Terrorism Risk Insurance: A Summary of Legislative Proposals (CRS Report for Congress)
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| Release Date |
Dec. 7, 2001 |
| Report Number |
RL31209 |
| Report Type |
Report |
| Authors |
Rawle O. King, Government and Finance Division |
| Source Agency |
Congressional Research Service |
Summary:
With time running out before Congress adjourns for the year, finding consensus on the design of a mechanism for insuring terrorism risks has been difficult. On November 29, 2001, the House passed H.R. 3210. Action now turns to the Senate, where several Senators have introduced competing bills. Should Congress not pass legislation and state insurance regulators not allow terrorism exclusions from commercial and personal policies, insurers could face serious financial consequences. This report discusses and compares the House bill and three competing Senate bills - S. 1743, S. 1744, and S. 1751.
