Kanjorski: New Study Demonstrates Need to Extend Federal Terrorism Insurance Backstop
Key Democrat on Insurance Issues Urges Prompt, Bipartisan Action

WASHINGTON - Congressman Paul E. Kanjorski (PA-11) reacted to a study released today by several leading insurance industry associations on the need to extend the Terrorism Risk Insurance Act for two years.

"This new study provides additional analytical evidence about the need to extend the federal terrorism insurance backstop for two more years.  We already knew that terrorism insurance is critical to protecting American jobs and promoting domestic security.  Because of this study, we now know that with a continuation of the Terrorism Risk Insurance Act the American economy will be stronger in the short term," said Congressman Kanjorski.

Congressman Kanjorski serves as the most senior Democrat on the subcommittee with oversight of insurance issues and played a key role in the development of the 2002 law to promote economic security and protect workplaces.  The trade groups commissioning the study include the American Insurance Association, the Financial Services Roundtable, the National Association of Mutual Insurance Companies, the Property Casualty Insurers Association of America, and the Reinsurance Association of America.

Congressman Kanjorski concluded, "It is my hope that we will be able to address this issue promptly and in a bipartisan manner before completing our work for the year.  I have already worked with my colleagues to put forward a comprehensive bill to extend the federal terrorism reinsurance backstop, including covering group life insurance, and I hope that we can reach a consensus on these matters before adjourning.  This new study will hopefully help to convince my colleagues of the importance of acting on this issue as quickly as possible."

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