-Caveat Lector- (Let the US Taxpayers pay for the risk of the US insurance industry. Typical Bush$hit. I hope the gas pipeline in Afganistan is worth the war. It's beginning to look a lot like Vietnam. --SW)
Proposal would aid insurers in event of future terrorist attacks By SCOTT LINDLAW, Associated Press WASHINGTON (October 27, 2001 3:58 p.m. EDT) - The Bush administration and key lawmakers are working on a government aid package that would help the insurance industry withstand future terrorist attacks. Legislation may be introduced later this week. Under the proposal, the industry would finance the first $10 billion in payments following a future attack, and the government would pay 70 percent to 90 percent of costs after that, an administration official said Saturday. The exact percentage remains to be decided. The agreement came after a meeting Friday with Treasury Secretary Paul O'Neill and Sen. Paul Sarbanes, D-Md., the Banking Committee's chairman; Sen. Phil Gramm of Texas, the committee's senior Republican; and Chris Dodd, D-Conn., also a member of the committee, the official said. The money would come from general revenues, Treasury Department spokeswoman Michele Davis said. Some lawmakers and consumer groups have questioned whether taxpayers should pay to keep the insurance industry healthy, but Davis defended the proposal. "An attack on the United States is an attack on all taxpayers," she said. The administration believes the proposal is vital to the health of the economy. Major reinsurance companies, which assume part of the risk covered by insurance firms, have said they won't renew terrorism coverage after Dec. 31, when many contracts expire. U.S. insurance companies that write property policies could face payouts of $30 billion to $50 billion for the attacks on the World Trade Center and the Pentagon. "If a large property can't get terrorism insurance, they can't get financing from a bank, and that project won't get built," Davis said. The measure would take effect next year and likely expire after three years at most, she said. Legislation on the proposal could be introduced as early as next week. Steve Wingate, Webmaster ANOMALOUS IMAGES AND UFO FILES http://www.anomalous-images.com <A HREF="http://www.ctrl.org/";>www.ctrl.org</A> DECLARATION & DISCLAIMER ========== CTRL is a discussion & informational exchange list. Proselytizing propagandic screeds are unwelcomed. Substance�not soap-boxing�please! These are sordid matters and 'conspiracy theory'�with its many half-truths, mis- directions and outright frauds�is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRLgives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://peach.ease.lsoft.com/archives/ctrl.html <A HREF="http://peach.ease.lsoft.com/archives/ctrl.html";>Archives of [EMAIL PROTECTED]</A> http:[EMAIL PROTECTED]/ <A HREF="http:[EMAIL PROTECTED]/";>ctrl</A> ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
