Let Terror Risk Act Expire
Thursday, December 18th, 2003 CatastropheA top Treasury Department official has said that the Terrorism Risk Insurance Program should not be extended beyond its scheduled expiration date of Jan. 1, 2006. Published reports quoted Wayne Abernathy, assistant Treasury secretary for financial institutions, as telling a meeting of the Consumer Federation of America, Washington, that he wants the help of consumers in assuring that the TRIP program is not extended. “We want to make sure it stays a temporary program,” Mr. Abernathy is quoted as saying. A complete speech text was not immediately available this morning. TRIP was enacted as a bridge aimed at giving the insurance market time to develop capacity to underwrite terrorism risks in the wake of the Sept. 11, 2001, terrorist attacks.
