IIAA Looks at Terrorism Bill Vote as Momentum Builder
Tuesday, November 13th, 2001 Catastrophe Legislation & RegulationA vote by the House Financial Services Committee last week to approve legislation to aid insurance consumers following future terrorist attacks serves as a momentum builder on Capitol Hill, according to Independent Insurance Agents of America (IIAA) CEO Robert A. Rusbuldt. The panel debated the Terrorism Risk Protection Act (HR 3210) that was introduced jointly by committee Chairman Mike Oxley (R-Ohio) and Rep. Richard Baker, chairman of the Capital Markets, Insurance and Government Sponsored Enterprises Subcommittee. Baker‘s sub panel has primary jurisdiction over insurance issues in the chamber. The bill would offer tax incentives and temporary government guarantees to insurance companies to ensure continued availability of terrorism coverage.
