K00611 Summary:

BILL NOK00611
 
SAME ASNo Same As
 
SPONSORCahill
 
COSPNSR
 
MLTSPNSRArroyo, Barrett, Borelli, Cook, Crouch, Cymbrowitz, Johns, Lupardo, McDonough, Mosley, Palmesano, Rivera, Scarborough, Skoufis, Solages, Sweeney, Titone, Weisenberg, Weprin
 
 
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K00611 Actions:

BILL NOK00611
 
06/11/2013referred to insurance
06/18/2013reported referred to rules
06/19/2013reported to calendar for consideration
06/19/2013adopted
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K00611 Text:

 
Assembly Resolution No. 611
 
BY: M. of A. Cahill
 
        URGING the New York State Congressional delegation
        to  take  action  as  soon as possible to extend the
        Terrorism Risk Insurance Act of 2002
 
  WHEREAS, The United States continues to be engaged on 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 could 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 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 the New York State Congressional  delegation  be  and
hereby  is  respectfully  memorialized  by this Legislative Body to take
action as soon as possible to extend the Terrorism Risk Insurance Act of
2002; and be it further
 
  RESOLVED, That copies of this  Resolution,  suitably  engrossed,  be
transmitted  to  each  member  of  the Congressional delegation from the
State of New York.
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