Terrorism insurance in the United States may not be gone forever

terrorism insurance law

Terrorism insurance legislation may see new life, thanks to federal lawmakers At the end of 2014, the Terrorism Risk Insurance Act was allowed to expire. This meant that many insurance companies that offered coverage across numerous industries no longer had access to the financial aid offered by the federal government. This aid was meant provide a safety net for the insurance industry and its dealings with acts of terrorism. Because terrorist attacks can be quite costly, the insurance industry had warned that allowing the Terrorism Risk Insurance Act to expire…

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Expiration of Terrorism Risk Insurance Act could bode ill for the insurance industry

Terrorism Risk Insurance industry

Federal backstop will no longer be available for insurers and businesses The Terrorism Risk Insurance Act is set to expire at the end of the year following the blocking of a legislation that would have extended its lifetime. The U.S. Senate has failed to reach an agreement concerning the legislation, with lawmakers unable to reach a vote before the end of the Congressional legislative session. Because no solution was found for the issue, the federal backstop that the government had provided to the insurance industry will no longer be available…

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Republican plan to change Medicare sparks controversy and gains support

Republican Senators Tom Coburn of Oklahoma and Richard Burr of North Carolina have introduced a new plan that aims to overhaul the federal Medicare program. The Senators’ plan is quite ambitious and would have a major impact on all people receiving health insurance coverage through the federal program. As such, the overhaul plan has generated a fair amount of controversy. Both Senators claim that this is an opportunity to open up “grown-up” conversations between legislators and consumers and find resolutions for the problems that face Medicare. The overhaul plan seeks…

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