US Treasury slams terrorism insurance rules

The US Treasury has urged Congress not to consider any plans to make the controversial Terrorism Risk Insurance Act (TRIA) permanent, fearing that it will lead to the government becoming a de facto reinsurer.

Speaking before a meeting of the House Committee on Financial Services, treasury assistant secretary for financial institutions David Nason warned congressmen that any moves to expand the provision beyond its current lifespan or geographical boundaries would “[represent] a programme moving

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