About S2244

Terrorism Risk Insurance Program Reauthorization Act of 2014

Policy Area: Finance and Financial Sector

Sponsor: Sen. Schumer, Charles E. [D-NY] (D-NY)

Latest Action (2014-12-11): Message on House action received in Senate and at desk: House amendment to Senate bill.

Summary

Terrorism Risk Insurance Program Reauthorization Act of 2014 – 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 threshold, which is the lesser of $27.5 billion, or the aggregate amount for all insurers, of insured losses during the calendar

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

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