, maintaining that a lengthier renewal would provide more certainty.
The Senate bill is a seven-year extension, while the House draft is for three years.
“Many congressional members have noted that TRIA will get done,” said Anthony Cimino, vice president of government affairs for risk management at the Financial Services Roundtable, which represents large banks and insurers. “That makes us optimistic, but we still must work constructively to ensure it does get done, and in a timely manner.”
There’s still plenty to debate in Congress on the insurance backstop. House Financial Services Chairman Jeb Hensarling, a Texas Republican, previously said he wanted to abolish the program and replace it with private insurance, though he recently agreed it should be extended in some form.
“Those of us who spend a lot of time in the policy arena know that politics is the art of the possible,” said Nat Wienecke, senior vice president for federal government relations at the Property Casualty Insurers Association of America, adding that proponents of the law have recognized since Hensarling became panel chairman that there would be changes to the current program.
“I think we’re in a pretty good place,” Santos said.“I don’t know that there are any very large stumbling blocks or hurdles.”
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