The National Risk Retention Association urged Congress to pass an extension of the Terrorism Risk Insurance Act without inclusion of a mandate for participating insurers to “make available” coverage for nuclear, biological, chemical, or radioactive (NBCR) attacks. Under a current version of H.R. 2761, such a mandatory “make available” requirement is included. NRRA believes such a requirement would deter most small and medium-sized insurance companies from supporting the legislation due to the severe impact on an insurer’s solvency should such an attack occur.
“NRRA supports a TRIA extension; however, our members are all relatively small liability insurers. We are very concerned about the ability of legislation extending TRIA to pass if it contains the NBCR ‘make available’ mandate,” said Rebecca Smart, Chair of the NRRA Board.
Source: NRRA, www.nrra-usa.org.
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