What’ new: In brief

The vote to extend the U.S. Terrorism Risk Insurance Act (TRIA) beyond its December 2005 sunset could come sooner rather than later. The House Financial Services Committee is slated to hold hearings on the act beginning September 29. Insurers this week released a study suggesting failure to renew the terrorism coverage backstop could significantly impact the economy, including the loss of tens of thousands of jobs.

The annual Toronto Fraud Forum is set for September 28, with topics for discussion including computer forensic investigation of digital evidence, employee fraud, background data and document searches and privacy legislation. The event is co-sponsored by the Association of Certified Fraud Examiners (Toronto) and the Canadian Association of Special Investigation Units – Trillium Chapter. For more information contact Tom Eby at acfe.toronto@sympatico.ca or 416-480-9475.

New capital requirements proposed by the European Union could threaten the financial strength of the European life reinsurance market, says Standard & Poor’s. In a new study, the rating agency finds the EC’s “reinsurance directive” would quadruple the capital requirements for investment-grade life reinsurers which S&P rates. While S&P requires life reinsurers to hold capital equivalent to 0.08% on sums at risk, the new EC requirement ups this to 0.3%.