Senate Banking looks at terrorism risk insurance
Sept. 23, 2013 – NAFCU lobbyists will be on the Hill this week as the Senate Banking Committee looks at the terrorism risk insurance market and also examines the financial market in India.
Last week, the House Financial Services Committee held a hearing on the 2002 Terrorism Risk Insurance Act, which provides a federal backstop for private terrorism-risk insurance and is set to expire at the end of 2014. Several bills have been offered in the House, including legislation from Republican Reps. Michael Grimm and Peter King, both of New York, to extend the law for several years.
The Senate Banking Committee hearing, “Reauthorizing TRIA: The State of the Terrorism Risk Insurance Market,” will be held on Wednesday. Among the witnesses scheduled to testify are the executive vice president of Marsh & McLennan Companies and the managing director of the Center for Risk Management and Decision Processes at the Wharton School at the University of Pennsylvania.
The hearing on India is called “Assessing the Investment Climate and Improving Market Access in Financial Services in India.” It will feature witnesses from the Peter G. Peterson Institute for International Economics, McLarty Associates and Georgetown University.