[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 1865 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                S. 1865

 To provide for mandatory availability of life insurance that does not 
         preclude future lawful travel, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 24, 2007

  Mr. Schumer introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To provide for mandatory availability of life insurance that does not 
         preclude future lawful travel, 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 ``Life Insurance Fairness for 
Travelers Act of 2007''.

SEC. 2. MANDATORY AVAILABILITY OF LIFE INSURANCE THAT DOES NOT PRECLUDE 
              FUTURE LAWFUL TRAVEL.

    Section 103(c) of the Terrorism Risk Insurance Act of 2002 (15 
U.S.C. 6701 note) is amended--
            (1) in paragraph (1), by striking ``and'' at the end;
            (2) in paragraph (2), by striking the period at the end and 
        inserting ``; and''; and
            (3) by adding at the end the following:
            ``(3) shall make available, in all of its life insurance 
        policies issued after the date of enactment of this paragraph, 
        under which the insured person is a citizen of the United 
        States or an alien lawfully admitted for permanent residence in 
        the United States, coverage that neither considers past, nor 
        precludes future, lawful foreign travel by the person insured, 
        and shall not decline such coverage based on past or future, 
        lawful foreign travel by the person insured or charge a premium 
        for such coverage that is excessive and not based on a good 
        faith actuarial analysis, except that an insurer may decline 
        or, upon inception or renewal of a policy, limit the amount of 
        coverage provided under any life insurance policy based on 
        plans to engage in future lawful foreign travel to occur within 
        12 months of such inception or renewal of the policy, but only 
        if, at time of application--
                    ``(A) such declination is based on, or such 
                limitation applies only with respect to, travel to a 
                foreign destination--
                            ``(i) for which the Director of the Centers 
                        for Disease Control and Prevention of the 
                        Department of Health and Human Services has 
                        issued a highest level alert or warning, 
                        including a recommendation against non-
                        essential travel, due to a serious health-
                        related condition;
                            ``(ii) in which there is an ongoing 
                        military conflict involving the armed forces of 
                        a sovereign nation other than the nation to 
                        which the insured person is traveling; or
                            ``(iii)(I) that the insurer has 
                        specifically designated in the terms of the 
                        life insurance policy at the inception of the 
                        policy or at renewal, as applicable; and
                            ``(II) with respect to which the insurer 
                        has made a good faith determination that--
                                    ``(aa) a serious unlawful situation 
                                exists which is ongoing; and
                                    ``(bb) the credibility of 
                                information by which the insurer can 
                                verify the death of the insured person 
                                is compromised; and
                    ``(B) in the case of any limitation of coverage, 
                such limitation is specifically stated in the terms of 
                the life insurance policy at the inception of the 
                policy or at renewal, as applicable.''.
                                 <all>