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Vince Donnelly, President and CEO of The PMA Insurance Group, testified
on April 24 regarding the proposed continuation of the Terrorism Risk
Insurance Extension Act (TRIEA) being considered by the U.S. House of
Representatives Subcommittee on Capital Markets, Insurance and
Government Sponsored Enterprises.
The chair of the subcommittee, Rep. Paul E.
Kanjorski, D-Pa., opened the hearing by advocating for a six- to
eight-year TRIEA extension to give insurance companies more time to
model the risks of terrorism.
Donnelly attended the hearing and testified
on behalf of PMA and the Property Casualty Insurers Association of
America (PCI). He told the subcommittee that the need for market
stability should be considered when contemplating a length of time to
extend TRIEA and that the duration should be sufficient to see how the
market evolves and changes. He expressed PMA's and PCI's commitment to
working with Congress to develop a long-term market-responsive solution
to the availability and affordability of terrorism insurance coverage
for U.S. businesses.
The subcommittee is expected to complete its
deliberations and begin the TRIEA legislative drafting process in the
near future.
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