Terrorism Risk Insurance Revision Act of 2005
Latest action. Placed on the Union Calendar, Calendar No. 180.
Terrorism Risk Insurance Revision Act of 2005 - (Sec. 2) Revises the Terrorism Risk Insurance Act of 2002 (TRIA) to establish Program Year 4 beginning on January 1, 2006, and ending on December 31, 2006. Provides for Additional Program Years following Program Year 4 (thereby extending the Terrorism Risk Insurance Program).
Redefines an act of terrorism to repeal the $5 million minimum for an act to be certified by the Secretary of the Treasury.
Redefines: (1) casualty insurance; and (2) exempt commercial purchaser.
Sets forth a statutory formula for insurer deductibles for Program Year 4 and additional Program Years.
Revises mandatory availability guidelines to include NBCR terrorism (terrorism involving nuclear, biological, chemical and, or, radioactive reactions, releases, or contaminations, to the extent any insured losses are caused by any of them).
Instructs the Secretary to issue regulations applying TRIA title I to state workers' compensation reinsurance pools.
Revamps guidelines governing the federal share of compensation covering insured losses of an insurer. Establishes a Program trigger for such federal share.
Prescribes guidelines under which an insurer may establish a TRIA Capital Reserve Fund (CRF) in which it may hold funds in a fiduciary capacity on behalf of the Secretary.
Directs the Secretary to collect and use CRF funds offset the federal share of compensation.
States that TRIA title I does not prohibit insurers from developing risk-sharing mechanisms (including mutual reinsurance facilities and agreements) to voluntarily reinsure certain terrorism losses among themselves.
Requires the Secretary to appoint an Advisory Committee to encourage the creation and development of such mechanisms.
Provides for full recoupment of federal financial assistance provided in connection with all acts of terrorism.
Requires the Comptroller General to study and report to Congress on: (1) the exposure of personal lines (including homeowners insurance) to terrorism risk, the coverage currently available, and potential policy responses; (2) the risk of potential terrorist acts stemming from the use of nuclear, biological, chemical, and radioactive weapons; and (3) the need for a federal program that provides for a system of shared public and private compensation for insured losses resulting from natural disaster.
The summary continues for 5 more paragraphs. Read it in full on Congress.gov
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Reported to House with amendment(s)" stage on December 6, 2005. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on December 6, 2005: Placed on the Union Calendar, Calendar No. 180.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 109th Congress (2005-06), 482 of the 10,701 bills and joint resolutions introduced became law, about 4.5 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
RICHARD BAKER (R-LA) introduced it on November 14, 2005, and 9 members have since signed on as cosponsors.
They are 9 Republicans.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on November 14, 2005, 7653 days ago. The most recent recorded action was 7631 days ago, on December 6, 2005.
Measures do not carry over. Anything the 109th Congress has not finished by January 3, 2007 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers