Revises requirements for: (1) insurer deductible; (2) insured loss shared compensation; (3) industry insured losses that trigger the program; (4) recoupment of the federal share; (5) certification prerequisites regarding an act of terrorism; (6) mandatory availability of program coverage; and (7) rate and form filings for coverage.

Provides for coverage of group life insurance, including a policy surcharge for terrorism loss risk-spreading premiums.

Revises requirements for: (1) insurer copayment and federal share of compensation; (2) post-event reset for previously impacted areas; and (3) mandatory availability of life insurance that does not preclude future lawful travel.

Adds coverage for workers' compensation and property and casualty insurance to the topics of a mandatory analysis of market conditions for terrorism risk insurance by the President's Working Group on Financial Markets.

Establishes the Commission on Terrorism Risk Insurance.

(Sec. 3) Revises the purposes and definitions under the Act. Ends the exclusion of farm owners multiple peril insurance from the meaning of property and casualty insurance (thus including such insurance in the meaning of property and casualty insurance).

Authorizes the Secretary of the Treasury to exempt from certain required exceptions to pollution and nuclear hazard policy exclusions any insurer: (1) whose direct earned premium is less than $50 million in the calendar year immediately preceding the current additional Program Year; and (2) which would become insolvent if it were required, in the event of an act of NBCR terrorism resulting in aggregate industry insured losses above the trigger, to satisfy its deductible and maximum applicable share above the deductible as well as its maximum payment obligations for insured losses for such an act.

Defines NBCR terrorism as an act of terrorism that involves nuclear, biological, chemical, or radiological reactions, releases, or contaminations, to the extent any insured losses result.

Specifies allowable exclusions in other insurance coverage, except for state workers' compensation and other compulsory insurance law requiring coverage of certain risks, if a person elects not to purchase terrorism insurance.

Requires an insurer to make available to an insured who is either a citizen of the United States or a legal resident alien life insurance coverage that neither considers past, nor precludes future, lawful foreign travel.

Prohibits an insurer from: (1) declining such coverage based on past or future lawful foreign travel by the insured; or (2) charging a premium for such coverage that is excessive and not based on a good faith actuarial analysis. Permits a declining or limiting of coverage in certain circumstances.

Revises the federal share of compensation for insured losses with varying formulae for conventional and for NBCR terrorism.

Limits to $1 million per Program Year the federal share of compensation for any single certificate holder under any group life insurance coverage.

Revises the cap on annual liability to make the $100 billion maximum refer to the federal share of compensation rather than the amount of insured losses (thus allowing a higher amount of insured losses, subject to specified limitations).

Requires the Secretary by regulation to provide for insurers to allocate claims payments for insured losses under applicable insurance policies in any case where the federal share of compensation exceeds $100 billion.

Specifies limitations to insurer financial responsibility.

Grants the federal district courts original and exclusive jurisdiction over all claims relating to or arising out of an insurer's financial responsibility for insured losses from acts of terrorism, if certain conditions are met.

Reduces from $100 billion to $80 billion the threshold of estimated or actual aggregate federal compensation to be paid during any Program Year that triggers the requirement that the Secretary notify Congress and insurers. (Continues to require the Secretary to notify Congress and insurers of any event likely to cause losses exceeding $100 billion.)

Revises requirements for the insurance marketplace aggregate retention amount to prescribe separate amounts for property and casualty insurance and for group life insurance for additional Program Years beyond Program Year 5.

Revises requirements for discretionary recoupment of the remainder of federal financial assistance after repayment of the mandatory recoupment amount. Allows the Secretary, as an alternative to recouping such additional amounts, to identify to Congress those amounts the Secretary believes cannot be recouped.

Requires separate application of recoupment to property and casualty insurance policies and to group life insurance policies.

Requires that the policyholder surcharge for terrorism loss risk-spreading premiums be based on separate percentages for property and casualty insurance policies and for group life insurance policies.

Grants the Secretary authority, during the 90 days following certification of any act of terrorism, to promulgate regulations without regard to notice and comment requirements.

Requires the Secretary to adjust specified dollar amounts in the Act, based on the percentage change in an appropriate index, for the second additional Program Year and for each ensuing additional Program Year.

Exempts rates and forms from any prior approval or a waiting period under state law during a specified period following enactment of this Act.

Declares that nothing in this Act shall be construed to prohibit, restrict, or otherwise limit an insurer from entering into an arrangement with another insurer to make mandatory coverage available for any portion of insured losses. Requires the Secretary to develop minimum financial solvency and other appropriate standards. Declares further that nothing in this declaration shall be construed to establish any legal partnership.

(Sec. 4) Directs the Secretary to establish a Terrorism Buy-Down Fund for voluntary purchase by insurers of additional terrorism coverage.

Permits the Secretary to borrow funds from the Fund to offset the federal share of compensation provided to all insurers under the Program.

Requires the Secretary to establish voluntary risk-sharing mechanisms for insurers purchasing buy-down coverage from the Fund to pool their reinsurance purchases and otherwise share terrorism risk.

(Sec. 5) Directs the Secretary to report biennially to certain congressional committees an analysis of the long-term availability and affordability of insurance for terrorism risk in the private marketplace.

Establishes the Commission on Terrorism Risk Insurance to: (1) evaluate the utility and viability of proposals aimed at improving the availability of insurance against terrorism risk in the private marketplace; and (2) make recommendations regarding whether there is a need for a federal terrorism risk insurance program.

(Sec. 3) Revises the purposes and definitions under the Act. Ends the exclusion of farm owners multiple peril insurance from the meaning of property and casualty insurance (thus including such insurance in the meaning of property and casualty insurance).

Authorizes the Secretary of the Treasury to exempt from certain required exceptions to pollution and nuclear hazard policy exclusions any insurer: (1) whose direct earned premium is less than $50 million in the calendar year immediately preceding the current additional Program Year; and (2) which would become insolvent if it were required, in the event of an act of NBCR terrorism resulting in aggregate industry insured losses above the trigger, to satisfy its deductible and maximum applicable share above the deductible as well as its maximum payment obligations for insured losses for such an act.

Defines NBCR terrorism as an act of terrorism that involves or triggers nuclear, biological, chemical, or radiological reactions, releases, or contaminations, but only if any aggregate industry insured losses that result from such reactions, releases, or contaminations exceed a specified amount.

Specifies allowable exclusions in other insurance coverage, except for state workers' compensation and other compulsory insurance law requiring coverage of certain risks, if a person elects not to purchase terrorism insurance.

Makes the enactment of a joint resolution for payment of federal compensation with respect to the act of terrorism resulting in the insured loss a prerequisite for such a payment.

Requires an insurer to make available to an insured who is either a citizen of the United States or a legal resident alien life insurance coverage that neither considers past, nor precludes future, lawful foreign travel.

Prohibits an insurer from: (1) declining such coverage based on past or future lawful foreign travel by the insured; or (2) charging a premium for such coverage that is excessive and not based on a good faith actuarial analysis. Permits a declining or limiting of coverage in certain circumstances.

Revises the federal share of compensation for insured losses with varying formulae for conventional and for NBCR terrorism.

Limits to $1 million per Program Year the federal share of compensation for any single certificate holder under any group life insurance coverage.

Revises the cap on annual liability to make the $100 billion maximum refer to the federal share of compensation rather than the amount of insured losses (thus allowing a higher amount of insured losses, subject to specified limitations).

Requires the Secretary by regulation to provide for insurers to allocate claims payments for insured losses under applicable insurance policies in any case where the federal share of compensation exceeds $100 billion.

Specifies limitations to insurer financial responsibility.

Grants the federal district courts original and exclusive jurisdiction over all claims relating to or arising out of an insurer's financial responsibility for insured losses from acts of terrorism, if certain conditions are met.

Reduces from $100 billion to $80 billion the threshold of estimated or actual aggregate federal compensation to be paid during any Program Year that triggers the requirement that the Secretary notify Congress and insurers. (Continues to require the Secretary to notify Congress and insurers of any event likely to cause losses exceeding $100 billion.)

Revises requirements for the insurance marketplace aggregate retention amount to prescribe separate amounts for property and casualty insurance and for group life insurance for additional Program Years beyond Program Year 5.

Revises requirements for discretionary recoupment of the remainder of federal financial assistance after repayment of the mandatory recoupment amount. Allows the Secretary, as an alternative to recouping such additional amounts, to identify to Congress those amounts the Secretary believes cannot be recouped.

Requires separate application of recoupment to property and casualty insurance policies and to group life insurance policies.

Requires that the policyholder surcharge for terrorism loss risk-spreading premiums be based on separate percentages for property and casualty insurance policies and for group life insurance policies.

Requires the Secretary to pay the federal share of compensation for insured losses resulting from an act of terrorism only if there is enacted a joint resolution for payment of federal compensation with respect to such act. Prescribes a privileged procedure for legislative action on such a joint resolution.

Grants the Secretary authority, during the 90 days following certification of any act of terrorism, to promulgate regulations without regard to notice and comment requirements.

Requires the Secretary to adjust specified dollar amounts in the Act, based on the percentage change in the Consumer Price Index, for the second additional Program Year and for each ensuing additional Program Year.

Exempts rates and forms from any prior approval or a waiting period under state law during a specified period following enactment of this Act.

Declares that nothing in this Act shall be construed to prohibit, restrict, or otherwise limit an insurer from entering into an arrangement with another insurer to make mandatory coverage available for any portion of insured losses. Requires the Secretary to develop minimum financial solvency and other appropriate standards. Declares further that nothing in this declaration shall be construed to establish any legal partnership.

(Sec. 4) Directs the Secretary to establish a Terrorism Buy-Down Fund for voluntary purchase by insurers of additional terrorism coverage.

Permits the Secretary to borrow funds from the Fund to offset the federal share of compensation provided to all insurers under the Program.

Requires the Secretary to establish voluntary risk-sharing mechanisms for insurers purchasing buy-down coverage from the Fund to pool their reinsurance purchases and otherwise share terrorism risk.

(Sec. 5) Directs the Secretary to report biennially to certain congressional committees an analysis of the long-term availability and affordability of insurance for terrorism risk in the private marketplace.

Establishes the Commission on Terrorism Risk Insurance to: (1) evaluate the utility and viability of proposals aimed at improving the availability of insurance against terrorism risk in the private marketplace; and (2) make recommendations regarding whether there is a need for a federal terrorism risk insurance program.

(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.

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.