AAI Praises Oxley for Leadership on Terrorism Bill

The Alliance of American Insurers praised House Financial Services Committee Chairman Michael Oxley (R-OH) for signaling his desire to make necessary compromises with the Senate to pass a terrorism insurance bill in Congress.

Addressing the Institute of International Bankers earlier this week, Chairman Oxley said that he is even willing to negotiate the punitive damages issue, which had deadlocked terrorism insurance legislation in the Senate.

“The Chairman’s statement is very encouraging and he should be praised for his statesmanlike concern for the country’s larger good,” Alliance President Rodger S. Lawson, commented.

“The problem has been that despite our economy’s clear need for a terrorism insurance backstop—attested to by everyone from businesses themselves to the General Accounting Office to the Federal Reserve Chairman—wrangling over peripherally related issues has held up legislation in the Senate. We’re very hopeful that Congress will come together in a bipartisan fashion to address this national crisis.”

The U.S. House of Representatives passed a terrorism insurance bill, HR 3210, last November.

Senate Majority Leader Tom Daschle (D-SD) continues to name terrorism insurance as a legislative priority for the Senate. Several Senate bills were introduced last fall, and compromise legislation is under discussion.