Terrorism Risk Insurance Program Reauthorization Act of 2014
Latest action. Message on House action received in Senate and at desk: House amendment to Senate bill.
Terrorism Risk Insurance Program Reauthorization Act of 2014 - Title I: Extension of Terrorism Insurance Program - (Sec. 101) Amends the Terrorism Risk Insurance Act of 2002 (TRIA) to extend the Terrorism Insurance Program through December 31, 2020, and to revise requirements for the Program.
(Sec. 102) Requires the federal share of payments beginning on January 1, 2016, for acts of terrorism, in general, to be reduced annually to 80% of insured losses.
(Sec. 103) Specifies the aggregate industry insured losses resulting from certified acts of terror which will, beginning calendar years 2015-2019, trigger the federal share of compensation under the Program as: (1) $100 million for 2015; (2) $120 million for 2016; (3) $140 million for 2017; (4) $160 million for 2018, (5) $180 million for 2019; and (6) $200 million for 2020 and thereafter.
(Sec. 104) Revises requirements for mandatory recoupment (repayment) from insurers of federal financial assistance provided in connection with all acts of terrorism (or acts of war, in the case of workers compensation). Revises the formula for determining the insurance marketplace aggregate retention amount (recoupment threshold) indicating insured losses resulting from a certified act of terrorism which the insurance industry must cover before federal assistance becomes available. Maintains the current recoupment threshold, which is the lesser of $27.5 billion, or the aggregate amount for all insurers, of insured losses during the calendar year. Requires annual increases of $2 billion until $27.5 billion becomes $37.5 billion. Prescribes a formula for further revisions of the threshold for years after it becomes $37.5 billion. Repeals the declaration that there shall be no mandatory recoupment (thus requiring recoupment) if uncompensated losses exceed the insurance marketplace aggregate retention amount. Increases from 133% to 140% of any mandatory recoupment amount the terrorism loss risk-spreading premium (surcharge) collected for repayment of federal financial assistance. (Sec. 105) Redefines "an act of terrorism" as one that is certified as such by the Secretary of the Treasury in consultation with the Secretary of Homeland Security (previously, in concurrence with the Secretary of State). (Sec. 107) Directs the Secretary of the Treasury to study the process for certifying an act of terrorism, particularly a reasonable timeline for determining accurately whether to certify an act as an act of terrorism, and the impact of the length of any timeline on the insurance industry, policyholders, consumers, and taxpayers as a whole.
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 "Passed House amended" stage on December 10, 2014. It describes the bill, it is not the legal text.
Message on House action received in Senate and at desk: House amendment to Senate bill.
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The record's latest action, on December 11, 2014: Message on House action received in Senate and at desk: House amendment to Senate bill.
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Who is behind it?
Charles Schumer (D-NY) introduced it on April 10, 2014, and 25 members have since signed on as cosponsors.
They come from both major parties: 18 Democrats, 7 Republicans.
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How long has it been in play?
It was introduced on April 10, 2014, 4584 days ago. The most recent recorded action was 4339 days ago, on December 11, 2014.
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Vote history
- SenateMessage on House action received in Senate and at desk: House amendment to Senate bill.
- HouseNot stated in the latest action
- PresidentNot stated in the latest action