skip to main contentskip to popular page linksskip to main navigation links
Office Hours Program Social Security Calculator Translate this page into another language
photo of Mike Capuano Michael E. Capuano representing the 7th district of Massachusetts in the U.S. House of Representatives Go to the House of Representatives homepage
Visit Mike's video channel on YouTube Like Mike on Facebook

 

 Mike's Schedule Voting Record District Maps Register To Vote FAQ Site Map e-Updates
Print Version-Capuano Introduces Bill to Extend Terrorism Insurance

PRESS RELEASE

Capuano Introduces Bill to Extend Terrorism Insurance

July 8, 2004

On Wednesday Congressman Mike Capuano (D-MA) introduced the "Terrorism Risk Insurance Program Extension Act of 2004" to reauthorize and extend federal terrorism insurance provided by the Terrorism Risk Insurance Act of 2002 (TRIA).

"TRIA has helped make terrorism insurance available and affordable to businesses. We need to act now to extend this successful legislation so that American workers and our cities and towns continue to be protected against possible terrorist attacks," stated Congressman Capuano.

The legislation (H.R. 4772), which is cosponsored by 26 Democratic members, would extend TRIA by two years, through 2007. Additionally, the legislation:

  • Makes it easier for businesses to get affordable terrorism insurance by including provisions to ensure that insurance policies enacted during the last year of the program do not lose their terrorism coverage before the policy expires;
  • Provides mandatory availability for terrorism coverage for the final two years of the program;
  • Makes terrorism reinsurance coverage available to group life insurance policies.

A stable, secure insurance market is vital to the health of our national economy. Nearly three years ago, the stability of the insurance industry, and all of our nation's policyholders, was put in jeopardy when insurers and reinsurers lost more than $40 billion as a result of the 9/11 attacks. In response, reinsurance companies limited the availability of terrorism insurance, and insurers were unable to make it available, leaving many of our nation's businesses vulnerable to insupportable risk.

Two years ago, Congress overwhelmingly passed TRIA to provide a limited federal backstop in the event of another catastrophic terrorist event. In doing so, lawmakers sought to ensure the availability of full coverage of the risk of terrorism for our nation's policyholders and to enable the insurance industry to recover from the losses they sustained in 2001. This legislation simply extends that federal backstop for a limited time. It has been referred to the House Financial Services Committee.

--

Contact: Alison M. Mills (617) 621-6208

 

Home | About | Biography | Contact | Issues | Links | News | Schedules | Services

E-Updates | Site Map | Privacy Policy | Accessibility

110 First Street
Cambridge, MA 02141
P: (617) 621-6208
F: (617) 621-8628
Hours

Roxbury Community College
Campus Library
Room 211
Boston
Hours

Stetson Hall
Room 124
6 South Main Street
Randolph
Hours

  Constituent Services Click to close menu
  Casework and Constituent Assistance
  Citizenship/Naturalization Information
  Immigration Casework
  Ordering Flags Flown Over The Capitol
  Presidential Greetings
  Tours
  U.S. Service Academy Nominations
  Internship Programs
  Washington, D.C. Attractions
  Grants and Federal Domestic Assistance
  FAQs
  News and Multimedia Center Click to close menu
  e-Updates
  Recent Votes
  Press Items
  Video and Audio
  Photo Gallery
  Legislative Issues Click to close menu
  Mike on the Issues
  Recent Votes
  Mike's Voting Record
  Scorecards for Mike's Votes in Congress
  Legislation Sponsored by Mike
  Earmark Requests
  Committees and Caucuses
  Ethics Task Force
  Congressional Schedules Click to close menu
  Mike's Schedule
  House Floor Summary
  Weekly House Schedule
  Annual House Calendar
  Weekly Senate Schedule
  About The 7th District Click to close menu
  Maps
  Cities
  Demographics
  The 7th District Over the Years
  Nobel Prize Winners
  Interesting facts about Massachusetts
  Massachusetts Links
  Links Click to close menu
  Massachusetts Links
    State Government
    About the 7th District
    Arts, Culture and Attractions
    Chambers of Commerce
    Colleges and Universities
    Exploring Massachusetts
    Hospitals and Health Organizations
    Newspapers
    Sports

  Federal Government Links
    USA.gov - Official Government Portal
    Legislative Branch
    Executive Branch
    Judicial Branch
    Federal Agencies
    Kids' Pages
    Register to Vote
    Washington, D.C. Attractions
    Business Opportunities with the Government

  Links For Students
 
  Contact Mike Click to close menu
  District Office
  Washington, D.C. Office
  Office Hours Program
  Community Meetings
  E-mail Mike's Office