Bill Summary
This is a bill that aims to extend and reauthorize the Terrorism Risk Insurance Program, which was originally established in 2002. The bill proposes a 7-year extension of the program, with a new termination date of 2027. It also includes provisions for the timing of mandatory recoupment and ongoing reports on the availability and affordability of terrorism risk insurance, particularly for places of worship. Additionally, the bill calls for a study and report on the risks and costs of cyber terrorism, as well as recommendations for potential amendments to the existing legislation to address this emerging threat. The bill is currently in the process of being considered and voted on by the Senate and House of Representatives.
Possible Impacts
1. The extension of the Terrorism Risk Insurance Program for 7 years could provide peace of mind for individuals and businesses who are potential targets of terrorist attacks, as they would have access to affordable insurance coverage.
2. The mandatory recoupment clause could affect people by potentially increasing their insurance premiums in order to pay for the costs of terrorism risk insurance.
3. The study and report on cyber terrorism could bring attention to the vulnerabilities and potential costs of cyber attacks, leading to increased awareness and better protection for individuals and businesses.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 2877 Reported in Senate (RS)]
<DOC>
Calendar No. 313
116th CONGRESS
1st Session
S. 2877
To reauthorize the Terrorism Risk Insurance Act of 2002, and for other
purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
November 14, 2019
Mr. Tillis (for himself, Ms. Smith, Ms. McSally, Mr. Menendez, Mr.
Perdue, Mr. Van Hollen, Mr. Cramer, Ms. Cortez Masto, Mr. Moran, Ms.
Sinema, Mr. Rounds, Mr. Schatz, Mr. Scott of South Carolina, Mr.
Schumer, Mr. Crapo, and Mr. Brown) introduced the following bill; which
was read twice and referred to the Committee on Banking, Housing, and
Urban Affairs
December 3, 2019
Reported by Mr. Crapo, without amendment
_______________________________________________________________________
A BILL
To reauthorize the Terrorism Risk Insurance Act of 2002, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Terrorism Risk Insurance Program
Reauthorization Act of 2019''.
SEC. 2. 7-YEAR EXTENSION OF TERRORISM RISK INSURANCE PROGRAM.
(a) Termination Date.--Section 108(a) of the Terrorism Risk
Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by striking
``2020'' and inserting ``2027''.
(b) Timing of Mandatory Recoupment.--Section 103(e)(7)(E)(i) of the
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended--
(1) in subclause (I)--
(A) by striking ``2017'' and inserting ``2022'';
and
(B) by striking ``2019'' and inserting ``2024'';
(2) in subclause (II)--
(A) by striking ``2018'' and inserting ``2023'';
(B) by striking ``2024'' and inserting ``2029'';
and
(C) by striking ``2019'' and inserting ``2024'';
and
(3) in subclause (III)--
(A) by striking ``2024'' and inserting ``2029'';
and
(B) by striking ``2019'' and inserting ``2024''.
(c) Ongoing Reports Regarding Market Conditions for Terrorism Risk
Insurance.--Paragraph (2) of section 104(h) of the Terrorism Risk
Insurance Act of 2002 (15 U.S.C. 6701 note) is amended--
(1) by redesignating subparagraphs (B) through (E) as
subparagraphs (C) through (F), respectively; and
(2) by inserting after subparagraph (A) the following new
subparagraph:
``(B) an evaluation of the availability and
affordability of terrorism risk insurance, which shall
include an analysis of such availability and
affordability specifically for places of worship;''.
(d) Study and Report on Cyber Terrorism.--Not later than the
expiration of the 180-day period beginning on the date of the enactment
of this Act, the Comptroller General of the United States shall conduct
a study and report to the Committee on Financial Services of the House
of Representatives and the Committee on Banking, Housing, and Urban
Affairs of the Senate, which shall--
(1) analyze and address--
(A) overall vulnerabilities and potential costs of
cyber attacks to the United States public and private
infrastructure that could result in physical or digital
damage;
(B) whether State-defined cyber liability under a
property and casualty line of insurance is adequate
coverage for an act of cyber terrorism;
(C) whether such risks can be adequately priced by
the private market; and
(D) whether the current risk-share system under the
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701
note) is appropriate for a cyber terrorism event; and
(2) set forth recommendations on how Congress could amend
the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note)
to meet the next generation of cyber threats.
Calendar No. 313
116th CONGRESS
1st Session
S. 2877
_______________________________________________________________________
A BILL
To reauthorize the Terrorism Risk Insurance Act of 2002, and for other
purposes.
_______________________________________________________________________
December 3, 2019
Reported without amendment