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S 2600 - Terrorism Insurance Bill - National Key Vote

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Title: Terrorism Insurance Bill

Vote Smart's Synopsis:

Vote to pass a bill that would provide compensation to insurance companies against losses incurred from future terrorist related attacks. These funds would be provided through a new Terrorism Insured Loss Shared Compensation Program headed by the Secretary of the Treasury.

Highlights:

  • Requires the government to cover 80 percent of losses less than $10 billion, and 90 percent of losses from $10 billion to $100 billion through December 31, 2002.
  • Allows the Secretary of the Treasury to have the option to extend the program through December 31, 2003 with the government responsible for 90 percent of claims from $15 billion to $100 billion.
  • Claims exceeding $100 billion would be handled at the discretion of Congress.

Full Bill Text

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