Posted: 2/16/2010
Obama Administration’s Budget Calls For Changes to Terrorism Risk Insurance Program
Earlier this month the Obama Administration released their budget proposal for the 2011 fiscal year. Included in the budget were changes to the Terrorism Risk Insurance Program that would reduce the federal subsidy provided to insurers, thereby increasing the share of losses the private sector would be liable for in the event of an attack. Private insurers would also face higher deductibles and copayments and the trigger for government payments would be increased.