Terrorism Risk Insurance Program Reauthorization Act of 2007
Latest action · Nov 1, 2007 Placed on Senate Legislative Calendar under General Orders. Calendar No. 461.
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 1, 2007
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Terrorism Risk Insurance Program Reauthorization Act of 2007 - (Sec. 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.
(Sec. 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.
(Sec. 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.
Cosponsors
Members who signed on, in the order they did.
Actions 3
Everything that happened, newest first.
- Nov 1, 2007Committee on Banking, Housing, and Urban Affairs. Original measure reported to Senate by Senator Dodd. With written report No. 110-215.
- Nov 1, 2007Introduced in Senate
- Nov 1, 2007Placed on Senate Legislative Calendar under General Orders. Calendar No. 461.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 2761 | Terrorism Risk Insurance Program Reauthorization Act of 2007 | Related bill | Dec 26, 2007 |
| HR 4299 | Terrorism Risk Insurance Program Reauthorization Act of 2007 | Related bill | Dec 13, 2007 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative procedure
- Armed Forces and National Security
- Biological warfare
- Casualty insurance
- Chemical warfare
- Commerce
- Compensation (Law)
- Congress
- Congressional investigations
- Congressional reporting requirements
- Crime and Law Enforcement
- Department of the Treasury
- Finance and Financial Sector
- Government Operations and Politics
- Insurance companies
- Insurance premiums
- Law
- Losses
- Nuclear terrorism
- Property insurance
- Reinsurance
- Terrorism
Text 1
Each version as it was printed, newest first.
- Nov 1, 2007Placed on Calendar Senate
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.