S. Amdt. 3800 - In the Nature of a Substitute.

To Extend the Terrorism Insurance Program of the Department of the Treasury, and for Other Purposes.

H.R. 2761 — 110^th Congress (2007–2008)

Summary

To extend the Terrorism Insurance Program of the Department of the Treasury, and for other purposes. (by CRS)

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Title

To extend the Terrorism Insurance Program of the Department of the Treasury, and for other purposes.

Other Titles

• Terrorism Risk Insurance Revision and Extension Act of 2007
• Terrorism Risk Insurance Revision and Extension Act of 2007
• Terrorism Risk Insurance Revision and Extension Act of 2007
• Terrorism Risk Insurance Program Reauthorization Act of 2007
• Terrorism Risk Insurance Program Reauthorization Act of 2007

Sponsor

Michael Capuano

Co-Sponsors

• Peter King
• Carolyn McCarthy
• Gregory Meeks
• Lincoln Davis
• Robert Wexler
• Melvin Watt
• James Ramstad
• Gary Ackerman
• Christopher Shays
• Stephen Lynch
• Tim Mahoney
• Joe Courtney
• Joe Donnelly
• Joseph Crowley
• Steven Rothman
• Barney Frank
• Al Green
• Steve Israel
• Carolyn Maloney
• Dan Boren
• Albio Sires
• Brad Sherman
• Brian Higgins
• Paul Hodes
• Shelley Berkley
• David Scott
• Luis Gutiérrez
• Christopher Murphy
• Rubén Hinojosa
• Emanuel Cleaver
• Darlene Hooley

Subjects

• Finance
• Administrative procedure
• Biological warfare
• Budgets
• Business
• Casualty insurance
• Chemical warfare
• Civil procedure
• Claims
• Coinsurance
• Compensation (Law)
• Congress
• Congressional investigations
• Congressional reporting requirements
• Corporation directors
• Cost of living adjustments
• Criminal justice
• Department of the Treasury
• Disaster relief
• District courts
• Emergency management
• Executive departments
• Executives
• Expedited congressional procedure
• Federal advisory bodies
• Foreign policy
• Government information
• Government liability
• Government paperwork
• Government trust funds
• Governmental investigations
• House rules and procedure
• Insurance companies
• Insurance premiums
• International affairs
• Jurisdiction
• Labor
• Law
• Legislative resolutions
• Liability (Law)
• Liability insurance
• Life insurance
• Losses
• Nuclear terrorism
• Property insurance
• Reinsurance
• Risk
• Senate rules and procedure
• State and local government
• State courts
• Terrorism
• Workers' compensation

Related Bills

• H.Res. 660 (110^th) : Providing for Consideration of the Bill (H.R. 2761) to Extend the Terrorism Insurance Program of the Department of the Treasury, and for Other Purposes.
• H.Res. 849 (110^th) : Providing for the Consideration of the Senate Amendment to the Bill (H.R. 2761) to Extend the Terrorism Insurance Program of the Department of the Treasury, and for Other Purposes.
• H.R. 4299 (110^th) : Terrorism Risk Insurance Program Reauthorization Act of 2007
• S. 2285 (110^th) : Terrorism Risk Insurance Program Reauthorization Act of 2007

Major Actions

Introduced	6/18/2007
Referred to Committee
Amendments (3 proposed)
Passed House	9/19/2007
Passed Senate	11/16/2007
Signed by President	12/26/2007

Bill History

• All Votes
• All Actions
• Amendments

	Chamber/Committee	Motion	Date	Result
select this vote	House	Amendment 1 to H.R. 2761	9/19/2007	This amendment PASSED the House 426 voted YES 1 voted NO 10 voted present/not voting
select this vote	House	Amendment 2 to H.R. 2761	9/19/2007	This amendment DID NOT PASS the House 194 voted YES 230 voted NO 13 voted present/not voting
select this vote	House	On Motion to Recommit with Instructions: H.R. 2761 Terrorism Risk Insurance Revision and Extension Act	9/19/2007	This motion DID NOT PASS the House 196 voted YES 228 voted NO 8 voted present/not voting
select this vote	House	On Passage - House - H.R. 2761 Terrorism Risk Insurance Revision and Extension Act	9/19/2007	This bill PASSED the House 312 voted YES 110 voted NO 10 voted present/not voting
select this vote	Senate	Passed Senate with an amendment by Unanimous Consent.	11/16/2007	PASSED by voice vote
currently selected	Senate	Amendment SA 3800 agreed to in Senate by Unanimous Consent.	11/16/2007	PASSED by voice vote
select this vote	House	Suspend the Rules and Agree to the Senate amendment: H.R. 2761 Terrorism Risk Insurance Revision and Extension Act	12/18/2007	This motion PASSED the House 360 voted YES 53 voted NO 19 voted present/not voting

	Action	Date	Description
	Introduced	6/18/2007
		6/18/2007	Referred to the House Committee on Financial Services.
		6/18/2007	Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
		7/24/2007	Subcommittee Consideration and Mark-up Session Held.
		7/24/2007	Forwarded by Subcommittee to Full Committee by the Yeas and Nays: 26 - 17 .
		8/01/2007	Committee Consideration and Mark-up Session Held.
	Put on a legislative calendar	8/01/2007	Ordered to be Reported (Amended) by the Yeas and Nays: 49 - 20.
		9/06/2007	Reported (Amended) by the Committee on Financial Services. H. Rept. 110-318.
	Put on a legislative calendar	9/06/2007	Placed on the Union Calendar, Calendar No. 201.
		9/18/2007	Rules Committee Resolution H. Res. 660 Reported to House. Rule provides for consideration of H.R. 2761 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. All points of order against consideration of the bill except clauses 9 and 10 of Rules XXI. The rule provides that the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill, modified by the amendment printed in Part A of this report, shall be considered as adopted.
		9/19/2007	DEBATE - Pursuant to the provisions of H. Res. 660, the Committee of the Whole proceeded with 10 minutes of debate on the Frank amendment.
		9/19/2007	Amendment (A001) offered by Mr. Frank (MA).
		9/19/2007	POSTPONED PROCEEDINGS - At the conclusion of debate on the Frank amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Pearce demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the Frank amendment until later in the legislative day.
		9/19/2007	Amendment (A002) offered by Mr. Pearce.
		9/19/2007	DEBATE - Pursuant to the provisions of H. Res. 660, the Committee of the Whole proceeded with 10 minutes of debate on the Pearce amendment.
		9/19/2007	POSTPONED PROCEEDINGS - At the conclusion of debate on the Pearce amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Pearce demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the Pearce amendment until later in the legislative day.
		9/19/2007	UNFINISHED BUSINESS - The Chair announced that the unfinished business was the question of adoption of amendments which had been debated earlier and on which further proceedings had been postponed.
		9/19/2007	The House rose from the Committee of the Whole House on the state of the Union to report H.R. 2761.
		9/19/2007	The previous question was ordered pursuant to the rule.
		9/19/2007	The House adopted the amendment as agreed to by the Committee of the Whole House on the state of the Union.
		9/19/2007	Mr. Dreier moved to recommit with instructions to Financial Services.
		9/19/2007	Floor summary: DEBATE - The House proceeded with 10 minutes of debate on the Dreier motion to recommit with instructions.
		9/19/2007	The previous question on the motion to recommit with instructions was ordered without objection.
		9/19/2007	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.
select this vote	Vote	9/19/2007	Amendment 1 to H.R. 2761
select this vote	Vote	9/19/2007	Amendment 2 to H.R. 2761
select this vote	Vote	9/19/2007	On Motion to Recommit with Instructions: H.R. 2761 Terrorism Risk Insurance Revision and Extension Act
select this vote	House Vote on Passage	9/19/2007	On Passage - House - H.R. 2761 Terrorism Risk Insurance Revision and Extension Act
		9/20/2007	Rule H. Res. 660 passed House.
		9/20/2007	Considered under the provisions of rule H. Res. 660.
		9/20/2007	Rule provides for consideration of H.R. 2761 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. All points of order against consideration of the bill except clauses 9 and 10 of Rules XXI. The rule provides that the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill, modified by the amendment printed in Part A of this report, shall be considered as adopted.
		9/20/2007	House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 660 and Rule XVIII.
		9/20/2007	The Speaker designated the Honorable Steve Israel to act as Chairman of the Committee.
		9/20/2007	GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 2761.
		9/20/2007	Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
		11/16/2007	Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.
		11/16/2007	Measure laid before Senate by unanimous consent.
select this vote	Senate Vote on Passage	11/16/2007	Passed Senate with an amendment by Unanimous Consent.
		11/16/2007	Message on Senate action sent to the House.
		11/16/2007	Amendment SA 3800 proposed by Senator Reid for Senator Dodd.
currently selected	Vote	11/16/2007	Amendment SA 3800 agreed to in Senate by Unanimous Consent.
	Presented to President	12/18/2007	Cleared for White House.
		12/18/2007	Mr. Ackerman moved that the House suspend the rules and agree to the Senate amendment.
		12/18/2007	DEBATE - The House proceeded with forty minutes of debate on H.R. 2761.
select this vote	Vote	12/18/2007	Suspend the Rules and Agree to the Senate amendment: H.R. 2761 Terrorism Risk Insurance Revision and Extension Act
	Presented to President	12/19/2007	Presented to President.
	Signed	12/26/2007	Signed by President.
	Enacted	12/26/2007	Became Public Law No: 110-160.

	Number	Sponsor	Date Offered	Status
select this vote	H. Amdt. 801	Frank, Barney [D-MA4]	September 19, 2007	Passed by roll call vote on September 19, 2007.
	Manager's amendment consists of the text of the amendment contained in House Report 110-333 and printed on page H10544 in the Congressional Record of Sept. 19, 2007. Show amendment details
select this vote	H. Amdt. 802	Pearce, Steven [R-NM2]	September 19, 2007	Failed by roll call vote on September 19, 2007.
	Amendment sought to provide a 1 percent increase each year in the deductable rather than the one-half percent increase each year in the deductable required by the bill. Show amendment details
currently selected	S. Amdt. 3800	Dodd, Christopher [D-CT]	November 16, 2007	Passed by voice vote on November 16, 2007.
	In the nature of a substitute. Actions November 16, 2007, 12:00 am ET - Amendment SA 3800 proposed by Senator Reid for Senator Dodd. November 16, 2007, 12:00 am ET - Amendment SA 3800 agreed to in Senate by Unanimous Consent. Full Text of this Amendment SA 3800. Mr. REID (for Mr. Dodd (for himself and Mr. Shelby)) proposed an amendment to the bill H.R. 2761, to extend the Terrorism Insurance Program of the Department of the Treasury, and for other purposes; as follows: Strike all after the enacting clause and insert the following: SECTION 1. SHORT TITLE; TABLE OF CONTENTS. (a) Short Title.--This Act may be cited as the ``Terrorism Risk Insurance Program Reauthorization Act of 2007''. (b) Table of Contents.--The table of contents for this Act is as follows: Sec..1..Short title; table of contents. Sec..2..Definition of act of terrorism. Sec..3..Reauthorization of the Program. Sec..4..Annual liability cap. Sec..5..Enhanced reports to Congress. SEC. 2. DEFINITION OF ACT OF TERRORISM. Section 102(1)(A)(iv) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by striking ``acting on behalf of any foreign person or foreign interest''. SEC. 3. REAUTHORIZATION OF THE 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 ``2007'' and inserting ``2014''. (b) Additional Program Years.--Section 102(11) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by adding at the end the following: ``(G) ADDITIONAL PROGRAM YEARS.--Except when used as provided in subparagraphs (B) through (F), the term `Program Year' means, as the context requires, any of Program Year 1, Program Year 2, Program Year 3, Program Year 4, Program Year 5, or any of calendar years 2008 through 2014.''. (c) Conforming Amendments.--The Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended-- (1) in section 102(7)(F)-- (A) by inserting ``and each Program Year thereafter'' before ``, the value''; and (B) by striking ``preceding Program Year 5'' and inserting ``preceding that Program Year''; (2) in section 103(e)(1)(A), by inserting ``and each Program Year thereafter'' after ``Year 5''; (3) in section 103(e)(1)(B)(ii), by inserting before the period at the end ``and any Program Year thereafter''; (4) in section 103(e)(2)(A), by striking ``of Program Years 2 through 5'' and inserting ``Program Year thereafter''; (5) in section 103(e)(3), by striking ``of Program Years 2 through 5,'' and inserting ``other Program Year''; and (6) in section 103(e)(6)(E), by inserting ``and any Program Year thereafter'' after ``Year 5''. SEC. 4. ANNUAL LIABILITY CAP. (a) In General.--Section 103(e)(2) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended-- (1) in subparagraph (A)-- (A) by striking ``(until such time as the Congress may act otherwise with respect to such losses)''; and (B) in clause (ii), by striking ``that amount'' and inserting ``the amount of such losses''; and (2) in subparagraph (B), by inserting before the period at the end ``, except that, notwithstanding paragraph (1) or any other provision of Federal or State law, no insurer may be required to make any payment for insured losses in excess of its deductible under section 102(7) combined with its share of insured losses under paragraph (1)(A) of this subsection''. (b) Notice to Congress.--Section 103(e)(3) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended-- (1) by adding at the end the following: ``The Secretary shall provide an initial notice to Congress not later than 15 days after the date of an act of terrorism, stating whether the Secretary estimates that aggregate insured losses will exceed $100,000,000,000.''; and (2) by striking ``and the Congress shall'' and all that follows through the end of the paragraph and inserting a period. (c) Regulations for Pro Rata Payments; Report to Congress.--Section 103(e)(2)(B) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended-- (1) by striking ``For purposes'' and inserting the following: ``(i) IN GENERAL.--For purposes''; and (2) by adding at the end the following: ``(ii) REGULATIONS.--Not later than 240 days after the date of enactment of the Terrorism Risk Insurance Program Reauthorization Act of 2007, the Secretary shall issue final regulations for determining the pro rata share of insured losses under the Program when insured losses exceed $100,000,000,000, in accordance with clause (i). ``(iii) REPORT TO CONGRESS.--Not later than 120 days after the date of enactment of the Terrorism Risk Insurance Program Reauthorization Act of 2007, the Secretary shall provide a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives describing the process to be used by the Secretary for determining the allocation of pro rata payments for insured losses under the Program when such losses exceed $100,000,000,000.''. (d) Disclosure.--Section 103(b) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended-- (1) by redesignating paragraphs (3) and (4) as paragraphs (4) and (5), respectively; and (2) by inserting after paragraph (2) the following: ``(3) in the case of any policy that is issued after the date of enactment of the Terrorism Risk Insurance Program Reauthorization Act of 2007, the insurer provides clear and conspicuous disclosure to the policyholder of the existence of the $100,000,000,000 cap under subsection (e)(2), at the time of offer, purchase, and renewal of the policy;''. (e) Surcharges.--Section 103(e) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended-- (1) in paragraph (7)-- (A) in subparagraph (C), by inserting ``133 percent of'' before ``any mandatory recoupment''; and (B) by adding at the end the following: ``(E) TIMING OF MANDATORY RECOUPMENT.-- ``(i) IN GENERAL.--If the Secretary is required to collect terrorism loss risk-spreading premiums under subparagraph (C)-- ``(I) for any act of terrorism that occurs on or before December 31, 2010, the Secretary shall collect all required premiums by September 30, 2012; ``(II) for any act of terrorism that occurs between January 1 and December 31, 2011, the Secretary shall collect 35 percent of any required premiums by September 30, 2012, and the remainder by September 30, 2017; and ``(III) for any act of terrorism that occurs on or after January 1, 2012, the Secretary shall collect all required premiums by September 30, 2017. ``(ii) REGULATIONS REQUIRED.--Not later than 180 days after the date of enactment of this subparagraph, the Secretary shall issue regulations describing the procedures to be used for collecting the required premiums in the time periods referred to in clause (i). ``(F) NOTICE OF ESTIMATED LOSSES.--Not later than 90 days after the date of an act of terrorism, the Secretary shall publish an estimate of aggregate insured losses, which shall be used as the basis for determining whether mandatory recoupment will be required under this paragraph. Such estimate shall be updated as appropriate, and at least annually.''; and (2) in paragraph (8)-- (A) in subparagraph (C)-- (i) by striking ``(including any additional amount included in such premium'' and inserting ``collected''; and (ii) by striking ``(D))'' and inserting ``(D)''; and (B) in subparagraph (D)(ii), by inserting before the period at the end ``, in accordance with the timing requirements of paragraph (7)(E)''. SEC. 5. ENHANCED REPORTS TO CONGRESS. (a) Study and Report on Insurance for Nuclear, Biological, Chemical, and Radiological Terrorist Events.--Section 108 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by adding at the end the following: ``(f) Insurance for Nuclear, Biological, Chemical, and Radiological Terrorist Events.-- ``(1) STUDY.--The Comptroller General of the United States shall examine-- ``(A) the availability and affordability of insurance coverage for losses caused by terrorist attacks involving nuclear, biological, chemical, or radiological materials; ``(B) the outlook for such coverage in the future; and ``(C) the capacity of private insurers and State workers compensation funds to manage risk associated with nuclear, biological, chemical, and radiological terrorist events. ``(2) REPORT.--Not later than 1 year after the date of enactment of the Terrorism Risk Insurance Program Reauthorization Act of 2007, the Comptroller General shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report containing a detailed statement of the findings under paragraph (1), and recommendations for any legislative, regulatory, administrative, or other actions at the Federal, State, or local levels that the Comptroller General considers appropriate to expand the availability and affordability of insurance for nuclear, biological, chemical, or radiological terrorist events.''. (b) Study and Report on Availability and Affordability of Terrorism Insurance in Specific Markets.--Section 108 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by adding at the end the following: ``(g) Availability and Affordability of Terrorism Insurance in Specific Markets.-- ``(1) STUDY.--The Comptroller General of the United States shall conduct a study to determine whether there are specific markets in the United States where there are unique capacity constraints on the amount of terrorism risk insurance available. ``(2) ELEMENTS OF STUDY.--The study required by paragraph (1) shall contain-- ``(A) an analysis of both insurance and reinsurance capacity in specific markets, including pricing and coverage limits in existing policies; ``(B) an assessment of the factors contributing to any capacity constraints that are identified; and ``(C) recommendations for addressing those capacity constraints. ``(3) REPORT.--Not later than 180 days after the date of enactment of the Terrorism Risk Insurance Program Reauthorization Act of 2007, the Comptroller General shall submit a report on the study required by paragraph (1) to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives.''. (c) Ongoing Reports.--Section 108(e) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended-- (1) in paragraph (1)-- (A) by inserting ``ongoing'' before ``analysis''; and (B) by striking ``, including'' and all that follows through the end of the paragraph, and inserting a period; and (2) in paragraph (2)-- (A) by inserting ``and thereafter in 2010 and 2013,'' after ``2006,''; and (B) by striking ``subsection (a)'' and inserting ``paragraph (1)''. (As printed in the Congressional Record for the Senate on Nov 16, 2007.)