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SJM112.....................................................by STATE AFFAIRS
INSURANCE - TERRORIST ACTIVITIES - Stating findings of the Legislature and
recommending United States congressional action regarding terrorism
insurance.
02/14 Senate intro - 1st rdg - to printing
02/15 Rpt prt - to 10th Ord
02/18 10th ord - ADOPTED - voice vote
Title apvd - to House
02/19 House intro - 1st rdg - to Bus
03/06 Rpt out - rec d/p - to 2nd rdg
03/08 3rd rdg - ADOPTED - voice vote - to Senate
03/11 To enrol
03/12 Rpt enrol - Pres signed - Sp signed
03/13 To Secretary of State
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-sixth Legislature Second Regular Session - 2002
IN THE SENATE
SENATE JOINT MEMORIAL NO. 112
BY STATE AFFAIRS COMMITTEE
1 A JOINT MEMORIAL
2 TO THE SENATE AND HOUSE OF REPRESENTATIVES OF THE UNITED STATES IN CONGRESS
3 ASSEMBLED, AND TO THE CONGRESSIONAL DELEGATION REPRESENTING THE STATE OF
4 IDAHO IN THE CONGRESS OF THE UNITED STATES.
5 We, your Memorialists, the Senate and the House of Representatives of the
6 State of Idaho assembled in the Second Regular Session of the Fifty-sixth
7 Idaho Legislature, do hereby respectfully represent that:
8 WHEREAS, the damage and loss of life resulting from the terrorist events
9 of September 11th were and are a tremendous burden on the financial viability
10 of the American insurance industry; and
11 WHEREAS, both domestic and offshore reinsurance markets have adopted
12 restrictive language concerning coverage of future damages resulting from ter-
13 rorist activities; and
14 WHEREAS, financiers are reluctant to lend money without adequate insurance
15 coverage on their collateral and businesses are reluctant to invest for the
16 same reason; and
17 WHEREAS, businesses and public entities have experienced rate increases of
18 one thousand percent or more for terrorism insurance from the few insurance
19 carriers still offering the coverage; and
20 WHEREAS, the state of Idaho contains several facilities which have been
21 damaged in the past or would be choice targets for terrorist activity in the
22 future.
23 NOW, THEREFORE, BE IT RESOLVED by the members of the Second Regular Ses-
24 sion of the Fifty-sixth Idaho Legislature, the Senate and the House of Repre-
25 sentatives concurring therein, that the Legislature calls for United States
26 congressional action in establishing a backstop to insure stability in the
27 insurance marketplace and affordable availability of insurance covering ter-
28 rorist activities. Such support needs to exist until such time as private
29 insurance companies can again be a significant market source of terrorism
30 insurance.
31 BE IT FURTHER RESOLVED that the Secretary of the Senate be, and she is
32 hereby authorized and directed to forward a copy of this Memorial to the Pres-
33 ident of the Senate and the Speaker of the House of Representatives of Con-
34 gress, and the congressional delegation representing the State of Idaho in the
35 Congress of the United States.
STATEMENT OF PURPOSE
RS 12086
In light of a growing financial emergency due to the availability
and affordability of insurance protection against terrorist acts,
we, the Idaho State Legislature, petition the U.S. Congress to
provide a federal fail-safe mechanism for providers of terrorism
insurance. There has been precedent established for such federal
assurances in areas such as flood insurance.
FISCAL IMPACT
None
Contact
Name: John Goedde
Phone: 332-1355
STATEMENT OF PURPOSE/FISCAL SJM 112