HJR 38: Relating to urging the United States Congress to pass the Terrorism Risk Protection Act.

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.