Chris Dodd: “It is a formula, a debate. Senator Gramm may offer an amendment on how you prefer to do it. On most cases, you have a…”

“It is a formula, a debate. Senator Gramm may offer an amendment on how you prefer to do it. On most cases, you have a consolidation. You do not have one insurance company covering one building. Let me finish. You asked a question and I will respond. Under the bill, you cannot have all of a sudden some fictitious insurance company getting set up. It is only the companies in existence as of September 11. The rate structures have to be what they were at the time. You cannot have someone taking advantage of this bill to create the phony entities allowing them to take advantage of the situation. In the State of Florida, talking about something such as Disney World, start talking about the stadiums in Miami, for instance, there is not one insurer that covers those events. There is usually a collection that do. The idea of maintaining solvency which laws require in each State--you could have a smaller company, obviously as part of that. If you get levels where their percentage of the overall amounts are exceeded and the solvency of the company goes under, we have defeated the purpose of the legislation. There is that distinction between industry-wide and company caps. That is why we drew that distinction.”