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Pennsylvania State Senate
09/12/2024 06:19 AM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20130&cosponId=14415
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Senate of Pennsylvania
Session of 2013 - 2014 Regular Session

MEMORANDUM

Posted: March 26, 2014 04:37 PM
From: Senator Donald C. White
To: All Senate members
Subject: Resolution to reinstate the federal Terrorism Risk Insurance Program
 
Soon I will be introducing a resolution urging Congress to reinstate the Terrorism Risk Insurance Program, which is set to expire at the end of 2014.

The Terrorism Risk Insurance Program was established in 2002 following the September 11, 2001 terrorist attack. Insurance claims from this tragic event totaled $32.5 billion, making this the second most costly insurance event in United States history.

The United States Congress originally established this program through the Terrorism Risk Insurance Act of 2002, in which the federal government agreed to provide terrorism reinsurance to insurers and reauthorized this arrangement via the Terrorism Risk Insurance Extension Act of 2005, and the Terrorism Risk Insurance Program Reauthorization Act of 2007.

The Terrorism Risk Insurance Program administers a system of shared public/private compensation for insured losses resulting from acts of terrorism in order to protect consumers and create transitional period for private insurance markets to stabilize. Without this program many of our citizens who want and need terrorism coverage to operate their businesses all across the nation would be either unable to get insurance or unable to afford the limited coverage that would be available.

Unfortunately, despite the hard work and dedication of this nation’s counterterrorism agencies and the bravery of the men and women in uniform who fought and continue to fight battles abroad to keep us safe here at home, the threat form terrorist attacks in the United States is both real and substantial and will remain as such for the foreseeable future.

Therefore, please join me in sponsoring this resolution urging Congress to reinstate this important program.


Introduced as SR340


Memo Updated: March 26, 2014 04:38 PM