On Dec. 3, the BCC’s counsel, Charles Landgraf of Arnold & Porter, participated in the Treasury Department’s Federal Advisory Committee on Insurance (FACI) meeting. Landgraf discussed the need to support multiple lines of business to ensure a robust economic recovery in light of a government-mandated shutdown of business operations.
Landgraf said there should be a backstop similar to the Terrorism Risk Insurance Act (TRIA) for property and casualty insurers and he highlighted that TRIA was successful because it helped the economy recover by supporting lenders and employers.
Representing the BCC, Landgraf also shared that it is essential to establish a TRIA-like availability backstop for all the relevant P&C lines of business impacted by the current pandemic. Additionally, he explained that the BCC’s plan forthrightly addresses affordability during an initial economic recovery period, which would reset if there is a major pandemic event within the first five years.
The BCC recognizes that a plan must meet the needs of a broad range of groups: the businesses and employers directly impacted, insurers, lenders and other creditors, policymakers, and taxpayers, and it will continue to reach out to Congress and other federal stakeholders to achieve the best results.