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Member, Beacon International Group, Ltd.
WASHINGTON--The Senate Banking, Housing and Urban Affairs Committee will hold a hearing Wednesday on the federal government's role in the terrorism insurance market, the committee announced Monday.
The committee's chairman, Sen. Christopher Dodd, D-Conn., was a sponsor of the Terrorism Risk Insurance Act of 2002, which created a federal backstop for insurers faced with claims from future catastrophic terrorist attacks. He also was a sponsor of the Terrorism Risk Extension Act of 2005 that extended the backstop through the end of this year.
Earlier this month, Sen. Dodd said he would prefer to create a permanent backstop rather than renewing the program every few years.
In addition to the Wednesday Senate committee hearing, the House Financial Services Committee's Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises has scheduled a hearing on extending the backstop for next Monday in New York.