II 110th CONGRESS 1st Session S. 1865 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.

1.

Short title

This Act may be cited as the Life Insurance Fairness for Travelers Act of 2007.

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. .