TERRORISM BILL PASSAGE WILL HELP SECURE ECONOMIC GAINS
Big “I” hails House, Senate compromise to renew backstop before Dec. 31 expiration
WASHINGTON, D.C., Dec. 19, 2005—Passage of S. 467, which will modify and extend the Terrorism Risk Insurance Act (TRIA), is a tremendous step forward in securing the nation’s recent economic gains, says the Independent Insurance Agents & Brokers of America (the Big “I”).
The House and Senate have both approved a compromise bill that clears up any inconsistencies between the two versions each chamber passed previously this month. The bill, which extends the needed federal backstop to help insurers cover catastrophic terrorist acts, now moves to President Bush’s desk for his signature.
“We are enormously pleased that Congress has approved a new backstop that will help provide needed coverage to our nation’s commercial sector in the event of another catastrophic terrorist attack,” says Big “I” CEO Robert A. Rusbuldt. “This bill will provide a needed federal role and ensure that terrorism risk insurance is made available to all who require it.”
Big “I” President William G. Stiglitz III, an executive with the Louisville, Ky.-based Hyland, Block & Hyland agency, says the bill matters not just to financial interests in major cities, but also to small businesses across America. The availability and affordability of terrorism insurance is a business customer problem throughout the nation. In fact, take-up rates under TRIA have continued to grow across the country, and Big “I” members have seen terrorism coverage purchased by a variety of interests, from small towns to small and large businesses in major cities.
“This plan will create security and safeguard our hard-earned economic gains of recent years,” Stiglitz says. “It is a win for our country, for the business sector and for Main Street America.”
The diligent work of leaders in the House and the Senate will enable the bill to be enacted before the scheduled expiration of TRIA on Dec. 31.
“We have seen true leadership in both chambers of Congress in getting this bill done,” says Charles E. Symington Jr., Big “I” senior vice president for government affairs and federal relations. “Their hard work safeguarded a crucial segment of our nation’s financial well-being. On the House side, we are grateful to Chairmen Richard Baker (R-La.), Mike Oxley (R-Ohio) and Ranking Member Barney Frank (D-Mass.) for their diligence. On the Senate side, Chairman Richard Shelby (R-Ala.), Senators Chris Dodd (D-Ct.), and Robert Bennett (R-Utah) deserve credit and praise for their efforts. We also want to thank the leadership of both the House and Senate for their support and recognition of the need to pass terrorism insurance legislation before the current program’s expiration on December 31.”
Founded in 1896, IIABA (the Big “I”) is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of more than 300,000 agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, and health—as well as employee benefit plans and retirement products. Web address: www.independentagent.com.
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