Gov. Racicot’s statement follows:
“We commend Chairman Dodd and Ranking Member Shelby for recognizing the importance of reauthorizing the terrorism risk insurance program. By recommending a seven-year extension, they have ensured a continued, vibrant federal program that will maintain market stability for insurers and U.S. businesses.
“The legislation introduced by the Chairman and the Ranking Member demonstrates their leadership and we encourage the Committee to continue its historic commitment to the national security and economic well-being of the United States.
“Like H.R. 2761, the Dodd-Shelby TRIA bill eliminates the distinction between domestic and foreign terrorism, recognizing that terrorism has no boundaries. The Dodd-Shelby TRIA bill also provides for an expedited study of the unique insurance challenges posed by nuclear, biological, chemical and radiological terrorism threats -- challenges which were recognized in two previous government reports that acknowledged that there is virtually no private insurance market capacity for this risk.
“AIA and our member companies support Chairman Dodd and Senator Shelby's bill and encourage a strong, bipartisan vote in favor of the legislation when it is marked up tomorrow in the Senate Banking Committee.”
About AIA
The American Insurance Association represents approximately 350 major insurance companies that provide all lines of property and casualty insurance and write more than $123 billion annually in premiums. The association is headquartered in Washington, D.C. and has representatives in every state.