The terrorist attacks of September 11, 2001, inflicted enormous losses on both the American economy and the insurance industry. As a result, many insurers stopped providing terrorism risk coverage after suffering what was then the most costly disaster in the history of insurance. In the wake of the financial disruptions that took place in 2001, the government enacted the Terrorism Risk Insurance Act; a public-private cost-sharing arrangement that requires private insurance companies to provide terrorism risk coverage in exchange for federal financial backing. Congress originally designed TRIA as a temporary three-year government back stop, however, the bill was extended for two years in 2005 and for an additional seven years in 2007. Without Congressional intervention, TRIA is currently scheduled to sunset on December 31, 2014.
TRIA'S status has become a point of contention on Capitol Hill. Supporters of the program laud the bill for lowering premium costs and increasing commercial terrorism risk policy coverage across the country. However, critics of TRIA say that it places undue financial pressure on taxpayers-particularly those living in non-urban areas with less of a terrorism threat-and substitutes public money for private insurance risk.
How much of a terrorism threat does the U.S. still face? Does this threat differ by city and region? Is TRIA a common-sense solution that benefits insurers and policyholders alike, or do taxpayers bear the burden of unnecessary insurance bailouts? And should TRIA be reauthorized by the end of this year? Join National Journal for a regional policy summit in Chicago, Illinois, to convene the nation's key opinion leaders for a robust discussion about the future of the Terrorism Risk Insurance Act.
Dr. Gron is an expert in estimating commercial damages, assessing loss causation, and determining valuation in complex commercial litigation matters, including those that involve breach of contract, bankruptcy and fraudulent conveyance, auditor liability, merger or acquisition, patent infringement, insurance contracts, and insurance reserves. Prior to joining NERA, Dr. Gron was an Assistant Professor at the Kellogg School of Management, where she taught graduate courses in Business Strategy, Risk Management, and Microeconomics. Dr. Gron began her professional career as an Assistant Professor at the University of Chicago's Graduate School of Business. She has testified in deposition and at trial.
Dr. Gron has deep expertise in the economics of the insurance industry both as an academic and consultant. She has worked on matters such as insurer insolvency, property-casualty insurance pricing, life insurance pricing, long-term care insurance pricing, insurance distribution market structure, broker compensation, homeowner claims payment, mortgage insurance payments, loss reserve adequacy, reinsurance issues, and claims allocation. She has worked on insurance class certification matters involving contract and claims payment disputes, and on matters involving claims of buyer power by insurers over service providers. In addition, Dr. Gron has analyzed market structure and competition issues in insurance brokerage, property casualty insurance, non-standard automobile insurance, variable annuities, and HMOs. She has published numerous research articles on insurance and risk management topics, and taught a graduate-level course on risk management and insurance.
Dr. Gron's experience in research, teaching, and consulting extends into other areas of applied microeconomics. She has also worked on matters in industries including mortgage financing, retail deposits, marketing databases, artificial joints, computer peripherals, beverage distribution, airlines, automotive repair, specialty retailing, and discount retailing. Her published research in the areas of competition and regulation includes work on automobile pricing, the impact of medical malpractice insurance costs on health care access, the nature of competition among health insurers, the impact of bank regulations on portfolio composition and growth, and the effect of bank loan portfolios on bank lending.
Dr. Gron has had a distinguished academic career, and her research has been published in the Rand Journal of Economics, the Journal of Law and Economics, the Journal of Risk and Uncertainty, the Journal of Business, the Review of Economics and Statistics, the American Economic Review, the Journal of Financial Services Research, Regulation, the Journal of Financial Intermediation, and Health Affairs.
Dr. Gron received her PhD in economics from the Massachusetts Institute of Technology, with concentrations in industrial organization, regulation, and public finance. She received her BA in economics and computer science from Williams College.
Born and raised in Illinois, and having spent more than 15 years serving Illinois and its citizens at multiple levels of government, Congressman Randy Hultgren represents the state’s 14th Congressional District. The district is comprised of seven suburban counties including McHenry, Lake, Kendall, Kane, DuPage, DeKalb and Will.
In Washington, Congressman Hultgren has committed himself to working for fiscal sanity, real healthcare reform, and pro-growth policies that will put Americans back to work. In the current 113th Congress, Randy serves on the Financial Services and Space, Science & Technology Committees.
Randy was elected to the DuPage County Board and County Forest Preserve Board in 1994, to the Illinois House of Representatives in 1999, and to the Illinois Senate in 2007. At every level, he has fought for prosperity and free enterprise and for smaller, smarter government.
Randy served on the Financial Institutions Committees in the Illinois House and Senate and is credentialed in FINRA Series 7, 6 and 63. He later became a Vice President at Performance Trust Investment Advisors in Chicago.
Randy was born March 1, 1966 in Park Ridge, Illinois. He graduated from Bethel College in 1988 and later attended Chicago-Kent College of Law, graduating in 1993. He currently resides in Winfield with his wife, Christy, and four children.
R.J. Lehmann is senior fellow, editor-in-chief and co-founder of the R Street Institute. He is author of the R Street policy papers: “Government sources of systemic insurable risk,” “The value of conservation compliance to hunters and anglers,” “Reforming Michigan’s auto insurance market,” “Medical cost containment in the Wisconsin workers’ compensation market” and the 2012 and 2013 editions of R Street’s Insurance Regulation Report Card. He is also author of the James Madison Institute’s “Ten reforms to fix Florida’s property insurance marketplace — without raising rates” and co-author of the John Locke Foundation’s “Spotlight on NC’s auto insurance system: Seven things to understand.”
Prior to joining R Street, he was an award-winning business journalist who spent nine years covering the insurance, banking and securities industries. He served as deputy director of the Heartland Institute’s Center on Finance, Insurance and Real Estate. He previously was senior industry editor with SNL Financial, leading the news service’s coverage of the Dodd-Frank Act, the Patient Protection and Affordable Care Act and legislative and regulatory developments at both the state and federal level. Prior to that, he spent six years with the A.M. Best Co. as manager of their Washington bureau.
He is a three-time award winner from the American Society of Business Publication Editors and was the youngest-ever winner of a first place prize from the New Jersey Press Association. He also is the former public affairs director of the Independent Institute in Oakland, Calif., and the former state chapters coordinator of the Republican Liberty Caucus.
His writings have appeared in the San Francisco Chronicle, Wall Street Journal, Roll Call, CQ, The Hill, Townhall.com, American Spectator, Orlando Sentinel, Travel Weekly and Folio magazine, among other publications.
Kyle D. Logue is the Wade H. and Dores M. McCree Collegiate Professor of Law. He teaches courses in the areas of tax, tort, and insurance law; and his scholarly interests include insurance law, tax policy, tort theory, risk regulation, distributive justice, and the economic analysis of legal rules and institutions. Prof. Logue served as the Law School's associate dean for academic affairs from 2006 to 2008. He is a member of the American Law Institute and is currently the associate reporter for the ALI Principles of Liability Insurance Project. Prof. Logue has published scholarly articles in a wide range of academic journals and edited volumes, and has given invited lectures and presented papers at many academic conferences and workshops around the world. He earned his BA, summa cum laude, from Auburn University in 1987, where he was a National Harry S. Truman Scholar and a Phi Kappa Phi Scholar. He received his JD from Yale Law School, where he was an Olin Scholar in Law and Economics and an articles editor of the Yale Law Journal. Before beginning his career as a professor at Michigan, he served as a law clerk to the Hon. Patrick E. Higginbotham of the U.S. Court of Appeals for the Fifth Circuit and worked as a tax lawyer for the law firm of Sutherland, Asbill & Brennan in Atlanta.
Governor Scott Walker appointed Ted Nickel of Merrill, Wisconsin, as Commissioner of Insurance for the State of Wisconsin on January 3, 2011. The Office of the Commissioner of Insurance regulates the business of insurance in Wisconsin. The office has a staff of 153 and is responsible for examining industry financial solvency and market conduct, licensing agents, reviewing policy forms for compliance with state legislation, investigating consumer complaints and providing consumer information. In addition to its regulatory duties, the agency administers the State Life Insurance Fund, Local Government Property Insurance Fund, and Injured Patients and Families Compensation Fund.
Prior to his appointment, Commissioner Nickel worked for almost 18 years as Director of Governmental and Regulatory Affairs for Church Mutual Insurance Company in Merrill, Wisconsin. Commissioner Nickel has been actively engaged in insurance industry affairs in Wisconsin serving on the board of directors of the Wisconsin Insurance Alliance including serving as Alliance Board Chair. Commissioner Nickel served on the board of directors of the Wisconsin Insurance Security Fund and the Oklahoma Property Casualty Insurance Guaranty Association, and as a member of the Legal and Government Affairs Committee of the Property Casualty Insurance Association of America. Commissioner Nickel also worked in the Governor Tommy Thompson Administration.
Commissioner Nickel served on the Northcentral Technical College Board of Trustees for six years. While there, he served as secretary/treasurer and participated in a CEO recruiting committee. He chaired the Merrill Parks and Recreation Committee and was vice-chair of the City Planning Commission.
The Commissioner currently serves in various positions for the National Association of Insurance Commissioners. He is chair of the Midwest Zone, a member of the Executive (EX) Committee, Internal Administration (EX1) Subcommittee, and the Governance Review (EX) Task Force, vice chair of the Health Insurance and Managed Care (B) Committee, chair of the Contingent Deferred Annuities (A) Working Group, chair of the Mortgage Guaranty Insurance (E) Working Group, and chair of the Health Care Reform Regulatory Alternatives (B) Working Group. In addition, he is a member of the Life Insurance and Annuities (A) Committee, the Audit Committee, the Consumer Participation Board of Trustees, and the American Indian and Alaska Native Liaison Committee of the NAIC.
Commissioner Nickel earned his Bachelor of Science Degree in Business Administration with a concentration in Finance from Valparaiso University.
Kristen N. Pate
Kristen N. Pate is a Sr. Assistant General Counsel at GGP Limited Partnership, and a lawyer in Chicago, Illinois focusing on various areas of law.
Leigh Ann Pusey
Leigh Ann Pusey is the president and CEO of the American Insurance Association (AIA). She oversees the organization’s operations and works directly with AIA’s Board of Directors to develop and guide the strategic mission of the association. AIA is the leading property-casualty insurance trade organization, representing more than 300 insurers that write more than $110 billion in premiums each year.