[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2244 Introduced in Senate (IS)]

113th CONGRESS
  2d Session
                                S. 2244

   To extend the termination date of the Terrorism Insurance Program 
  established under the Terrorism Risk Insurance Act of 2002, and for 
                            other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 10, 2014

 Mr. 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 Affairs

_______________________________________________________________________

                                 A BILL


 
   To extend the termination date of the Terrorism Insurance Program 
  established under the Terrorism Risk Insurance Act of 2002, 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 ``Terrorism Risk Insurance Program 
Reauthorization Act of 2014''.

SEC. 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''.

SEC. 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''.

SEC. 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''.

SEC. 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''.
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