Chris Dodd: “Responding to my colleague, first, we are dealing with a 2-year bill. This is not in perpetuity. It is over 24 months.…”

“Responding to my colleague, first, we are dealing with a 2-year bill. This is not in perpetuity. It is over 24 months. To all of a sudden require a whole bunch more segregation of accounts and setting up apparatuses to do it, seems to me, an overreaction. If we were talking about a permanent program, then my colleague's case may have more validity. If we look back at the language of the bill in our accounting, it requires in the language, as he read, a very clear and conspicuous disclosure to the policyholder of the premium charged for insured losses covered by the terrorism insurance program. Now, clear and conspicuous seems to be about as clear and conspicuous as language could be. For a 24-month bill, my point would be that we are overreacting by requiring the separate accounting. And not getting into the business of segregating accounts and all of the costs associated with that seems to me to satisfy and should satisfy a majority of us. I think people have looked at this and have the same kind of concerns that our colleague from Florida has raised.”