Search
 

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.