North America

TRIA compromise urged

The US insurance industry was urged by both the chairman of the House Financial Services Committee and the chairman of the sub committee on capital markets, insurance and government sponsored enterprises to accept some of the changes proposed by the Bush administration to the existing provisions in the Terrorism Reinsurance Act in order to continue the programme of government support for the insurance industry in the event of a terrorist attack. Senator Michael Oxley and Senator Richard Baker, both Republicans, said that they supported the Bush administration's proposal to restructure the programme so that the insurance industry bears an increased share of the financial burden in the event of an attack.