HR0318

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HOUSE RESOLUTION


 
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    WHEREAS, The United States continues to be engaged in an 
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ongoing war against international terrorists and the threat of 
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future attacks inside this country remains high; and

 
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    WHEREAS, Future attacks could include the use of nuclear, 
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biological, chemical, or radiological weapons that could 
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result in a large number of casualties; and

 
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    WHEREAS, The Terrorism Risk Insurance Program, created 
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through the enactment of the Terrorism Risk Insurance Act of 
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2002 (TRIA), has provided a viable terrorism risk insurance 
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market for property and commercial losses; and

 
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    WHEREAS, Failure by Congress to extend TRIA would likely 
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result in the inability of insurers to offer coverage for 
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future catastrophes resulting from terrorism; and

 
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    WHEREAS, Without adequate terrorism insurance coverage, 
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banks may be unwilling to extend loans for commercial 
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transactions, such as mortgages, construction projects, and 
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other capital-intensive initiatives; and

 
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    WHEREAS, The lack of private terrorism insurance to cover 
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losses from future terrorist attacks may require the federal 
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government to cover the losses; and

 
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    WHEREAS, A federal backstop assures an available and 
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affordable insurance market for America's consumers and 
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businesses; and

 

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    WHEREAS, Without a backstop, the limited availability of 
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insurance against terrorism would have a severe adverse effect 
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on our country's economy as financiers would be reluctant to 
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lend, businesses would be reluctant to invest, and consumers 
 


 






HR0318
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LRB094 12014 LJB 45113 r




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would be unable to afford insurance; therefore, be it

 
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    RESOLVED, BY THE  HOUSE OF REPRESENTATIVES OF THE 
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NINETY-FOURTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that 
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we support the extension of the Terrorism Risk Insurance Act of 
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2002; and be it further

 
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    RESOLVED, That we support the inclusion of group life 
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insurance in any extension legislation; and be it further

 
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    RESOLVED, That we urge the President of the United States 
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and the  Congress of the United States to take action as soon as 
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possible to extend the Terrorism Risk Insurance Act of 2002; 
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and be it further
 
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    RESOLVED, That suitable copies of this resolution be 
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delivered to the President and Vice President of the United 
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States, to the Speaker of the House of Representatives of the 
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Congress of the United States, to the President pro tempore of 
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the Senate of the Congress of the United States, and to each 
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Senator and Representative from the State of Illinois in the 
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Congress of the United States.