|
Previous Entries
• Sept. 28, 2006
|
Former Chair Testifies Before Congress on TRIEA Extension
| |
 |
| |
Sharon Emek |
(June 21, 2007) — Sharon Emek, Ph.D., immediate past chair of IIABNY, made the case in Washington D.C. that an extended Terrorism Risk Insurance Extension Act would allow American business “to continue operating and growing.” Testifying on behalf of the Big “I,” Emek appeared before a United States House Financial Services Subcommittee on June 21 and said that TRIEA’s “current public-private partnership…has worked well.” However, the Director of Manhattan’s CBS Coverage Group, Inc. warned, “there is no reason to believe that the threat of terrorism is on the decline, or that the private insurance markets alone can adequately meet our nation’s need for coverage."
Also appearing before the subcommittee was Eric Dinallo, New York State Insurance Department superintendent. The two were in support of H.R. 2761, the Terrorism Risk Insurance Revision and Extension Act of 2007. The legislation, recently introduced by Rep. Michael Capuano (D-Ma.) and Chairman Barney Frank (D-Ma.), would extend TRIEA for 10 years and continue to keep terrorism coverage both available and affordable.
Top of page
IIABNY Chair Appears Before Congress
(September 28, 2006) — A continued federal role is needed to ensure the availability of terrorism risk insurance, IIABNY Chair of the Board Sharon Emek, CIC, Ph.D., told federal lawmakers meeting in Washington D.C. Sept. 27. Emek, in her testimony before two key House financial services subcommittees, also said that it is essential for the federal government to look ahead now, before the extension of the Terrorism Risk Insurance Act expires.
“It is crucial that all businesses have access to affordable insurance to protect them from this risk, and I personally have seen what can happen if they do not,” Emek explained. “In fact, after 9/11, a number of my friends had to close their businesses because they did not have sufficient business interruption coverage. Imagine how many businesses would go out of business without any business interruption coverage at all. Without a federal role for terrorism insurance, business interruption insurance will be further strained.”
Emek, who testified as an IIABA representative, praised Congress for passing TRIA in 2002 and granting it a two-year extension in 2005. However, she warned many businesses could find themselves without affordable coverage when the legislation expires Dec. 31, 2007. A copy of Emek’s full testimony is available online.
Top of page
|
