Terrorism Insurance. This bill (H.R. 3210) would authorize a three-year federal loan program to help the casualty and property insurance industry cover future terrorist-related losses. The loans would pay 90 percent of claims arising from acts of terrorism next year that result in more than $1 billion in insured claims. The loans would be repaid through assessments on insurance companies to repay insured claims for up to $20 billion. Loans for insured claims beyond $20 billion and up to $100 billion would be repaid through surcharges on commercial policyholders. This bill would also restrict terrorist-related lawsuits to federal court, ban punitive damages in such suits, and limit non-economic damages and attorneys fees.
The House passed H.R. 3210 on November 29, 2001 by a vote of 227 to 193 (Roll Call 464). We have assigned pluses to the nays.
