The Alliance of American Insurers (AAI) says it is encouraged that the Senate is now beginning to focus on the terrorism insurance issue with the introduction of a bill (S 2600) by Senators Chris Dodd (D-CT), Harry Reid (D-NV), Paul Sarbanes (D-MD) and Charles Schumer (D-NY).
“We believe that this will mark the beginning of a process leading to a bipartisan bill that will pass the Senate, move to conference and be sent to the President,” David Farmer, Alliance senior vice president of federal affairs, commented.
“This introduction raises the visibility of the issue and we are pleased that a number of important Senators agree with the premise that terrorism insurance is an issue for our nation’s economy and must be addressed,” Farmer continued. “In the weeks ahead as the debate begins, we look forward to participating in the process and seeing the President sign terrorism insurance legislation into law.”
The U.S. House of Representatives passed terrorism legislation in the fall of 2001. The Senate has yet to bring similar legislation to a vote.