Full Text of HR0318 94th General Assembly
HR0318 94TH GENERAL ASSEMBLY
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| HOUSE RESOLUTION
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| WHEREAS, The United States continues to be engaged in an | 3 |
| ongoing war against international terrorists and the threat of | 4 |
| future attacks inside this country remains high; and
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| WHEREAS, Future attacks could include the use of nuclear, | 6 |
| biological, chemical, or radiological weapons that could | 7 |
| result in a large number of casualties; and
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| WHEREAS, The Terrorism Risk Insurance Program, created | 9 |
| through the enactment of the Terrorism Risk Insurance Act of | 10 |
| 2002 (TRIA), has provided a viable terrorism risk insurance | 11 |
| market for property and commercial losses; and
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| WHEREAS, Failure by Congress to extend TRIA would likely | 13 |
| result in the inability of insurers to offer coverage for | 14 |
| future catastrophes resulting from terrorism; and
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| WHEREAS, Without adequate terrorism insurance coverage, | 16 |
| banks may be unwilling to extend loans for commercial | 17 |
| transactions, such as mortgages, construction projects, and | 18 |
| other capital-intensive initiatives; and
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| WHEREAS, The lack of private terrorism insurance to cover | 20 |
| losses from future terrorist attacks may require the federal | 21 |
| government to cover the losses; and
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| WHEREAS, A federal backstop assures an available and | 23 |
| affordable insurance market for America's consumers and | 24 |
| businesses; and
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| WHEREAS, Without a backstop, the limited availability of | 26 |
| insurance against terrorism would have a severe adverse effect | 27 |
| on our country's economy as financiers would be reluctant to | 28 |
| lend, businesses would be reluctant to invest, and consumers |
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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 | 3 |
| NINETY-FOURTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | 4 |
| we support the extension of the Terrorism Risk Insurance Act of | 5 |
| 2002; and be it further
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| RESOLVED, That we support the inclusion of group life | 7 |
| insurance in any extension legislation; and be it further
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| RESOLVED, That we urge the President of the United States | 9 |
| and the Congress of the United States to take action as soon as | 10 |
| possible to extend the Terrorism Risk Insurance Act of 2002; | 11 |
| and be it further | 12 |
| RESOLVED, That suitable copies of this resolution be | 13 |
| delivered to the President and Vice President of the United | 14 |
| States, to the Speaker of the House of Representatives of the | 15 |
| Congress of the United States, to the President pro tempore of | 16 |
| the Senate of the Congress of the United States, and to each | 17 |
| Senator and Representative from the State of Illinois in the | 18 |
| Congress of the United States.
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