An insurance industry group still hopes to work with Congress and the Bush administration on adding protection for group life insurers to the federal terrorism reinsurance program.[@@]
U.S. Treasury Secretary John Snow last week presented a report on the federal terrorism reinsurance program to Congress with a letter suggesting that the government should make every effort to turn responsibility for the program over to private organizations.
Even if Congress decides to extend the Terrorism Risk Insurance Act of 2002, the act that created the terrorism reinsurance program, it should try to cut lines of coverage from the program, not add lines of coverage, Snow writes in the letter.
But Phil Anderson, spokesman for The Group Life Coalition, Washington, a body representing the American Council of Life Insurers, Washington, as well as the Council of Insurance Agents and Brokers, Washington, and other actuarial and financial services industry groups, notes in a statement that members of the National Association of Insurance Commissioners, Kansas City, Mo., recently voted unanimously to recommend inclusion of group life protection in any federal TRIA legislation considered this year.