The Department of the Treasury's Report to Congress Regarding the Terrorism Risk Insurance Act of 2002: Hearing Before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Ninth Congress, First Session ... July 14, 2005, Volume 4

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Page 34 - Center and the 1995 bombing of the Alfred P. Murrah Federal Building in Oklahoma City, the concerns seem to have been justified.
Page 24 - The purpose of this title is to establish a temporary federal program that provides for a transparent system of shared public and private compensation for insured losses resulting from acts of terrorism, in order to: 1. Protect consumers by addressing market disruptions and ensure the continued widespread availability and affordability of property and casualty insurance for terrorism risk 2.
Page 24 - ... (2) allow for a transitional period for the private markets to stabilize, resume pricing of such insurance, and build capacity to absorb any future losses, while preserving State insurance regulation and consumer protections. SBC. 102. DEF1N1T1ONS. ln this title, the following definitions shall apply: (1) ACT OF TERRORISM.— (A) CERT1F1CAT1ON. — The term "act of terrorism...
Page 2 - President's expenditure perspective is best represented by the director of the budget, and his revenue perspective by the secretary of the treasury and the chairman of the Council of Economic Advisers.
Page 43 - Naughty Oklahoma T-Shirts." The posting described the sale of shirts featuring offensive and tasteless slogans related to the April 19, 1995, bombing of the Alfred P. Murrah Federal Building in Oklahoma City. Those interested in purchasing the shirts were instructed to call "Ken" at Zeran's home phone number in Seattle.
Page 29 - It is also important to keep in mind that the program would cover damages awarded in litigation against policyholders following a terrorist attack. Current litigation rules would allow unscrupulous trial lawyers to profit from a terrorist attack and would expose the American taxpayer to excessive and inappropriate costs. The Administration supports reasonable reforms to ensure that injured plaintiffs can recover against negligent defendants, but that no person is able to exploit the litigation system....
Page 31 - Consistent with its original purpose as a temporary program scheduled to end on December 31, 2005, and the need to encourage further development of the private market, the Administration opposes extension of TRIA in its current form.
Page 38 - despite improvements in market conditions, the losses associated with very large scale terrorist attacks may, under current conditions, remain beyond the capability of the private insurance and reinsurance industry to price and to absorb alone. The future evolution of the terrorism threat, and the ensuing capacity and willingness of the private market to cover resulting losses, is uncertain.
Page 28 - It is our view that continuation of the program in its current form is likely to hinder the further development of the insurance market by crowding out innovation and capacity building. Consistent with...
Page 24 - Sarbanes, and other Members of the Committee. I appreciate the opportunity to discuss the Treasury Department report on the Terrorism Risk Insurance Act (TRIA). As you know, President Bush signed TRIA into law in November 2002 to help safeguard America's economy following the terrorist attacks of September 11, 2001.

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