00                CS FOR HOUSE JOINT RESOLUTION NO. 38(L&C)                                                               
01 Relating to urging the United States Congress to pass terrorism risk protection                                         
02 legislation.                                                                                                            
03 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
04       WHEREAS the United States House of Representatives has passed H.R. 3210, the                                    
05 Terrorism Risk Protection Act; and                                                                                      
06       WHEREAS the United States Congress is considering terrorism risk protection                                     
07 legislation; and                                                                                                        
08       WHEREAS the terrorist attacks of September 11, 2001, resulted in a large number of                              
09 deaths and injuries; and                                                                                                
10       WHEREAS the attacks have inflicted possibly the largest losses ever incurred by                                 
11 insurers and reinsurers in a single day; and                                                                            
12       WHEREAS while the insurance and reinsurance industries have committed to pay the                                
13 losses arising from the September 11 attacks, the resulting disruption has created widespread                           
14 market uncertainties with regard to the risk of losses arising from possible future terrorist                           
15 attacks; and                                                                                                            
16       WHEREAS the unavailability of affordable commercial property and casualty                                       

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