The President’s Working Group on Financial Markets wants comments about availability of insurance for terrorism risk to come in by Aug. 2.
The working group, informally known as the Plunge Protection Team, was created in response to the Oct. 19, 1987, Black Monday stock market crash. The working group is supposed to help the government maintain orderly, competitive financial markets.
The working group now is responsible for helping to assess the availability and affordability of terrorism risk coverage. The group compiled its last report on the topic in 2006.
Congress has rejected several efforts to offer group life insurers federal protection against acts of terrorism involving weapons of mass destruction.
The working group does not refer directly to group life in the new terrorism insurance request for comments.