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British officials are asking lawmakers to codify a practice of not paying ransoms to kidnappers as part of a broader effort to clamp down on terrorism and its financiers. By amending Britain's Terrorism Act, a bill proposed Wednesday by the U.K.'s Home Office would bar insurance and reinsurance companies from reimbursing clients who make such payments. The 2000 law criminalized providing money to terrorist groups but did not explicitly ban the firms from paying clients they reasonably suspect of cooperating with the demands of designated terrorist groups. The introduction of the Counterterrorism and Security Bill, which would also allow officials...