About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

GAO-08-919R 1 (2008-07-11)

handle is hein.gao/gaobaanio0001 and id is 1 raw text is: I GA 0 T a m Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 July 11, 2008 The Honorable Christopher J. Dodd Chairman The Honorable Richard C. Shelby Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Barney Frank Chairman The Honorable Spencer Bachus Ranking Member Committee on Financial Services House of Representatives Subject: Initial Results on Availability of Terrorism Insurance in Specific Geographic Markets The terrorist attacks of September 11, 2001, on the World Trade Center in New York City and the Pentagon in Arlington, Virginia, are estimated to have resulted in insured losses amounting to $32.5 billion.' Subsequent to the attacks, insurers largely stopped offering terrorism insurance coverage to commercial property owners, which raised significant concerns about potential negative economic consequences. To help restore confidence and stability in property insurance markets, Congress enacted and the President signed the Terrorism Risk Insurance Act of 2002 (TRIA).2 Under TRIA, the federal government assumed significant responsibility for the potential insured financial losses associated with future terrorist attacks. While TRIA, which was reauthorized in 2005 and again in 2007, has been credited with stabilizing markets for commercial property insurance, some building owners, Members of Congress, and other industry participants remain concerned that there may still be gaps in coverage. In particular, they have expressed concerns about the 1The Department of the Treasury, Board of Governors of the Federal Reserve System, U.S. Securities and Exchange Commission, Commodity Futures Trading Commission, Terrorism Risk Insurance: Report of the President's Working Group on Financial Markets (Washington, D.C., September 2006), 8. 'Pub. L. No. 107-297, 116 Stat. 2322 (Nov. 26, 2002). 3See Terrorism Risk Insurance Extension Act of 2005, Pub. L. No. 109-144, 119 Stat. 2660 (Dec. 22, 2005), and Terrorism Risk Insurance Program Reauthorization Act of 2007, Pub. L. No. 110-160, 121 Stat. 1839 (Dec. 26, 2007). GAO-08-919R Terrorism Insurance Availability Page 1

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most