HR0318 LRB094 12014 LJB 45113 r

1
HOUSE RESOLUTION

 
2     WHEREAS, The United States continues to be engaged in an
3 ongoing war against international terrorists and the threat of
4 future attacks inside this country remains high; and
 
5     WHEREAS, Future attacks could include the use of nuclear,
6 biological, chemical, or radiological weapons that could
7 result in a large number of casualties; and
 
8     WHEREAS, The Terrorism Risk Insurance Program, created
9 through the enactment of the Terrorism Risk Insurance Act of
10 2002 (TRIA), has provided a viable terrorism risk insurance
11 market for property and commercial losses; and
 
12     WHEREAS, Failure by Congress to extend TRIA would likely
13 result in the inability of insurers to offer coverage for
14 future catastrophes resulting from terrorism; and
 
15     WHEREAS, Without adequate terrorism insurance coverage,
16 banks may be unwilling to extend loans for commercial
17 transactions, such as mortgages, construction projects, and
18 other capital-intensive initiatives; and
 
19     WHEREAS, The lack of private terrorism insurance to cover
20 losses from future terrorist attacks may require the federal
21 government to cover the losses; and
 
22     WHEREAS, A federal backstop assures an available and
23 affordable insurance market for America's consumers and
24 businesses; and
 
25     WHEREAS, Without a backstop, the limited availability of
26 insurance against terrorism would have a severe adverse effect
27 on our country's economy as financiers would be reluctant to
28 lend, businesses would be reluctant to invest, and consumers

 

 

HR0318 - 2 - LRB094 12014 LJB 45113 r

1 would be unable to afford insurance; therefore, be it
 
2     RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
3 NINETY-FOURTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
4 we support the extension of the Terrorism Risk Insurance Act of
5 2002; and be it further
 
6     RESOLVED, That we support the inclusion of group life
7 insurance in any extension legislation; and be it further
 
8     RESOLVED, That we urge the President of the United States
9 and the Congress of the United States to take action as soon as
10 possible to extend the Terrorism Risk Insurance Act of 2002;
11 and be it further
 
12     RESOLVED, That suitable copies of this resolution be
13 delivered to the President and Vice President of the United
14 States, to the Speaker of the House of Representatives of the
15 Congress of the United States, to the President pro tempore of
16 the Senate of the Congress of the United States, and to each
17 Senator and Representative from the State of Illinois in the
18 Congress of the United States.