Oxley Statement on PWG's Terrorism Insurance Report

Oxley Statement on PWG's Terrorism Insurance Report

House Financial Services Committee Chairman Michael G. Oxley (OH) issued the following statement today regarding the President's Working Group on Financial Markets (PWG) report on terrorism risk insurance.

"I commend the PWG on the completion of the terrorism risk insurance report and its delivery to Congress. It expresses an important view that must be factored into the congressional debate on this issue over the next year.

"It is a good reminder that all parties need to work together in order to effectively handle the risks we now face.

"Clearly, the industry needs to step up its progress in finding ways to assess, price, and cover these risks. At the same time, there will still have to be some type of federal incentive, such as tax-free pooling, to ensure that coverage is available for all types of potential terrorist events.

"The PWG report is a good reminder that now, more than five years after 9/11 and one year away from Terrorist Risk Insurance Act's expiration, is the time to get serious about this debate."

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