NU Online News Service, Nov. 7, 5:19 p.m. — Washington
Insurance agents would be represented on a commission to study the potential need for a federal role supporting life insurance in the event of a major terrorist attack under legislation introduced in the House.
The legislation, H.R. 3210, which focuses on establishing a federal backstop for losses incurred by property-casualty insurers due to acts of terrorism, also includes a provision establish a five-member panel to study whether life insurers may also need federal assistance.
Under H.R. 3210, which is called the Terrorism Risk Protection Act, members of the panel would include representatives of a federal agency designated by the president, the National Association of Insurance Commissioners, a life insurance company association, a life insurance agent association, and the reinsurance industry.
Once created, the panel would have three months to study the issue and present a report.
H.R. 3210 is sponsored by House Financial Services Committee Chairman Mike Oxley, R-Ohio, and Rep. Richard Baker, R-La.
David Winston, vice president of government affairs for the National Association of Insurance and Financial Advisors, Falls Church, Va., praises the sponsors for including an agent representive on the panel.