Terrorism Risk Insurance Extension Act of 2005

Fact Sheet API

Bill Number

S 467

Introduced

Feb 18, 2005

Latest Action

Became Public Law No: 109-144.

Sponsor

Cosponsors

Topics

Administrative procedure Armed Forces and National Security Biological warfare Casualty insurance Chemical warfare Coinsurance Commerce Compensation (Law) Congress Congressional investigations Congressional reporting requirements Crime and Law Enforcement Damages Department of the Treasury Disaster relief Electronic data interchange Emergency Management Federal advisory bodies Finance and Financial Sector Government Operations and Politics Government paperwork Insurance companies Labor and Employment Law Legislation Life insurance Losses Nuclear terrorism Property insurance Reinsurance Risk Science, Technology, Communications Terrorism Trusts and trustees Workers' compensation

Full Text

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Votes

Summary

(This measure has not been amended since it was passed by the Senate with an amendment to the House passed version on December 16, 2005. The summary of that version is repeated here.)

Terrorism Risk Insurance Extension Act of 2005 - Amends the Terrorism Risk Insurance Act of 2002 to extend the terrorism risk insurance program from 2005 through 2007.

Defines Program Year 5 as ending on December 31, 2007.

Excludes from covered lines of insurance: (1) commercial automobile insurance; (2) burglary and theft insurance; (3) surety insurance; (4) professional liability insurance; and (5) farm owners multiple peril insurance.

Prescribes formulae for insurer deductibles for Program Years 4 and 5.

Sets the federal share of insured loss compensation for Program Year 5 at 85% (Year 4 is currently 90%) of the amount of insured losses exceeding the applicable insurer deductible.

Specifies for Program Years 4 and 5 increasing maximum aggregate retention amounts in the formula for mandatory recoupment of the federal share of insured loss compensation paid.

States that compensation for a certified act of terrorism occurring after March 31, 2006, shall be paid only if the aggregate industry insured losses exceed either: (1) $50 million occurring in Program Year 4; or (2) $100 million occurring in Program Year 5.

States that procedures and requirements for advance approval of settlements established by the Secretary are applicable to any cause of action for damages in connection with a determination by the Secretary that an act of terrorism has occurred.

Directs the President's Working Group on Financial Markets to analyze and report to certain congressional committees on the long-term availability and affordability of insurance for terrorism risk, including: (1) group life coverage; and (2) coverage for chemical, nuclear, biological, and radiological events.

Actions

Dec 22, 2005

Became Public Law No: 109-144.
Dec 22, 2005

Signed by President.
Dec 19, 2005

Presented to President.
Dec 17, 2005

Cleared for White House.
Dec 17, 2005

Motion to reconsider laid on the table Agreed to without objection.
Dec 17, 2005

On motion that the House suspend the rules and agree to the Senate amendment to the House amendment Agreed to by voice vote. (text as House agreed to Senate amendment: CR H12136)
Dec 17, 2005

Resolving differences -- House actions: On motion that the House suspend the rules and agree to the Senate amendment to the House amendment Agreed to by voice vote.(text as House agreed to Senate amendment: CR H12136)
Dec 17, 2005

DEBATE - The House proceeded with forty minutes of debate on the motion to suspend the rules and agree to the Senate amendment to the House amendment to S. 467.
Dec 17, 2005

Mr. Oxley moved that the House suspend the rules and agree to the Senate amendment to the House amendment. (consideration: CR H12135-12141)
Dec 16, 2005

Message on Senate action sent to the House.
Dec 16, 2005

Senate concurred in House amendment with an amendment (SA 2689) Unanimous Consent. (consideration: CR S13931-13934; text as Senate agreed to House amendment with amendment: CR S13933)
Dec 16, 2005

Resolving differences -- Senate actions: Senate concurred in House amendment with an amendment (SA 2689) Unanimous Consent.(consideration: CR S13931-13934; text as Senate agreed to House amendment with amendment: CR S13933)
Dec 12, 2005

Message on House action received in Senate and at desk: House amendment to Senate bill.
Dec 7, 2005

The Speaker appointed a conferee for consideration of the Senate bill and the House amendment, and modifications committed to conference: Sessions.
Dec 7, 2005

The Speaker appointed conferees - from the Committee on the Judiciary for consideration of secs. 2 and 6 of the Senate bill and modifications committed to conference: Sensenbrenner, Goodlatte, and Conyers.
Dec 7, 2005

The Speaker appointed conferees Provided that Mr. Israel is appointed in lieu of Mr. Capuano for consideration of secs. 4, 5, and 7 of the Senate bill, and secs. 103 and 105 of the House amendment, and modifications committed to conference.
Dec 7, 2005

The Speaker appointed conferees - from the Committee on Financial Services for consideration of the Senate bill and the House amendment, and modifications committed to conference: Oxley, Baker, Pryce (OH), Kelly, Kanjorski, Capuano, and Crowley.
Dec 7, 2005

On motion that the House insist upon its amendment, and request a conference Agreed to without objection.
Dec 7, 2005

Mr. Oxley moved that the House insist upon its amendment, and request a conference.
Dec 7, 2005

Motion to reconsider laid on the table Agreed to without objection.
Dec 7, 2005

On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 371 - 49 (Roll no. 612). (text: CR H11130-11135)
Dec 7, 2005

Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 371 - 49 (Roll no. 612).(text: CR H11130-11135)
Dec 7, 2005

Considered as unfinished business. (consideration: CR H11147)
Dec 7, 2005

At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Dec 7, 2005

DEBATE - The House proceeded with forty minutes of debate on S. 467.
Dec 7, 2005

Considered under suspension of the rules. (consideration: CR H11130-11141)
Dec 7, 2005

Mr. Oxley moved to suspend the rules and pass the bill, as amended.
Nov 18, 2005

Held at the desk.
Nov 18, 2005

Message on Senate action sent to the House.
Nov 18, 2005

Received in the House.
Nov 18, 2005

Passed Senate with an amendment by Unanimous Consent.
Nov 18, 2005

Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
Nov 18, 2005

Measure laid before Senate by unanimous consent. (consideration: CR 11/17/2005 S13277-13282; text of measure as reported in Senate: CR 11/17/2005 S13277-13278)
Nov 16, 2005

Placed on Senate Legislative Calendar under General Orders. Calendar No. 287.
Nov 16, 2005

Committee on Banking, Housing, and Urban Affairs. Reported by Senator Shelby with an amendment in the nature of a substitute. Without written report.
Nov 16, 2005

Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
Jul 29, 2005

Sponsor introductory remarks on measure. (CR S9424)
Feb 18, 2005

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S1723-1724)
Feb 18, 2005

Introduced in Senate

Amendments

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