To extend the Terrorism Insurance Program of the Department of the Treasury, and for other purposes.
(This measure has not been amended since it was passed by the Senate on November 16, 2007. The summary of that version is repeated here.)
Terrorism Risk Insurance Program Reauthorization Act of 2007 - (Sec. 2) Amends the Terrorism Risk Insurance Act to redefine an act of terrorism to eliminate the requirement that the individual or individuals committing a terrorist act be acting on behalf of any foreign person or foreign interest.
(Sec. 3) 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 their liability.
Modifies the federal surcharge imposed to recoup federal financial assistance provided in connection with all acts of terrorism (or acts of war) during a Terrorism Insurance Program Year. Requires a terrorism loss risk-spreading premium in an amount equal to 133% (currently, 100%) of any mandatory recoupment amount for such period.
Establishes deadlines for the collection of terrorism loss risk-spreading premiums for acts of terrorism occurring during specified periods.
(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; and (3) the capacity of private insurers and state workers compensation funds to manage risk associated with such events.
Directs the Comptroller General to study and report to certain congressional committees on whether there are specific markets in the United States with unique capacity constraints on the amount of terrorism risk insurance available.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pursuant to the provisions of H. Res. 893, H. Res. 849 is laid on the table. (consideration: CR H16887-16888)
Placed on Senate Legislative Calendar under General Orders. Calendar No. 461.
Motion to reconsider laid on the table Agreed to without objection.
The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 2761.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.(consideration: CR S14592-14596)
Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent. (consideration: CR S14592-14596)
Measure laid before Senate by unanimous consent.
Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
Passed Senate with an amendment by Unanimous Consent.
Message on Senate action sent to the House.
Mr. Ackerman moved that the House suspend the rules and agree to the Senate amendment. (consideration: CR H16760-16767)
DEBATE - The House proceeded with forty minutes of debate on H.R. 2761.
Resolving differences -- House actions: On motion that the House suspend the rules and agree to the Senate amendment Agreed to by the Yeas and Nays: (2/3 required): 360 - 53 (Roll no. 1178).(text as House agreed to Senate amendment: CR H16760-16761)
Enacted as Public Law 110-160
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On motion that the House suspend the rules and agree to the Senate amendment Agreed to by the Yeas and Nays: (2/3 required): 360 - 53 (Roll no. 1178). (text as House agreed to Senate amendment: CR H16760-16761)
Roll Call #1178 (House)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: 110-160.
Became Public Law No: 110-160.