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2002 SESSION

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HJ 15 Study; effect of terrorist attacks on insurance industry.

Introduced by: Harry R. Purkey | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Study; effect of terrorist attacks on insurance industry. Requests the Bureau of Insurance of the State Corporation Commission to study the effects of the events of September 11 and other terrorist acts on consumers, producers, and underwriters of insurance in the Commonwealth. The study is required to address the effect of the September 11 tragedies upon the cost and availability of various types of insurance in the Commonwealth and on the ability of Virginia insurers and self-insurers, including governmental entities, to obtain reinsurance for risks. It is also to address the ability of the existing insurance guaranty associations to address insurer insolvencies triggered by terrorist attacks, the likelihood that property and casualty insurance policies issued in Virginia will continue to provide coverage for losses resulting from terrorist acts, proposals pending in Congress that would provide for federal involvement in the reinsurance of risks associated with terrorist attacks, and the extent to which property and casualty insurance policies issued in Virginia should be required to insure against damage caused by terrorist acts.


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