113 S2244 IS: Terrorism Risk Insurance Program Reauthorization Act of 2014 U.S. Senate 2014-04-10 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II113th CONGRESS2d SessionS. 2244IN THE SENATE OF THE UNITED STATESApril 10, 2014Mr. Schumer (for himself, Mr. Kirk, Mr. Reed, Mr. Heller, Mr. Murphy, Mr. Johanns, Mr. Warner, Mr. Blunt, and Mr. Menendez) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban AffairsA BILLTo extend the termination date of the Terrorism Insurance Program established under the Terrorism Risk Insurance Act of 2002, and for other purposes.

1.

Short Title

This Act may be cited as the Terrorism Risk Insurance Program Reauthorization Act of 2014.

2.

Extension of Terrorism Insurance Program

Section 108(a) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by striking December 31, 2014 and inserting December 31, 2021.

3.

Federal share

Section 103(e)(1)(A) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by inserting and beginning in the calendar year that follows the date of enactment of the Terrorism Risk Insurance Program Reauthorization Act of 2014 shall decrease by 1 percent per calendar year until equal to 80 percent after 85 percent.

4.

Recoupment of Federal share of compensation under the program

Section 103(e) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended—(1)in paragraph (6), in the matter preceding subparagraph (A), by striking shall be and all that follows through subparagraph (E) and inserting shall be $27,500,000,000 and beginning in the calendar year that follows the date of enactment of the Terrorism Risk Insurance Program Reauthorization Act of 2014 shall increase by $2,000,000,000 per calendar year until equal to $37,500,000,000.; and(2)in paragraph (7)—(A)in subparagraph (A)—(i)in the matter preceding clause (i), by striking for each of the periods referred to in subparagraphs (A) through (E) of paragraph 6; and(ii)in clause (i), by striking for such period;(B)in subparagraph (B)—(i)by striking for any period referred to in any of subparagraphs (A) through (E) of paragraph (6); and(ii)by striking for such period;(C)in subparagraph (C), by striking occurring during any of the periods referred to in any of subparagraphs (A) through (E) of paragraph (6); and(D)in subparagraph (E)(i)—(i)in subclause (I)—(I)by striking 2010 and inserting 2017; and(II)by striking 2012 and inserting 2019;(ii)in subclause (II)—(I)by striking 2011 and inserting 2018;(II)by striking 2012 and inserting 2019; and(III)by striking 2017 and inserting 2024; and(iii)in subclause (III)—(I)by striking 2012 and inserting 2019; and(II)by striking 2017 and inserting 2024.

5.

Technical amendments

The Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended—(1)in section 102—(A)in paragraph (7)—(i)by striking subparagraphs (A) through (F) and inserting the following:(A)the value of an insurer's direct earned premiums during the immediately preceding calendar year, multiplied by 20 percent; and; (ii)by redesignating subparagraph (G) as subparagraph (B); and(iii)in subparagraph (B), as so redesignated by clause (ii)—(I)by striking notwithstanding subparagraphs (A) through (F), for the Transition Period or any Program Year and inserting notwithstanding subparagraph (A), for any calendar year; and(II)by striking Period or Program Year and inserting calendar year;(B)by striking paragraph (11); and(C)by redesignating paragraphs (12) through (16) as paragraphs (11) through (15), respectively; and(2)in section 103—(A)in subsection (c), by striking Program Year and inserting calendar year;(B)in subsection (e)—(i)in paragraph (1)—(I)in subparagraph (A), as previously amended by section 3—(aa)by striking the Transition Period and each Program Year through Program Year 4 shall be equal to 90 percent, and during Program Year 5 and each Program Year thereafter and inserting each calendar year;(bb)by striking the comma after 80 percent; and(cc)by striking such Transition Period or such Program Year and inserting such calendar year; and(II)in subparagraph (B), by striking exceed and all that follows through clause (ii) and inserting exceed $100,000,000 with respect to such insured losses occurring in the calendar year.;(ii)in paragraph (2)(A), by striking the period beginning on the first day of the Transition Period and ending on the last day of Program Year 1, or during any Program Year thereafter and inserting a calendar year; and(iii)in paragraph (3), by striking the period beginning on the first day of the Transition Period and ending on the last day of Program Year 1, or during any other Program Year and inserting any calendar year; and(C)in subsection (g)(2)—(i)by striking the Transition Period or a Program Year each place that term appears and inserting the calendar year;(ii)by striking such period and inserting the calendar year; and(iii)by striking that period and inserting the calendar year.