TITLE: How Much Are Americans at Risk Until Congress Passes Terrorism Insurance Protection

CIS-NO: 2002-H371-41  
SOURCE: Committee on Financial Services. House  
DOC-TYPE: Hearing Retrieve the full text of testimony  
DATE: Feb. 27, 2002  
LENGTH: iv+206 p.  
CONG-SESS: 107-2  
ITEM-NO: 1013-C; 1013-D  
SUDOC: Y4.F49/20:107-57  
 
GPO-STOCK-NO: 552-070-28780-9.

SUMMARY:
Committee Serial No. 107-57. Hearing before the Subcom on Oversight and Investigations to examine proposals for a Federal role in ensuring availability of property and casualty insurance against losses from terrorism, in the wake of the Sept. 11 terrorist attacks against the U.S.
 
Supplementary material (p. 43-206) includes submitted statements, witnesses' written statements, and correspondence.

CONTENT-NOTATION: Terrorism-related insurance risks, Fed risk sharing program estab

DESCRIPTORS:  
   SUBCOM ON OVERSIGHT AND INVESTIGATIONS, FINANCIAL SERVICES. HOUSE;  PROPERTY INSURANCE; LIABILITY INSURANCE; ACCIDENT INSURANCE; DISASTER INSURANCE; GOVERNMENT AND BUSINESS; TERRORISM

02-H371-41 TESTIMONY NO: 1     Feb. 27, 2002 p. 5-19, 51-103
 
WITNESSES (and witness notations):
   WARSHAWSKY, MARK J. (Deputy Assistant Secretary, Economic Policy, Department of Treasury)
   HILLMAN, RICHARD J. (Director, Financial Markets and Community Investment, GAO)
   SERIO, GREGORY V. (Superintendent, New York State Department of Insurance)
 
STATEMENTS AND DISCUSSION:
   Challenges faced by business in obtaining risk insurance since the Sept. 11 terrorist attacks; anticipated negative economic effects of insurance industry reluctance to provide terrorism risk insurance; defense of insurance industry decision to strictly limit terrorism insurance policies available to businesses; specifics on terrorism insurance coverage in New York State.
 
CONTENT NOTATION:
   Terrorism-related insurance risks, Fed risk sharing program estab
 
TESTIMONY DESCRIPTORS:
   NEW YORK STATE DEPARTMENT OF INSURANCE; GENERAL ACCOUNTING OFFICE; DEPARTMENT OF TREASURY; BUSINESS; NEW YORK STATE
 
 
02-H371-41 TESTIMONY NO: 2     Feb. 27, 2002 p. 20-41, 111-180
 
WITNESSES (and witness notations):
   MAIR, DAVID I. (Associate Director, Risk Management, U.S. Olympic Committee; also representing Risk and Insurance Management Society)
   BECK, DEBORAH B. (Executive Vice President, Real Estate Board of New York)
   KRAMER, LISA (President and CEO, Federation of Jewish Philanthropies Service Corp)
   QUINN, KIERAN P. (President and CEO, Column Financial; representing Mortgage Bankers Association)
   HUNTER, J. ROBERT (Director, Insurance, Consumer Federation)
   SCHROEDER, ALICE D. (Senior U.S. Nonlife Equity Insurance Analyst, Morgan Stanley)
 
STATEMENTS AND DISCUSSION:
   Anticipated ability of Federal terrorism insurance mechanism to stimulate real estate industry growth; need for terrorism insurance to protect tax base of areas affected by Sept. 11 attacks; concerns about nonprofit organization effects of a lack of terrorism insurance; recommendations regarding Federal establishment of terrorism risk insurance mechanism.
   Anticipated negative economic effects of insurance industry reluctance to provide terrorism risk insurance.
 
INSERTIONS:
   a. Cushman & Wakefield, "Lack of Terrorism Insurance and Its Impact Upon Tax Revenue for New York" Feb. 27, 2002 (p. 119-128).
   b. Consumer Federation, "How the Lack of Federal Back Up for Terrorism Insurance Has Affected Insurers and Consumers: An Analysis of Market Conditions and Policy Implications" Jan. 23, 2002 (p. 154-170).
 
CONTENT NOTATION:
   Terrorism-related insurance risks, Fed risk sharing program estab
 
TESTIMONY DESCRIPTORS:
   U.S. OLYMPIC COMMITTEE; RISK AND INSURANCE MANAGEMENT SOCIETY; REAL ESTATE BOARD OF NEW YORK; FEDERATION OF JEWISH PHILANTHROPIES SERVICE CORP.; MORTGAGE BANKERS ASSOCIATION; CONSUMER FEDERATION; MORGAN STANLEY; REAL ESTATE BUSINESS; TAXATION; NONPROFIT ORGANIZATIONS; NEW YORK CITY; CONSUMERS

LOAD-DATE: November 22, 2002