June 18, 2002(Key vote)
Title: Terrorism Insurance Bill
Vote Smart's Synopsis:
Vote to pass a bill that would provide compensation to insurance companies against losses incurred from future terrorist related attacks. These funds would be provided through a new Terrorism Insured Loss Shared Compensation Program headed by the Secretary of the Treasury.
Requires the government to cover 80 percent of losses less than $10 billion, and 90 percent of losses from $10 billion to $100 billion through December 31, 2002.
Allows the Secretary of the Treasury to have the option to extend the program through December 31, 2003 with the government responsible for 90 percent of claims from $15 billion to $100 billion.
Claims exceeding $100 billion would be handled at the discretion of Congress.