00                      HOUSE JOINT RESOLUTION NO. 38                                                                     
01 Relating to urging the United States Congress to pass the Terrorism Risk Protection                                     
02 Act.                                                                                                                    
03 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
04       WHEREAS the United States Congress is considering H.R. 3210, the Terrorism Risk                                 
05 Protection Act; and                                                                                                     
06       WHEREAS the terrorist attacks of September 11, 2001, resulted in a large number of                              
07 deaths and injuries; and                                                                                                
08       WHEREAS the attacks have inflicted possibly the largest losses ever incurred by                                 
09 insurers and reinsurers in a single day; and                                                                            
10       WHEREAS while the insurance and reinsurance industries have committed to pay the                                
11 losses arising from the September 11 attacks, the resulting disruption has created widespread                           
12 market uncertainties with regard to the risk of losses arising from possible future terrorist                           
13 attacks; and                                                                                                            
14       WHEREAS the unavailability of affordable commercial property and casualty                                       
15 insurance for terrorist acts threatens the growth and stability of the United States economy,                           
16 including impeding the ability of financial services providers to finance commercial property                           

01 acquisitions and new construction; and                                                                                  
02       WHEREAS it is necessary to create a temporary industry risk sharing program to                                  
03 ensure the continued availability of commercial property and casualty insurance and                                     
04 reinsurance for terrorism-related risks; and                                                                            
05       WHEREAS that action is necessary to limit immediate market disruptions, encourage                               
06 economic stabilization, and facilitate a transition to a viable market for private terrorism risk                       
07 insurance; and                                                                                                          
08       WHEREAS terrorism insurance plays an important role in the efficient functioning of                             
09 the economy and the financing of commercial property acquisitions and new construction and,                             
10 therefore, the Congress intends to continue to monitor, review, and evaluate the private                                
11 terrorism insurance and reinsurance marketplace to determine whether additional action is                               
12 necessary to maintain the long-term stability of the real estate and capital markets;                                   
13       BE IT RESOLVED that the Alaska State Legislature urges the United States                                        
14 Congress to pass H.R. 3210, the "Terrorism Risk Protection Act."                                                        
15       COPIES of this resolution shall be sent to the Honorable Thomas Daschle, Majority                               
16 Leader of the United States Senate, and the Honorable Ted Stevens and the Honorable Frank                               
17 Murkowski, U.S. Senators, members of the Alaska delegation in Congress.