The Risk and Insurance Management Society, Inc., said yesterday that any federal terrorism reinsurance legislation should have a clear "acts of terrorism" definition.
The call for a good definition was among a group of "necessary inclusions" that RIMS said should be part of any measure that might be adopted to protect the U.S. economy from a possible insurance and reinsurance crisis in the wake of the terrorist attacks of Sept. 11.
"Terrorism reinsurance is one of the most important issues facing RIMS and risk managers today, with far reaching consequences on the global economy," said Michael Phillipus, RIMS vice president, external affairs.
"Although RIMS is encouraged by the administration and lawmakers' attention to this critical issue, we are concerned that many essential components to the legislation not be overlooked," Mr. Phillipus added.
