Bill Nelson: “I was glad to yield to my colleague, and I hope he will interject these comments so we can have an honest and fair…”

“I was glad to yield to my colleague, and I hope he will interject these comments so we can have an honest and fair debate about this issue because the very point that the Senator from Connecticut has made is the flaw of this bill. The 50 insurance commissioners of this country usually do not set the rates on commercial policies, and the ones who do, such as the State of Florida, set a range for rates, but that is with regard to all the conventional types of risk--theft, dog bite, slip and fall, and so forth. The fact is that the 50 insurance commissioners, if they were to do what the Senator from Connecticut says, do not have any actuarial data on which to make a judgment about whether or not a rate hike is actuarially sound for the de minimis terrorism risk that the insurance company is now assuming. Wait, wait. Let me finish.”