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Administration Backs Senate Terrorism Insurance Bill

WASHINGTON, DC-In response to widespread fears of the insurance industry failing to cover future terrorist attacks, members of the Senate Banking Committee create The Terrorism Risk Insurance Act of 2001. The bipartisan group of legislators behind the bill has won the administration's support.

By Barbra Murray | Updated on November 06, 2001

WASHINGTON, DC-A bipartisan group of U.S. Senators jointly proposes The Terrorism Risk Insurance At of 2001 in an effort to provide guarantees for continued affordable accessibility to terrorism related risk insurance. These members of the Senate Banking Committee present the legislation with the support of the White House.”This bill addresses a real and critical need to assure the continued availability of terrorism risk insurance,” explains, Secretary of the US Treasury Paul H. O’Neill in a statement on the Senate Committee’s plan. The legislation calls for a two-year program to be handled by the Treasury Department where the government–once losses exceed $10 billion–would share the insurance costs from a terrorist attack with the insurance industry. Between the $10 billion and $100 billion level, the government would be responsible for 90% of the losses. The administration is still reviewing a similar bill put forth by the US House of Representatives.

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