FOR IMMEDIATE RELEASE                             2001-107
                              
                              
                              
    SEC ANNOUNCES ASSISTANCE TO THE AIRLINE AND INSURANCE
         INDUSTRIES IN REACHING THE CAPITAL MARKETS

      Washington, DC, September 28, 2001 --The President and
Congress  have  made  clear  their  desire  to  foster   the
continued  vitality  of the nation's airline  and  insurance
industries.   In  support  of  these  efforts  and  to  help
companies  in  these industries reach U.S.  capital  markets
expeditiously,  we  have taken the following  administrative
steps  for  airline  and  insurance  companies  covered   by
Congressional  legislation in the wake of the  September  11
terrorist attacks.

      We  have  established  separate telephone  and  e-mail
hotlines  for  the  airline and insurance industries,  their
underwriters and other advisors.  These hotlines will  allow
companies  in these industries to obtain immediate responses
to  financing  and disclosure questions.  The following  are
the new telephone number and e-mail address:

  *    Telephone calls should be directed to (202) 942-2816.
     
  *    E-mail should be directed to cfhotline@sec.gov.

      We  wish to help companies in these industries use our
short-form  registration  on  Form  S-3  to  raise   capital
quickly.  We  have  directed  the  Division  of  Corporation
Finance  to take the following short-term actions to enhance
the   usefulness  of  Form  S-3  for  companies   in   these
industries:

  *  For  companies  with  existing  shelf  registrations
     pursuant  Rule 415(a)(1)(x), the staff will permit  the
     extended  use  of  our brief "notice"  registration  of
     additional  securities under Rule  462(b).  Under  this
     extension, the staff will permit use of those procedures -
     including notice by fax and immediate effectiveness - to
     register additional securities in an amount up to 20% of 
     the dollar amount of securities originally registered on
     that shelf  registration statement (rather than  the 
     amount remaining on that registration statement).
  
  *  We have directed the Division to permit use of Form S-3
     for primary offerings by companies even if they have been
     late with a required Exchange Act report during the last
     year, as long as the companies meet all other reporting
     requirements for Form S-3 registration of primary offerings.
  
  *  A  requirement to use Form S-3 is that the company's
     public float be at least $75 million.  A number of companies
     that met this test on September 10, 2001 may no longer.  We
     believe that issuers in the airline and insurance industries
     that were eligible to use Form S-3 on September 10 should be
     eligible  to  use  it for the remainder  of  the  year.
     Accordingly, those issuers may calculate their public float
     for purposes of Form S-3 on any date between July 1, 2001
     and December 31, 2001.

     We have directed the Division of Corporation Finance to
process Securities Act filings by reporting companies in the
airline  and insurance industries within not more than  five
business days of their receipt.

       The   Commission  has  instructed  the  Division   of
Corporation  Finance to continue these administrative  steps
through the end of 2001.

     Any company in these industries or shareholder that was
or  will  be  unable  to  meet a deadline  (including  those
applicable  to  shareholder proposals) as a  result  of  the
events of September 11, 2001 should contact the Division  of
Corporation  Finance at the hotline phone number  or  e-mail
address.  If the deadline was or will be met within the  ten
business  days  of the original due date, the Division  will
consider  the  deadline to have been met, in  assessing  the
"timeliness" of the required action.

      An  internal task force will monitor federal  programs
regarding  airline and insurance companies and will  prepare
appropriate  disclosure guidance for companies  affected  by
these   federal  programs,  after  discussion  with  outside
professionals and experts.

     The  Commission  solicits public  views  on  any  other
relief it can give, consistent with investor interests,  and
asks  that  comments  be  received  on  the  hotline  e-mail
addresses  or  through  the U.S. mail  at  Office  of  Chief
Counsel,  Division of Corporation Finance,  U.S.  Securities
and  Exchange Commission, 450 Fifth Street, NW,  Washington,
DC 20549.
     
     
                            # # #