About HR26

Terrorism Risk Insurance Program Reauthorization Act of 2015

Policy Area: Finance and Financial Sector

Sponsor: Rep. Neugebauer, Randy [R-TX-19] (R-TX)

Latest Action (2015-01-12): Became Public Law No: 114-1.

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 2015 TITLE I–EXTENSION OF TERRORISM INSURANCE PROGRAM (Sec. 101) Amends the Terrorism Risk Insurance Act of 2002 (TRIA) to extend the Terrorism Insurance Program through December 31, 2020, and to revise requirements for the Program. (Sec. 102) Requires the federal share of payments beginning on January 1, 2016, for acts of terrorism, in general, to be reduced annually to 80% of insured losses. (Sec. 103) Specifies the aggregate industry insured losses resulting from certified acts of terror which will, beginning calendar years 2015-2019, trigger the federal share of compensation under the Program as: (1) $100 million for 2015; (2) $120 million for 2016; (3) $140 million for 2017; (4) $160 million for 2018, (5) $180 million for 2019; and (6) $200 million for 2020 and thereafter. (Sec. 104) Revises requirements for mandatory recoupment (repayment) from insurers of federal financial assistance provided in connection with all acts of terrorism (or acts of war, in the case of workers compensation). Revises the formula for determining the insurance marketplace aggregate retention amount (recoupment threshold) indicating insured losses resulting from a certified act of terrorism which the insurance industry must cover before federal assistance becomes available. Maintains the current recoupment t

Subjects: Administrative law and regulatory procedures, Advisory bodies, Banking and financial institutions regulation, Business records, Civil actions and liability, Commodities markets, Congressional oversight, Consumer affairs

Who Voted How on HR26

Filter by Yea, Nay, or Absent

Other Contested Bills