a a parametric trigger is much better, get the money of the doors quickly as possible. it also specifies benefits can will be used for items like a role in rate. you could argue that either way the lawmakers should understand that's in a business interruption usually works. a business can make an interruption claim at the same time lay off all its employees. another option is just state crater on programs and try to partial reimburse them and outset of that few would have a run of the danger that pria hoses. above all my regulation is you take your time, ad hoc solutions might be as good as it gets, get help to the business, workers and community who need it right now. don't legislate for the next pandemic while in the midst of the current one. thank you, and i would happy to answer any questions. >> thank you so much, mr. lehmann. and now we'll go to mr. kuhlmann. you are now recognized for five minutes. assuming we can you. mr. coleman, you can unmute, too. >> thank you, chairman clay, ranking member stivers, note of the subcommittee. enter the opportunity to be here

the pc ppi dev a parametric trigger is much better. get the money out the door as quickly as possible. pc pp also specifies benefits can only be used for items like payroll or rent. you can argue that either way but lawmakers should understand that is not how business interruption usually works. a business can make an interruption claim and at the same time lay off employees. another option is the states create their own programs and have treasury partly reimburse them. in alf's dachshund outside for that is you would not -- you would not have the bank danger pria poses. take your time, ad hoc solutions might be as good as it gets. get help to businesses, workers and communities that need it right now. do not legislate for the next pandemic while we are in the mist of the current one. thank you. happy to answer questions. chair clay: thank you so much. foremanill go to mr. for five minutes. mr. coleman, you can unmute. you chairman clay, raking never stivers m evers of the subcommittee, and thank you for the opportunity to be here toda

>> yes. >> i think, congresswoman, bcpp with a parametric trigger it would be immediate. you would not have a traditional claims process where you have asked the adjuster do some accounting undetermined amount of the claim. i think under the bcpp it would be nearly needed. >> congresswoman, under the chubb program as well we're looking at a parametric structure for small businesses so we can get the funds in the hands of a small businesses as quickly as posble. >> okay, okay. thank you for that. since this prosal are all forward working -- forwa look at what have a solution that works for the businesses that need it. stly i just want to make sure we don't raise costs for businesses so much that insuranc could be unaffordable and push them out of business right now as we're coming out of the pandemic. we also risk fightinghe last word on charging visit for something to believe in use. so thank you so much for your answers to give me some clarity, and mr. chairman, i yield back. >> thank you so much, ms. axne. i understand the ranking member from ohio, mr. stivers, wants to

counter party risks we're relying on parametrics processes and procedures.parametric is the premier provider of such da ribtive services to institutional investors so we're reliant on their processes and procedures for regularly reviewing the financial health of their counter parties. in addition, when we use otc contracts we will use standardized agreements known in the industry, which will require daily margin calls. if somebody owes us capital we're going to call that back on a daily basis. minimum balance thresholds. 250,000 and transfer limits with each broker dealer. the contracts we write with the counter parties are going to be quite tight. in terms of operational risks, really these are mitigated by the fact that pair metric handles everything from trading and settlement of all contracts. so again it's not a burden or a requirement of spurs operational status. additiony there is one more change to the guidelines that we are going to recommend which is to allow the allowable ranges, and target exposures to be aligned with those in spurs investment po

parametric trigger mechanism would eliminate the friction for a quick automated release established in advance to pu cash in the hands immiately avoiding a long detailed coverage analysis for complex claims adjustment procedures responding directly to stakeholders with thevent cancellation provisions those thateek the additional protection were need more specialized coverage most importantly the be cpp is the current proposal that would be most affordable r america small business with the federal backstop it would be far more expensive bause pricing for the product would be federally subsidized to be made more affordable from the other progms this encouraging a high take-up ratehich is essential for preservinghe broader economy during a crisis we are appreciative of the ideas and the proposals brought forward by congressional lders in the business community to addrs the pandemic was challenges we are committed to working with you with affordable protection thank you very much. >> thank you all the witnesses today with her testimony i recognize myself for five minutes. according to the

>>'s negative parametric trigger. if we set the right trigger we can get that claim paid quite quickly within weeks. >> within weeks you sent? >> yes. >> i think congresswoman under the d.c. pp it would be immediate. you would not have a traditional claims process where you have an adjuster trying to do some forensic accounting on determining the amount of the claim. so i think under that bc pp it be nearly immediate. >> and congresswoman, under the truck program as well for looking it up parametric structure for small businesses that we can get the funds in the hands of the small businesses as qckly as possible. >> okay, okay for that. were forward-looking want to ensure we have a solution that actually works for the businesses thateed i i want to make sure we don't rais costs for business so much that insuranceould be unaffordable. an s were coming out of a pandemic. were also fighting a war and charging businesses for something they won't even use. so thank you s much for your answers to give me some clarity. inter