Senate Passes Flake Amendment to Promote Private Market Role in Terrorism Reinsurance
Statement
Issues: National Security Finance and Banking
The Senate today passed an amendment offered by U.S. Sen. Jeff Flake (R-AZ) to S. 2244, the Terrorism Risk Insurance Program Reauthorization Act, that would establish an advisory committee composed of members of the insurance industry to provide recommendations to accelerate the creation and development of private, nongovernmental risk-sharing mechanisms for terrorism losses. The amendment passed by a vote of 97 to 0.
"I am pleased to have the support of my colleagues in taking this modest step toward developing a functioning private market for terrorism risk insurance and reducing dependency on the federal government," said Flake.
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