NU Online News Service, June 10, 12:45 p.m. — Washington
In an effort to prod Republicans on the issue of terrorism insurance legislation, Democratic leaders in the Senate introduced a bill, S. 2600, and challenged Republicans to work with them to get it enacted.
The action took place late Friday, when Sens. Chris Dodd, D-Conn., Harry Reid, D-Nev., Paul Sarbanes, D-Md., and Charles Schumer, D-N.Y., formally introduced the bill using a parliamentary maneuver that bypassed the usual committees.
This means that the sponsors could bring the bill directly to the floor of the Senate by Senate Majority Leader Tom Daschle, D-S.D. At this writing, it was uncertain when Daschle would do so.
Although the text of S. 2600 was not available at this writing, sources said the bill would institute a quota share program. The federal government would pay up to 90% of losses caused by terrorist acts, subject to a company-specific retention.
On the controversial issue of tort reform, S. 2600 would bar punitive damages against the government.
