2014 -- S 2990

========

LC005648

========

     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2014

____________

S E N A T E   R E S O L U T I O N

RESPECTFULLY REQUESTING THAT THE UNITED STATES CONGRESS EXTEND THE

TERRORIST RISK INSURANCE ACT OF 2002

     Introduced By: Senators Bates, Walaska, Algiere, Ottiano, and Kettle

     Date Introduced: May 07, 2014

     Referred To: Placed on the Senate Consent Calendar

     WHEREAS, The United States continues to be engaged in an ongoing war against

terrorism and the threats of future attacks inside the country remains; and

     WHEREAS, Future attacks could include the use of unconventional (nuclear, biological,

chemical or radiological) weapons that could result in a large number of casualties or could

involve attacks such as cyber-terrorism that would impact businesses and critical infrastructure

across the nation; and

     WHEREAS, The Terrorism Risk Insurance Program, created through the enactment of

the Terrorism Risk Insurance Act (TRIA) of 2002, and extended in 2005 and 2007, has allowed

for a viable and stable terrorism risk insurance market; and

     WHEREAS, Absent an extension by Congress, the Terrorism Risk Insurance Act of 2002

will expire on December 31, 2014; and

     WHEREAS, Failure by Congress to extend TRIA would likely result in the inability of

insurers to offer widespread coverage for future catastrophes resulting from terrorism or would

likely create capacity concerns where terrorism coverage must be provided; and

     WHEREAS, Without adequate terrorism insurance coverage, banks may be unwilling to

extend loans for commercial transactions, such as mortgages, construction projects and other

capital-intensive initiatives; and

     WHEREAS, The lack of private terrorism insurance to cover losses from future terrorist

attacks may require the federal government to cover such losses; and

     WHEREAS, Without the shared public-private responsibility program established by the

Terrorism Risk Insurance Act of 2002, a limited availability of insurance against terrorism would

have a severe adverse effect on our country's economy as financiers might be reluctant to lend,

businesses might be reluctant to invest, and commercial consumers might be unable to afford

insurance; and

     WHEREAS, The Terrorism Risk Insurance Program is an essential component of

effective national economic recovery following a catastrophic terrorist attack in the United States;

now, therefore be it

     RESOLVED, That this Senate of the State of Rhode Island and Providence Plantations

hereby supports a long-term extension of the Terrorism Risk Insurance Act of 2002, and further

respectfully requests that the United States Congress and the President of the United States take

action as soon as possible to extend this program; and be it further

     RESOLVED, That the Secretary of State be and hereby is authorized and directed to

transmit duly certified copies of this resolution to the President of the United States, the Majority

and Minority Leaders of the United States Senate, the Speaker of the House of Representatives,

and the Rhode Island Congressional Delegation.

========

LC005648

========

LC005648 - Page 2 of 1