TITLE: Protecting Policyholders from Terrorism: Private Sector Solutions

CIS-NO: 2002-H371-28  
SOURCE: Committee on Financial Services. House  
DOC-TYPE: Hearing Retrieve the full text of testimony  
DATE: Oct. 24, 2001  
LENGTH: vi+183 p.  
CONG-SESS: 107-1  
ITEM-NO: 1013-C; 1013-D  
SUDOC: Y4.F49/20:107-48  
 
GPO-STOCK-NO: 552-070-28026-0.

SUMMARY:
Committee Serial No. 107-48. Hearing before the Subcom on Capital Markets, Insurance, and Government Sponsored Enterprises 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.
 
Focuses on Administration proposal for the Federal Government to compensate insurance companies for a percentage of their losses from payments to terrorism risk insurance policyholders.
 
Supplementary material (p. 71-183) includes witnesses' written statements and submitted statements.

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

DESCRIPTORS:  
   SUBCOM ON CAPITAL MARKETS, INSURANCE, AND GOVERNMENT SPONSORED ENTERPRISES. HOUSE;  PROPERTY INSURANCE; LIABILITY INSURANCE; ACCIDENT INSURANCE; DISASTER INSURANCE; GOVERNMENT AND BUSINESS; TERRORISM; INSURANCE COMPANIES

02-H371-28 TESTIMONY NO: 1     Oct. 24, 2001 p. 5-25, 74-80
 
WITNESSES (and witness notations):
   O'NEILL, PAUL H. (Secretary, Department of Treasury)
 
STATEMENT AND DISCUSSION:
   Background on and explanation of Administration proposal for terrorism risk insurance; issues relating to Administration terrorism risk insurance proposal.
 
CONTENT NOTATION:
   Terrorism-related insurance risks, Fed risk sharing program estab
 
TESTIMONY DESCRIPTORS:
   DEPARTMENT OF TREASURY
 
 
02-H371-28 TESTIMONY NO: 2     Oct. 24, 2001 p. 25-41
 
WITNESSES (and witness notations):
   HUBBARD, R. GLENN (Chairman, Council of Economic Advisers)
 
STATEMENT AND DISCUSSION:
   Issues relating to Administration terrorism risk insurance proposal.
 
CONTENT NOTATION:
   Terrorism-related insurance risks, Fed risk sharing program estab
 
TESTIMONY DESCRIPTORS:
   COUNCIL OF ECONOMIC ADVISERS
 
 
02-H371-28 TESTIMONY NO: 3     Oct. 24, 2001 p. 42-70, 88-159
 
WITNESSES (and witness notations):
   MATHIS, DAVID B. (Board Chairman and CEO, Kemper Insurance Companies; also representing American Insurance Association)
   IORDANOU, CONSTANTINOS (Senior Executive Vice President, Group Operations and Business Development, Zurich Financial Services Group)
   HARRINGTON, SCOTT E. (Professor, Insurance and Finance, Moore School of Business, University of South Carolina)
   CUMMINS, J. DAVID (Professor, Insurance and Risk Management, Wharton School, University of Pennsylvania)
   KEATING, DAVID L. (Senior Counselor, National Taxpayers Union)
   SINNOTT, JOHN T. (Chairman and CEO, Marsh, Inc.; also representing Council of Insurance Agents and Brokers)
   WILLIAMS, ROY A. (Director, Aviation, Louis Armstrong New Orleans International Airport)
   NORDLINGER, MARJORIE S. (Senior Attorney, Office of General Counsel, NRC)
   HILLMAN, RICHARD J. (Director, Financial Markets and Community Investment, GAO)
 
STATEMENTS AND DISCUSSION:
   Description of situation facing insurance industry following Sept. 11 terrorist attacks; views on need for a Federal program to ensure availability of terrorism risk insurance, with assessment of Administration proposal; explanation of system created under the Price-Anderson Act of 1957 for insurance coverage of nuclear power plant accidents.
   Overview of Government-sponsored insurance programs in the U.S. and other countries; perspectives on terrorism risk insurance issues.
 
CONTENT NOTATION:
   Terrorism-related insurance risks, Fed risk sharing program estab
 
TESTIMONY DESCRIPTORS:
   KEMPER INSURANCE COMPANIES; AMERICAN INSURANCE ASSOCIATION; ZURICH FINANCIAL SERVICES GROUP; NATIONAL TAXPAYERS UNION; MARSH, INC.; COUNCIL OF INSURANCE AGENTS AND BROKERS; LOUIS ARMSTRONG NEW ORLEANS INTERNATIONAL AIRPORT; NUCLEAR REGULATORY COMMISSION; GENERAL ACCOUNTING OFFICE; NUCLEAR ACCIDENTS AND SAFETY; PRICE-ANDERSON ACT

LOAD-DATE: November 22, 2002