-Caveat Lector- It looks like the Senate is preparing a massive bailout of the insurance industry. McCain introduced S. 1744 on November 29, 2001, "To ensure the continued financial capacity of insurers to provide coverage for risks from terrorism." As I understand it, it is to protect commercial insurers only, if their expenditures exceed -
(http://thomas.loc.gov/cgi-bin/query/D?c107:6:./temp/~c107oJWzB9::) "(1) $10,000,000; or (2) 5 percent of the commercial insurer's gross direct written premiums on covered lines for the preceding calendar year." .. then the government would pay them up to 80% of their losses not to exceed (in aggregate) $100 BILLION! And the government would be remitted some of this money by permitting commercial insurers to charge a surcharge to commercial customers not to exceed 6%. "(a) IN GENERAL- The Secretary shall provide financial assistance, pursuant to a triggering determination, to commercial insurers in accordance with this section to cover insured losses resulting from acts of terrorism , which shall be repaid in accordance with subsection (e). (b) AMOUNT- Subject to subsection (c), with respect to a triggering determination, the amount of financial assistance made available under this section to each commercial insurer shall be equal to 80 percent of the amount of the covered losses of the insurer as a result of the acts of terrorism . (c) AGGREGATE LIMITATION- The aggregate amount of financial assistance provided pursuant to this section may not exceed $100,000,000,000." .... in effect, in my view, all costs would be passed down to the little people, of course, because that's what the government, in collusion with business, always agrees upon. Too bad nobody is proposing to bail out the poor and homeless. "Latest Major Action: 11/29/2001 Referred to Senate committee" Samantha <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
