#AceFinanceNews- says back in November 13 2013 the Coalition to Insure Against Terrorism (CIAT) met together with a number of people to thrash out aspects of Terrorist Risk. This was a “Statement in Conjunction with House Financial Services Subcommittee Hearing on Terrorism Risk Insurance Act (TRIA)”
According to WASHINGTON, Nov. 13, 2013 /PRNewswire-USNewswire/ — The following letter is being issued on November 13, 2013, by the Coalition to Insure Against Terrorism (CIAT):
The Honorable Randy Neugebauer The Honorable Michael Capuano
Chairman Ranking Member
Subcommittee on Housing & Subcommittee on Housing &
Committee on Financial Services Committee on Financial Services
United States House of United States House of
Washington, DC 20515 Washington, DC 20515
Statement as Follows:
Dear Chairman Neugebauer and Ranking Member Capuano:
Thank you for convening this important hearing to further examine the Terrorism Risk Insurance Act (TRIA). CIAT is a broad coalition of commercial insurance consumers, formed immediately after 9/11 to seek a way to restore availability of commercial terrorism insurance for American businesses and the broader economy. CIAT’s diverse membership represents, among others, commercial real estate, banking, energy, construction, hotel and hospitality, entertainment, manufacturing, transportation, the major league sports, as well as public sector buyers of insurance including colleges and universities. CIAT is the true consumer voice on terrorism risk insurance, as we are comprised of the principal policyholders of commercial property and casualty lines of insurance in the United States.
CIAT strongly supports the TRIA program. For more than a decade, TRIA has made it possible for businesses to purchase the terrorism risk coverage they need at almost no cost to the taxpayer. TRIA brought stability to a marketplace that was severely paralyzed following 9/11, and it remains a critical component of ensuring economic continuity following another large-scale terrorist attack.
It is imperative that TRIA be extended beyond 2014. A recent study by Fitch Ratings concluded that it is “unlikely that substantial private market capacity would arise as a substitute” were TRIA to expire(1). Bloomberg Government’s analysis concurs, indicating “there is no reason to assume that reinsurers will re-enter the market if the TRIA program expires, and every reason to assume that the availability of coverage will fall.”(2)
We remember all too well what happens when terrorism coverage is not available: commercial borrowers lose their ability to get financing – or go into technical default on financing covenants, billions of dollars in real estate-related transactions stalled or cancelled, hundreds of thousands of jobs lost. Simply letting TRIA expire is not a realistic option.
Under TRIA, all insurance against terrorism risk is written in the private marketplace with no upfront federal liability. All losses recognized in the TRIA plan go first through the private insurance mechanism where much of the loss is retained by design. In the absence of TRIA, which ensures industry participation, the federal share of such a disaster could well be larger. TRIA replaces government exposure with private capital, since insurers retain the cost of all but the largest terror incidents.
As a coalition of primarily commercial entities, we instinctively prefer private market solutions. However, the unique characteristics of terrorism (e.g., adaptive, intentionally driven to inflict catastrophic damage, can strike anytime/anywhere, etc.), significantly hampers the reliability of traditional actuarial risk models, thus necessitating a program like TRIA. To this end, we believe one of the strengths of TRIA is the manner in which it utilizes the private insurance marketplace to manage terrorism risk – indeed, as mentioned above all exposure under TRIA starts with private insurance contracts and, due to both significant retentions and the recoupment mechanism, the ultimate risk-bearers under TRIA are the policyholders and the private insurers. We are always willing, however, to consider ways to further limit taxpayer exposure under the program, which we know is your focus as well.
Overall, we support the current structure of TRIA and are wary of major structural changes. We are open to modifications so long as they do not have the effect of restricting the availability of terrorism insurance. The current retrospective pooling arrangement, nevertheless, has advantages over various “pre-funding” mechanisms because:
— the retrospective pooling arrangement avoids the need to set
contribution rates based on some guess as to how much in terrorism
losses there will be
— a pre-funded pool poses temptation to spend the funds on other purposes
— the uncertain nature and timing of large terrorist attacks leads to the
risk that a pre-funded pool could be either insufficient or
With respect to the various private sector retention levels under TRIA (i.e., the program trigger, insurer deductibles, etc.), we remain concerned that increasing these levels too much too quickly could restrict the availability of terrorism insurance. We understand, after all, that reinsurance capacity for even the existing retention levels under TRIA is limited.(3) This fact alone demonstrates that TRIA is not “crowding out” the private sector.
Lastly, reasonable measures to attract greater reinsurance and other private sector capacity to the terrorism insurance marketplace are to be encouraged. To date, however, we see no evidence that creative private sector capital alternatives such as CAT Bonds and insurance link securities are sufficiently developed to inject meaningful private capital into the terrorism insurance marketplace. Ultimately, it is important that Congress find ways to incentivize this without impairing TRIA to ensure that terrorism insurance remains available in the event that private sector capacity does not develop to the degree assumed.
We are committed to working with you as you craft a solution to extend TRIA beyond 2014, and we again thank you on your leadership on this critical issue.
The Coalition to Insure Against Terrorism
American Bankers Association
American Bankers Insurance Association
ABA Securities Association
American Council of Engineering Companies
American Gaming Association
American Hotel and Lodging Association
American Public Gas Association
American Resort Development Association
American Society of Association Executives
Associated Builders and Contractors
Association of American Railroads
Building Owners and Managers Association International
CRE Finance Council
Cornerstone Real Estate Advisors, LLC
Financial Services Roundtable
The Food Marketing Institute
Helicopter Associates International
Host Hotel & Resorts, Inc.
Institute of Real Estate Management
InterContinental Hotel Group
International Council of Shopping Centers
International Franchise Association
International Safety Equipment Association
International Speedway Corporation
Long Island Import Export Association (LIIEA)
Mortgage Bankers Association
National Apartment Association
National Association of Chain Drug Stores
National Association of Home Builders
National Association of Manufacturers
National Association of REALTORS
National Association of Real Estate Investment Trusts
National Association of Waterfront Employers
National Basketball Association
National Collegiate Athletic Association
National Council of Chain Restaurants
National Football League
National Hockey League
National Multi Housing Council
National Restaurant Association
National Retail Federation
National Roofing Contractors Association
National Rural Electric Cooperative Association
New England Council
Office of the Commissioner of Baseball
Public Utilities Risk Management Association
The Real Estate Board of New York
The Real Estate Roundtable
Securities Industries and Financial Market Association
Self Insurance Institute of America
Starwood Hotels and Resorts
Taxicab, Limousine & Paratransit Association
University Risk Management and Insurance Association
U.S. Chamber of Commerce
U.S. Travel Association
UJA Federation of NYC
(1) Fitch Ratings U.S. Terrorism Reinsurance: Looming Uncertainty of Program Renewal, 1 (2013).
(2) Bloomberg Government, Extending Terrorism Insurance: The case is strong for maintaining a federal backstop in a market too risky for private sector alone, 5 (2013).
(3) According to Eric Smith of Swiss Re, “Based on the most recent estimate, the total amount of reinsurance capacity available for terrorism in the United States is approximately $6-10b — well below the $27.5b insurance marketplace aggregate retention under TRIA and the $34-35b cumulative insurer loss retentions.” The Terrorism Risk Insurance Act of 2002; Hearing Before the H. Comm. on Financial Services, 113th Cong. (2013) (statement of J. Eric Smith, President & CEO, Swiss Re Americas, at 4).
SOURCE Coalition to Insure Against Terrorism (CIAT)
Coalition to Insure Against Terrorism (CIAT)
#AceFinanceNews says that recently the `Russian Lower House passed its very first reading that broadens `Security’ powers in Russia‘.
The Russian Lower House has passed the first reading of a set of amendments that broadens the security service’s powers, increases punishment for terrorist activities and also imposes additional state control over the internet.
The bill was submitted in mid-January after a string of deadly terrorist attacks shook southern Russia in December killing 37 people. One of its main sponsors, MP Irina Yarovaya of the centrist conservative party United Russia told other Russian legislators earlier this week that the draft must be passed as soon as possible to allow law enforcers to conduct preventive measures against the terrorist threat. MP Andrey Lugovoy of the populist nationalist party LDPR jokingly suggested that all those who were in doubt, or just scared to take resolute measures make a trip to the Ukrainian capital Kiev and see for themselves why the bill is extremely necessary.
In its current form the draft law consists of three parts.
1. The first bill gives the agents of the Federal Security Service, the FSB, the right to search people, their personal belongings and cars without a warrant when there are sufficient grounds to suspect them of committing or preparing terror-related crimes.
2. The second part completely scrapped the statute of limitation for terrorism and crimes against peace and security of humanity.
The bill also aims to increase the punishment for a number of terrorist related activities. The maximum punishment for such crimes is set at life in prison instead of the current 20 years – this is applied if an attack ends in the loss of human life, or if terrorists use nuclear devices or materials. Also, the new amendments introduce sentences of up to 20 years or even life sentences for organizing and committing crimes of a terrorist nature and for organizing financial terrorism.
Those who undergo terrorist training, organize terrorist communities, and form illegal armed groups can also be sentenced to life in prison according to the new proposals.
3. The third part says all companies and individuals that organize the spreading of information or data exchange between users on the internet must keep logs of all user activity for six months, and provide the information to law enforcers in a way described by federal laws.
The bill also restricts the maximum anonymous payment via an internet money transfer system to just 1000 rubles (under $30) per day and 15000 rubles ($415) in a month.
The maximum amount of money to be held in an anonymous account is set at 5000 rubles (under $140). Anonymous payment systems issued by foreign organizations are banned in Russia.
The amendments concerning the limitations of internet operations and especially the electronic payment systems have caused the strongest response in Russian society, and drew the most criticism. In connection with this MPs have suggested that before the second reading the bill is altered so that it includes some mechanisms of remote identification of users by electronic payment systems.
This article was published a few days ago by News Press and relates to events that have now taken a step further in relation to reason for the arrest! So whether we believe it or not, what seems very evident from studies l have undertaken, is the future is more like ” big brother is watching you” than we ever imagined possible!
The exert below copied and pasted from the article, which is excellent and well worth a read:
to justify or disguise expansions of surveillance and war. In 2003,
President Bush declared that overthrowing Arab dictators was part of the
“war on terror.” From 2004 to 2007, the Bush administration persuaded
the Foreign Intelligence Surveillance Court to define massive,
overwhelmingly innocent clusters of communications data as
terrorism-related “facilities” subject to authorized U.S. surveillance.
In 2009, U.S. officials labelled the Fort Hood shooter a “terrorist” for
killing fellow U.S. military personnel. In 2010, the CIA designated the
fatal bombing of its drone-war operators in Afghanistan as a “terrorist
So my reading of just this particular extract allows me to see deeper into people’s minds, and see why when they are polled independently, that up to 60% said it was a necessary evil, the question is who is the real evil in reality, the protectionism ,or the terrorism! So this led me to write about ” How l can see Times are a Changing” and the liberty and justice that the people of the US and our country, once enjoyed so freely, will soon be all but eroded! All in the name of ” NEW ” – Liberty and Justice – same as before but this time very, very different! No longer the right to speak out about your government, as this is called “treason” once was called “Free Speech” or just mention a certain government body like the NSA or CIA and you instantly become a sympathiser, once you were a libertarian! You get my drift!
Well the Miranda Warning is just that a friend of the editor of a UK news paper was targeted for one reason and one reason only, that was first the whereabouts of Edward Snowden and secondly what was on his laptop! Someone, maybe a whistle-blower told some high-ranking official in security that it may be worth stopping this person on this day!
Well of course to even the most ardent investigator this can not easily be proved, but as all journalists know providing the facts behind the story is all about honesty and not speculation, but in the case of David Miranda, he was arrested on the pretence of being a terrorist, not that he just happened to be a close friend and confidant of the Guardian reporter who first released the Edward Snowden story! Or that sometime later the same UK reporter had his offices investigated and his laptop was also searched!
No this was just to protect the US and UK people and the “Land of the Free” also stated many times by politicians alike as a country of “Free Speech” maybe l should have called this article another name like “When is free speech really Free” of course it would not have had the same impact as the mere mention of the name Miranda, but my reason for calling it, by the excellent article writer William Saletan was simply, it is a warning to people of what is to come, as nobody did anything to stop this “Terrorist Act” being written, and legislated and now, as we have seen put into action! So it is a Warning in my personal opinion a dire warning of control by new and more stringent laws, brought about by the people themselves, asking for more protection measures!
Always remember every country is judged on the fairness of its laws, not the harshness by the way they are laid down!
So this today with the ever-changing political landscape, of change for change sake happening daily, spare a thought for those that through no fault of their own have and will become a scapegoat of a system, that was designed by people who convinced the people, that what we are doing for you, is providing a way to protect you from the evil doers.
My last question is who really are these evil doers?
The Miranda Warning. Please read and comment as it is you the people that change the world, either for the good or for yourselves!
- New meaning for ‘the Miranda warning’ (miamiherald.com)
- Miranda Warning: On Schedule 7 and the Fear of Journalists doing their Job (gottamatch.wordpress.com)
- Age-Appropriate Miranda Language and Interrogation Issues (indianajuvenilejustice.com)
- GUARDIAN: ‘A betrayal of trust and principle’… (theguardian.com)