TITLE: America's Insurance Industry: Keeping the Promise

CIS-NO: 2002-H371-23  
SOURCE: Committee on Financial Services. House  
DOC-TYPE: Hearing Retrieve the full text of testimony  
DATE: Sept. 26, 2001  
LENGTH: iv+210 p.  
CONG-SESS: 107-1  
ITEM-NO: 1013-C; 1013-D  
SUDOC: Y4.F49/20:107-45  
 
GPO-STOCK-NO: 552-070-27914-8.

SUMMARY:
Committee Serial No. 107-45. Hearing to examine the impact on U.S. financial markets and insurance industry of the Sept. 11, 2001 terrorist attacks on the U.S. that destroyed the World Trade Center (WTC) in NYC and damaged the Pentagon outside D.C..
 
Supplementary material (p. 65-210) includes witnesses' written statements and written replies to Committee questions, submitted statements, and articles.

CONTENT-NOTATION: Terrorist attacks on World Trade Center and Pentagon, financial mkts and insurance industry impact

DESCRIPTORS:  
    TERRORISM; NEW YORK CITY; SECURITIES; FINANCIAL REGULATION; INSURANCE; WORLD TRADE CENTER; PENTAGON; D.C.

02-H371-23 TESTIMONY NO: 1     Sept. 26, 2001 p. 7-28, 85-102
 
WITNESSES (and witness notations):
   PITT, HARVEY L. (Chairman, SEC)
 
STATEMENT AND DISCUSSION:
   Overview of SEC efforts to restore order to financial markets following Sept. 11 attacks and to mitigate capital markets effects of any future terrorist activity; impact of Sept. 11 attacks on securities markets.
 
CONTENT NOTATION:
   Terrorist attacks on World Trade Center and Pentagon, financial mkts and insurance industry impact
 
TESTIMONY DESCRIPTORS:
   SECURITIES AND EXCHANGE COMMISSION
 
 
02-H371-23 TESTIMONY NO: 2     Sept. 26, 2001 p. 29-64, 103-210
 
WITNESSES (and witness notations):
   STERNBERG, SY (Chairman, President, and CEO, New York Life Insurance Co)
   SERIO, GREGORY V. (Superintendent, New York State Department of Insurance)
   SEBELIUS, KATHLEEN (Commissioner, Kansas Department of Insurance; representing National Association of Insurance Commissioners (NAIC))
   BENMOSCHE, ROBERT H. (Chairman and CEO, MetLife, Inc)
   O'HARE, DEAN R. (Chairman and CEO, Chubb Corp)
   MOSHER, MATTHEW C. (Group Vice President, Property/Casualty Ratings, A.M. Best Co)
   FERGUSON, RONALD E. (Chairman, General Re Corp.; also representing Reinsurance Association)
 
STATEMENTS AND DISCUSSION:
   Overview of insurance industry efforts to meet obligations and expedite payment of claims related to Sept. 11 attacks, with specifics on efforts of represented companies; explanation of insurance regulatory agency actions undertaken in response to Sept. 11 attacks; assessment of U.S. insurance industry financial status and ability to meet obligations.
   Impact of WTC collapse on various lines of insurance, including property insurance and life insurance products; details on New York State Department of Insurance response to WTC disaster (related materials, p. 138-155); specifics on NAIC actions undertaken in response to Sept. 11 attacks.
 
CONTENT NOTATION:
   Terrorist attacks on World Trade Center and Pentagon, financial mkts and insurance industry impact
 
TESTIMONY DESCRIPTORS:
   NEW YORK LIFE INSURANCE CO.; NEW YORK STATE DEPARTMENT OF INSURANCE; NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS; METLIFE, INC.; CHUBB CORP.; A.M. BEST CO.; GENERAL RE CORP.; REINSURANCE ASSOCIATION; INSURANCE COMPANIES; CLAIMS; PROPERTY INSURANCE; LIFE INSURANCE

LOAD-DATE: November 22, 2002