HR 3357 · 107th Congress 2001–2003, ended

Terrorism Risk Protection Act

Introduced Nov 28, 2001 Originated House Sponsor Richard K. Armey R-TX

Latest action · Nov 28, 2001 Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, Ways and Means, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

IntroducedNov 28, 2001
Passed HouseNot reached
Passed SenateNot reached
To the PresidentNot reached
Became lawNot reached

Summary

Terrorism Risk Protection Act - Confers responsibility upon the Secretary of the Treasury (Secretary) to implement a financial assistance program for commercial property and casualty insurers when industry-wide insured losses from acts of terrorism exceed $1 billion.

Expresses the sense of Congress that acts of terrorism resulting in insured losses greater than $100 billion would necessitate further action by the Congress to address such additional losses.

Sets forth repayment mechanisms under the financial assistance plan which provide for: (1) an assessments schedule; and (2) a terrorism loss repayment surcharge plan based upon imposing a policyholder premium surcharge on commercial property and casualty insurance.

Expresses the sense of the Congress that: (1) the National Association of Insurance Commissioners (NAIC) should develop appropriate definitions for acts of terrorism and appropriate standards for making determinations regarding such acts; (2) each State should adopt those definitions and standards for purposes of regulating insurance coverage in that State; (3) the Secretary should advocate and promote the development of definitions and standards appropriate for purposes of this Act; and (4) after such consultation, the Secretary should adopt definitions for acts of terrorism and standards for determinations appropriate for this Act.

Expresses the sense of Congress that: (1) the NAIC should develop appropriate guidelines for commercial insurers and pools regarding maintenance of reserves against the risks of acts of terrorism; and (B) each State should adopt such guidelines for purposes of regulating commercial insurers doing business in that State.

Expresses the sense of Congress that the States should require that the price of terrorism insurance coverage, including the costs of any terrorism related assessments or surcharges under this Act, be separately disclosed.

Declares that a Federal cause of action shall be the exclusive remedy if assessments or surcharges are required due to insured losses resulting from acts of terrorism. Limits damages in actions regarding insurance claims and attorneys' fees. Prohibits the award of punitive damages, or of non-economic damages in excess of the defendant's direct proportion of responsibility for the plaintiff's physical harm.

Instructs the President to establish a commission to study and report to Congress on the potential effects of an act of terrorism on the life insurance industry in the United States and the markets served by such industry.

Cosponsors 4

Members who signed on, in the order they did. All signed on Nov 28, 2001.

Seat	Cosponsor		Signed on
R-WI	F. James Sensenbrenner, Jr.	Original	Nov 28, 2001
R-IA	Jim Nussle	Original	Nov 28, 2001
R-OH	Michael G. Oxley	Original	Nov 28, 2001
R-CA	William M. Thomas	Original	Nov 28, 2001

Committees 4

Where it was sent and what each committee and subcommittee did with it, in order.

Chamber	Committee	What it did
House	Financial Services Committee	Referred Nov 28, 2001
House	Judiciary Committee	Referred Nov 28, 2001
House	Ways and Means Committee	Referred Nov 28, 2001
House	Budget Committee	Referred Nov 28, 2001

Actions 2

Everything that happened, newest first.

Nov 28, 2001Introduced in House
Nov 28, 2001Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, Ways and Means, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Related bills 1

Companion bills and other measures the record links to this one.

Bill	Title	Relationship	Latest action
HR 3210	Terrorism Risk Insurance Act of 2002	Related bill	Nov 26, 2002

Titles 2

Every title it has carried, official and short, at each stage.

Official Title as Introduced: To ensure the continued financial capacity of insurers to provide coverage for risks from terrorism, and for other purposes.
Short Titles as Introduced: Terrorism Risk Protection Act

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Text 1

Each version as it was printed, newest first.

Nov 28, 2001Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.