Seen in Insurance Journal:
Rep. Barney Frank, D-Mass., who chairs the House Financial Services Committee that produced the House bill, said if the Senate avoids compromise and takes a “take it or leave it” attitude on the bill, he will counter with legislation to extend the current program for 120 days and deal with the bills’ differences next year.[...]
Frank, speaking before the Property Casualty Insurers Association of America in Boston, expressed frustration with the Senate that he says is operating from a “strength of weakness” position by claiming that its bills on flood insurance and terrorism insurance are the best it can do and if the House won’t just go along, then the programs will expire.
It’s good to see that an extension is possible while the House and Senate work out the differences in the proposals. I would point out that the prep time for new/renewal quotes on some large accounts is rather long, and a 120-day extension only adds to the cloud of uncertainty in which a risk must be priced and underwritten…but at this point, the industry seems to be getting fairly competent at working in the uncertainty out of unfortunate necessity.