Steve Stivers: “I would like to thank the chairman for yielding me this time. I appreciate his work on this very important bill, as well…”

“I would like to thank the chairman for yielding me this time. I appreciate his work on this very important bill, as well as the work of the subcommittee chairman, Mr. Neugebauer, for this 6-year reauthorization of the terrorism risk insurance bill. This bill protects taxpayers by reforming the program to reduce potential taxpayer costs associated with the terrorism risk reinsurance program. It builds capacity in the private insurance market, and it ensures access to terrorism insurance for communities like mine in Columbus, Ohio, and southern Ohio, as well as all around America. The bill provides meaningful reforms by reducing the government's share of losses over time, by increasing the triggering amount over time, and ensuring that the Federal recoupment is increased over time. It also provides important transparency on data collection that will in the future let us know how much money insurance companies are billing for terrorism coverage and what the potential exposure is for terrorism losses. Those are all good things. The other thing that is good is it will build capacity in the private marketplace. When we increase the trigger, we build capacity in the private marketplace. But the most important thing is the certainty this bill creates. A multiyear reauthorization ensures that businesses across Ohio and across the entire country get access to terrorism insurance for multiple years. It creates certainty.…”