GovTrack’s Bill Summary
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H.R. 2761 (110th): Terrorism Risk Insurance Program Reauthorization Act of 2007
- Introduced:
- Jun 18, 2007 (110th Congress, 2007–2009)
- Sponsor:
- Rep. Michael Capuano [D-MA8]
- Status:
- Signed by the President
The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.
Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
12/26/2007.
Section
2
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Amends the Terrorism Risk Insurance Act to redefine an act of terrorism to eliminate the requirement that the individual or individuals committing a terrorist act be acting on behalf of any foreign person or foreign interest.
Section
3
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Extends the Terrorism Risk Insurance Program through calendar 2014.
Section
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States that no insurer may be required to make payment for insured losses in excess of its statutory deductible combined with its statutory share of insured losses.
Requires the Secretary of the Treasury to:
(1) notify Congress within 15 days of an act of terrorism on whether the Secretary estimates that aggregate insured losses will exceed $100 billion;
(2) promulgate final regulations for determining the pro rata share of insured losses which exceed $100 billion; and
(3) report to Congress on the process used to determine the allocation of pro rata payments when insured losses exceed $100 billion.
Requires insurers to disclose to policyholders the $100 billion cap on their liability.
Modifies the federal surcharge imposed to recoup federal financial assistance provided in connection with all acts of terrorism (or acts of war) during a Terrorism Insurance Program Year. Requires a terrorism loss risk-spreading premium in an amount equal to 133% (currently, 100%) of any mandatory recoupment amount for such period.
Establishes deadlines for the collection of terrorism loss risk-spreading premiums for acts of terrorism occurring during specified periods.
Section
5
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Directs the Comptroller General to study and report to certain congressional committees regarding:
(1) the availability and affordability of insurance coverage for losses caused by terrorist attacks involving nuclear, biological, chemical, or radiological materials;
(2) the outlook for such coverage in the future; and
(3) the capacity of private insurers and state workers compensation funds to manage risk associated with such events.
Directs the Comptroller General to study and report to certain congressional committees on whether there are specific markets in the United States with unique capacity constraints on the amount of terrorism risk insurance available.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
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So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
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The bill contains the following citations to other parts of U.S. law:
United States Code
The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)
- Title 15: COMMERCE AND TRADE
- Chapter 93: INSURANCE
- Section 6701: Operation of State law