TRIA Reform Act of 2014
Latest action. Placed on the Union Calendar, Calendar No. 391.
TRIA Reform Act of 2014 - Title I: TRIA Reform - (Sec. 102) Amends the Terrorism Risk Insurance Act of 2002 (TRIA) to extend the Terrorism Insurance Program through December 31, 2019, and to revise requirements for the Program.
(Sec. 103) Requires the Secretary of the Treasury (Secretary), before certifying an act of terrorism, to consult with the Secretary of Homeland Security (DHS) instead of obtaining concurrence with the Secretary of State (as under current law). Repeals the prohibition against certifying an act of terrorism if resulting property and casualty insurance losses do not exceed $5 million.
Requires a preliminary notice that an act is expected to be certified within 15 days after its occurrence or after receipt of an insurer's petition for a preliminary decision. Requires a final certification within 90 days after occurrence or receipt of such a petition.
Requires treatment of a particular act as not being an act of terrorism if the Secretary neither certifies nor determines not to certify the act within the 90-day period.
(Sec. 104) Requires each certification of an act of terrorism, beginning January 1, 2016, to include a determination of whether it involves nuclear, biological, chemical, or radiological (NBCR) terrorism. Requires the federal share of payments thereafter for: (1) non-NBCR acts of terrorism to be reduced annually to 80% of insured losses by 2019, and (2) NBCR acts of terrorism to be 85% of insured losses.
Increases Program minimum aggregate loss trigger levels for the payment of compensation for non-NBCR acts of terrorism each year from 2016 to 2019. Sets the minimum trigger level for acts of NCBR terrorism at $100 million. Prohibits the Secretary, in determining such aggregate losses, from considering any act resulting, in the aggregate, in less than $50 million in insured losses.
(Sec. 105) Requires the Secretary to promulgate regulations to allow small insurers voluntarily to opt-out of TRIA's mandatory availability requirement if the state's insurance regulatory authority determines that the insurer meets requirements for financial hardship or financial infeasibility for providing coverage for insured losses.
The summary continues for 38 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 July 16, 2014. 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 July 16, 2014: Placed on the Union Calendar, Calendar No. 391.
- 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 113th Congress (2013-14), 296 of the 9,091 bills and joint resolutions introduced became law, about 3.3 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?
Randy Neugebauer (R-TX) introduced it on June 17, 2014, and 28 members have since signed on as cosponsors.
They are 28 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 June 17, 2014, 4468 days ago. The most recent recorded action was 4439 days ago, on July 16, 2014.
Measures do not carry over. Anything the 113th Congress has not finished by January 3, 2015 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