A bill to promote the stabilization of the economy by encouraging financial institutions to continue to support economic development including development in urban areas, through the provision of affordable insurance coverage against acts of terrorism, and for other purposes.
States that this Act: (1) constitutes payment authority in advance of appropriation Acts; and (2) represents the obligation of the Federal Government to provide for the Federal share of compensation for insured losses under such Program.
Confers general and administrative authority upon the Secretary of the Treasury to implement the Program, including assessments for civil penalties for violations of this Act.
Grants the United States subrogation rights. Sunsets the Program at a specified date subject to a one year extension at the Secretary's discretion.
Preserves the jurisdiction and regulatory authority of the State Insurance Commissioners.
Expresses the sense of the Congress that the insurance industry should build capacity and aggregate risk to provide affordable property and casualty coverage for terrorism risk.
Outlines procedures for civil actions.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S12256-12258)
Introduced in Senate
Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 253.
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