Terrorism Insurance Implementation (C) Working Group
September 30, 2007

The Terrorism Insurance Implementation (C) Working Group met via conference call on August 7, 2007, and on September 30, 2007 in Washington, D.C.

During the August 7, 2007, conference call, the Working Group was updated on the current draft of H.R. 2761 in the US Congress. A long-term solution proposal was also introduced by the Property Casualty Insurers Association of America to the Working Group.

On September 30, 2007, the Working Group was apprised of the House approving H. R. 2761 on September 19, 2007, and the bill will now move forward to the Senate. The main highlights of the bill includes a fifteen year extension, coverage of potential nuclear, biological, chemical and radiological (NBCR) losses, domestic acts of terrorism and group life insurance.

The White House, the Department of the Treasury and the Office of Management and Budget oppose the bill for three reasons. They feel the extension should be short term, there should be increases in the retention amount in the private sector and there should not be an expansion of the program.

To avoid any market disruptions a final bill is needed soon but may not occur until late this year.

Action Items:

Approved August, 7, 2007, conference call minutes