S. 2285 (110th): Terrorism Risk Insurance Program Reauthorization Act of 2007

Introduced:
Nov 01, 2007 (110th Congress, 2007–2009)
Status:
Died (Reported by Committee)
See Instead:

H.R. 2761 (same title)
Signed by the President — Dec 26, 2007

H.R. 4299 (same title)
Passed House — Dec 12, 2007

Sponsor
Christopher Dodd
Senator from Connecticut
Party
Democrat
Text
Read Text »
Last Updated
Nov 01, 2007
Length
12 pages
Related Bills
H.R. 2761 (Related)
Terrorism Risk Insurance Program Reauthorization Act of 2007

Signed by the President
Dec 26, 2007

H.R. 4299 (Related)
Terrorism Risk Insurance Program Reauthorization Act of 2007

Passed House
Last Action: Dec 12, 2007

 
Status

This bill was introduced on November 1, 2007, in a previous session of Congress, but was not enacted.

Progress
Introduced Nov 01, 2007
Reported by Committee Nov 01, 2007
 
Full Title

An original bill to reauthorize the Federal terrorism risk insurance program, and for other purposes.

Summary

No summaries available.

Cosponsors
none
Committees

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


11/1/2007--Reported to Senate without amendment.
Terrorism Risk Insurance Program Reauthorization Act of 2007 -
Section 2 -
Amends the Terrorism Risk Insurance Act to revise the definition of an act of terrorism for terrorism risk insurance purposes to eliminate the requirement that the individual or individuals committing a terrorist act be acting on behalf of any foreign person or foreign interest.
Extends the Terrorism Risk Insurance Program through calendar 2014.
Section 4 -
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 liability.
Section 5 -
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;
(3) the capacity of private insurers and state workers compensation funds to manage risk associated with such events; and
(4) 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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