CSHJR 38(L&C): Relating to urging the United States Congress to pass terrorism risk protection legislation.

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.