Capitol Beat

Sunday, December 30th, 2001 Life & Health Litigation Workers' Compensation

In an effort to ensure the continued financial capacity of insurers to provide coverage for risks from terrorism, the House Finance Services Committee has approved the Terrorism Risk Protection Act, which will provide insurers with loans in the event of any large terrorist attacks next year. The proposed legislation will make loans available to the industry to cover 90 percent of terrorism costs greater than $1 billion. For attacks causing more than $20 billion in losses, the bill would impose a special assessment on insurance policyholders to help defray the costs. House Republicans said they had decided to adopt a one-year measure now and advance a longer-term plan next year.

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http://www.claimsmag.com/Issues/Dec01/capitolbeat.asp

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