(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.
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.
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.
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.
The Speaker appointed a conferee for consideration of the Senate bill and the House amendment, and modifications committed to conference: Sessions.
Message on House action received in Senate and at desk: House amendment to Senate bill.
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)
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)
Message on Senate action sent to the House.
Mr. Oxley moved that the House suspend the rules and agree to the Senate amendment to the House amendment. (consideration: CR H12135-12141)
Enacted as Public Law 109-144
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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.
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)
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)
Motion to reconsider laid on the table Agreed to without objection.
Cleared for White House.
Presented to President.
Presented to President.
Signed by President.
Signed by President.
Became Public Law No: 109-144.
Became Public Law No: 109-144.