With House Set To Vote On Terrorism Insurance, PCI Offers Support

Washington - Property Casualty Insurers Association of America (PCI) President and CEO Ernst Csiszar today praised the leadership of the U.S. House of Representatives for scheduling a vote this week on H.R. 4314 the Terrorism Risk Insurance Revision Act. The legislation, sponsored by House Financial Services Committee Chairman Michael Oxley (R-Ohio) and Subcommittee on Capital Markets Chairman Richard Baker (R-La.) is set for a vote on the House floor on December 7, according to the House schedule.

"There is no question that the Terrorism Risk Insurance Act (TRIA) has had a profound stabilizing effect on our nation's economy since the terrorism attacks of September 11," Csiszar said. "But just as the war on terrorism is not over, neither is the battle to secure our nation's economy from the threat of terrorism. H.R. 4314 will provide businesses across the country the tools they need to continue operating in the post September 11th environment.

"PCI congratulates Chairman Oxley and Chairman Baker, as well as the leadership of the U.S. House for their continued dedication to this important issue, and urges all members of the U.S. House to vote in favor of this critical legislation."

With the House set to move on Wednesday and the Senate having approved similar legislation on November 18, the stage is set for Congress to approve legislation by TRIA's drop dead date of December 31.

"The United States will face the threat of terrorism for years to come. PCI will continue to work with members of Congress, insurance companies and consumers in an effort to develop long-term, private market solutions to the problem of insuring against terrorism. In the meantime, we commend the House and Senate for their action on this important issue, and urge prompt approval of the bill in the House and urge both bodies to come together quickly to ensure legislation is in place before December 31," said Csiszar.

SOURCE: PCI