The National Council on Compensation Insurance has revised and withdrawn the endorsement it issued two years ago when concerns grew that Congress might not reauthorize a terrorism insurance backstop.
With just days to spare, Congress in December ended up extending the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) for another seven years. If losses from terrorist actions result in more than $200 million to the insurance industry, the federal government will cover 80% of the losses above that threshold, according to the reauthorization.
The NCCI released a circular ab...
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