[Congressional Record Volume 148, Number 80 (Monday, June 17, 2002)]
[Senate]
[Pages S5635-S5641]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEST OF AMENDMENTS

  SA 3850. Mr. McCONNELL submitted an amendment intended to be proposed 
by him to the bill S. 2600, to ensure the continued financial capacity 
of insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 30, after line 17, insert the following:
       (f) Limitations on Damages and Attorneys' Fees.--In any 
     action brought under subsection (a), reasonable attorneys' 
     fees for work performed shall be subject to the discretion of 
     the court, but in no event shall any attorney charge, demand, 
     receive, or collect for services rendered, fees or 
     compensation in an amount in excess of 25 percent of the 
     damages ordered by the court to be paid under this section, 
     or in excess of 20 percent of any court-approved settlement 
     made of any claim cognizable under this section, and any 
     attorney who charges, demands, receives, or collects for 
     services rendered in connection with such claim any amount in 
     excess of that allowed under this section, if recovery be 
     had, shall be fined not more than $2,000 or imprisoned not 
     more than 1 year, or both.
                                  ____

  SA 3851. Mr. LEAHY (for himself and Mr. Jeffords) submitted an 
amendment intended to be proposed by him to the bill S. 2600, to ensure 
the continued financial capacity of insurers to provide coverage for 
risks from terrorism; which was ordered to lie on the table; as follow:

       On page 14, line 9, insert before ``but'' the following: 
     ``or that had an application pending under applicable State 
     law on September 11, 2001,''.
                                  ____

  SA 3852. Mr. NELSON of Florida submitted an amendment intended to be 
proposed by him to the bill S. 2600, to ensure the continued financial 
capacity of insurers to provide coverage for risks from terrorism; 
which was ordered to lie on the table; as follows:

       On page 30, after line 17, add the following:

              TITLE __--HOLOCAUST VICTIMS INSURANCE RELIEF

     SEC. __01. SHORT TITLE.

       This title may be cited as the ``Holocaust Victims 
     Insurance Relief Act of 2002''.

     SEC. __02. FINDINGS AND PURPOSE.

       (a) Findings.--Congress finds the following:
       (1) The Holocaust, including the murder of 6,000,000 
     European Jews, the systematic destruction of families and 
     communities, and the wholesale theft of their assets, was one 
     of the most tragic crimes in modern history.
       (2) When Holocaust survivors or heirs of Holocaust victims 
     presented claims to insurance companies after World War II, 
     many were rejected because the claimants did not have death 
     certificates or physical possession of policy documents that 
     had been confiscated by the Nazis.
       (3) In many instances, insurance company records are the 
     only proof of the existence of insurance policies belonging 
     to Holocaust victims.
       (4) Holocaust survivors and their descendants have been 
     fighting for decades to persuade insurance companies to 
     settle unpaid insurance claims.
       (5) In 1998, the International Commission on Holocaust Era 
     Insurance Claims (in this section referred to as the 
     ``ICHEIC'') was established by the National Association of 
     Insurance Commissioners in cooperation with several European 
     insurance companies, European regulators, representatives of 
     international Jewish organizations, and the State of Israel, 
     to expeditiously address the issue of unpaid insurance 
     policies issued to Holocaust victims.
       (6) On July 17, 2000, the United States and Germany signed 
     an Executive Agreement in support of the German Foundation 
     ``Remembrance, Responsibility, and the Future'', which 
     designated the ICHEIC to resolve all insurance claims that 
     were not paid or were nationalized during the Nazi era.
       (7) The ICHEIC will not accept claims applications received 
     after September 30, 2002.
       (8) Three years into the process of addressing the issue of 
     unpaid insurance policies, companies continue to withhold 
     thousands of names on dormant accounts.
       (9) As of June 15, 2001, more than 84 percent of the 72,675 
     claims applications filed with the ICHEIC remained idle 
     because the claimants could not identify the company holding 
     the policy.
       (10) Insurance companies doing business in the United 
     States have a responsibility to ensure the disclosure of 
     insurance policies of Holocaust victims that they or their 
     related companies may have issued, to facilitate the rapid 
     resolution of questions concerning these policies, and to 
     eliminate the further victimization of policyholders and 
     their families.
       (11) State legislatures in California, Florida, New York, 
     Minnesota, Washington, and elsewhere have been challenged in 
     efforts to implement laws that restrict the ability of 
     insurers to engage in business transactions in those States 
     until the insurers publish the names of Holocaust-era 
     policyholders.
       (b) Purpose.--The purpose of this title is to provide 
     information about Holocaust-era insurance policies to 
     Holocaust victims and their heirs and beneficiaries to enable 
     them to expeditiously file their rightful claims under the 
     policies.

     SEC. __03. HOLOCAUST INSURANCE REGISTRY.

       (a) Establishment and Maintenance.--Chapter 21 of title 44, 
     United States Code, is amended by adding at the end the 
     following:

     ``Sec. 2119. Holocaust Insurance Registry

       ``(a) Establishment.--The Archivist shall establish and 
     maintain a collection of records that shall--
       ``(1) be known as the Holocaust Insurance Registry; and
       ``(2) consist of the information provided to the Archivist 
     under section __05 of the Holocaust Victims Insurance Relief 
     Act of 2002.
       ``(b) Public Accessibility.--The Archivist shall make all 
     such information publicly accessible and searchable by means 
     of the Internet and by any other means the Archivist deems 
     appropriate.''.
       (b) Clerical Amendment.--The table of sections at the 
     beginning of chapter 21 of title 44, United States Code, is 
     amended by adding at the end the following:

``2119. Holocaust Insurance Registry.''.

     SEC. __04. FULL DISCLOSURE OF HOLOCAUST-ERA POLICIES BY 
                   INSURERS.

       (a) Requirement.--In accordance with subsection (b), an 
     insurer shall file a report with the Secretary of the 
     Treasury and the Secretary of State that contains the 
     following information:
       (1) The first name, last name, date of birth, and domicile 
     of the policyholder of each covered policy issued by the 
     insurer or a related company of the insurer.
       (2) The name of the entity that issued the covered policy.
       (3) The name of the entity that is responsible for the 
     liabilities of the entity that issued the covered policy.
       (4) The extent to which claims made under each covered 
     policy have been paid.
       (b) Proper Filing.--A filing under subsection (a) shall be 
     made not later than the earlier of 30 days after the date of 
     the enactment of this Act or September 1, 2002, in an 
     electronic format approved jointly by the Archivist of the 
     United States and the Secretary of the Treasury.

     SEC. __05. PROVISION OF INFORMATION TO ARCHIVIST.

       The Secretary of the Treasury shall provide to the 
     Archivist of the United States any information filed with the 
     Secretary under section __04(a) promptly after the filing of 
     such information.

     SEC. __06. PENALTY.

       The Secretary of the Treasury shall assess a civil penalty 
     of not less than $5,000 for each day that an insurer fails to 
     comply with the requirements of section __04, as determined 
     by the Secretary.

     SEC. __07. USE OF AMOUNTS RECEIVED AS CIVIL PENALTIES.

       To the extent or in the amounts provided in advance in 
     appropriation Acts, the Archivist of the United States may 
     use amounts received by the Government as civil penalties 
     under section __06 to maintain the Holocaust Insurance 
     Registry.

     SEC. __08. NOTIFICATION.

       (a) Initial Notification.--Not later than 60 days after the 
     date of enactment of this Act and periodically thereafter, 
     the Secretary of the Treasury shall notify the commissioner 
     of insurance of each State of the identity of each insurer 
     that has failed to comply with the requirements of section 
     __04 or has not satisfied any civil penalty for which the 
     insurer is liable under section __06.
       (b) Requests by States.--On request by the commissioner of 
     insurance of a State concerning an insurer operating in that 
     State, the Secretary of the Treasury shall inform the 
     commissioner of insurance whether the insurer has failed to 
     comply with the requirements of section __04 or has not 
     satisfied any civil penalty for which the insurer is liable 
     under section __06.

     SEC. __09. STATE HOLOCAUST CLAIMS REPORTING STATUTES.

       (a) Preemption.--Nothing in this Act preempts the right of 
     any State to adopt or enforce any State law requiring an 
     insurer to disclose information regarding insurance policies 
     that may have been confiscated or stolen from victims of Nazi 
     persecution.
       (b) Sense of Congress.--It is the sense of Congress that--
       (1) if any litigation challenging any State law described 
     in subsection (a) is dismissed because the commissioner of 
     insurance of the State chooses to rely on this Act and no 
     longer seeks to enforce the State law, each party should bear 
     its own legal fees and costs; and
       (2) ICHEIC should extend its deadline for accepting 
     applications to resolve unpaid claims against covered 
     policies until January 1, 2003.

     SEC. __10. DEFINITIONS.

       In this Act:
       (1) Commissioner of insurance.--The term ``commissioner of 
     insurance'' means the

[[Page S5636]]

     highest ranking officer of a State responsible for regulating 
     insurance.
       (2) Covered policy.--The term ``covered policy'' means any 
     life, dowry, education, or property insurance policy that 
     was--
       (A) in effect at any time after January 30, 1933, and 
     before December 31, 1945; and
       (B) issued to a policyholder domiciled in any area of the 
     European Continent that was occupied or controlled by Nazi 
     Germany or by any ally or sympathizer of Nazi Germany at any 
     time during the period described in subparagraph (A).
       (3) Insurer.--The term ``insurer'' means any person engaged 
     in the business of insurance in United States interstate or 
     foreign commerce, if the person or a related company of the 
     person issued a covered policy, regardless of when the 
     related company became a related company of the insurer.
       (4) Related company.--The term ``related company'' means an 
     affiliate, as that term is defined in section 104(g) of the 
     Gramm-Leach-Bliley Act.
                                  ____

  SA 3853. Mr. FITZGERALD submitted an amendment intended to be 
proposed by him to the bill S. 2600, to ensure the continued financial 
capacity of insurers to provide coverage for risks from terrorism; 
which was ordered to lie on the table; as follows:

       On page 9, line 5, strike ``21'' and insert ``28''.
                                  ____

  SA 3854. Mr. FITZGERALD submitted an amendment intended to be 
proposed by him to the bill S. 2600, to ensure the continued financial 
capacity of insurers to provide coverage for risks from terrorism; 
which was ordered to lie on the table; as follows:

       On page 9, line 5, strike ``21'' and insert ``25''.
                                  ____

  SA 3855. Mr. FITZGERALD submitted an amendment intended to be 
proposed by him to the bill S. 2600, to ensure the continued financial 
capacity of insurers to provide coverage for risks from terrorism; 
which was ordered to lie on the table; as follows:

       On page 9, line 5, strike ``21'' and insert ``29''.
                                  ____

  SA 3856. Mr. FITZGERALD submitted an amendment intended to be 
proposed by him to the bill S. 2600, to ensure the continued financial 
capacity of insurers to provide coverage for risks from terrorism; 
which was ordered to lie on the table; as follows:

       On page 9, line 5, strike ``21'' and insert ``30''.
                                  ____

  SA 3857. Mr. FITZGERALD submitted an amendment intended to be 
proposed by him to the bill S. 2600, to ensure the continued financial 
capacity of insurers to provide coverage for risks from terrorism; 
which was ordered to lie on the table; as follows:

       On page 9, line 5, strike ``21'' and insert ``27''.
                                  ____

  SA 3858. Mrs. BOXER submitted an amendment intended to be proposed by 
her to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 27, strike lines 9 through 20 and insert the 
     following:

       ``Act; and
       ``(B) during the period beginning on the''.
                                  ____

  SA 3859. Mrs. BOXER submitted an amendment intended to be proposed by 
her to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 27, lines 14 and 15, strike ``prior approval or''.
                                  ____

  SA 3860. Mrs. BOXER submitted an amendment intended to be proposed by 
her to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 27, lines 14 and 15, strike ``to prior approval or 
     a waiting period'' and insert ``to a waiting period greater 
     than 60 days''.
                                  ____

  SA 3861. Mrs. BOXER submitted an amendment intended to be proposed by 
her to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 27, lines 14 and 15, strike ``to prior approval or 
     a waiting period'' and insert ``to a waiting period of 
     excessive duration''.
                                  ____

  SA 3862. Mr. SPECTER submitted an amendment intended to be proposed 
by him to the bill S. 2600, to ensure the continued financial capacity 
of insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 29, strike line 1 and all that follows through page 
     30, line 17, and insert the following:

     SEC. 10. PROCEDURES FOR CIVIL ACTIONS.

       (a) Federal Cause of Action.--
       (1) In general.--There shall exist a Federal cause of 
     action for claims arising out of or resulting from an act of 
     terrorism, which shall be the exclusive cause of action and 
     remedy for such claims, except as provided in subsection (f).
       (2) Preemption of state actions.--All State causes of 
     action of any kind for claims arising out of or resulting 
     from an act of terrorism that are otherwise available under 
     State law, are hereby preempted, except as provided in 
     subsection (f).
       (b) Governing Law.--The substantive law for decision in an 
     action described in subsection (a)(1) shall be derived from 
     the law, including applicable choice of law principles, of 
     the State in which the act of terrorism giving rise to the 
     action occurred, except to the extent that--
       (1) the law, including choice of law principles, of another 
     State is determined to be applicable to the action by the 
     district court hearing the action; or
       (2) otherwise applicable State law (including that 
     determined under paragraph (1), is inconsistent with or 
     otherwise preempted by Federal law.
       (c) Federal Jurisdiction.--
       (1) In general.--Notwithstanding any other provision of 
     law, not later than 90 days after the date of the occurrence 
     of an act of terrorism, the Judicial Panel on Multidistrict 
     Litigation shall assign a single Federal district court to 
     conduct pretrial and trial proceedings in all pending and 
     future civil actions for claims arising out of or resulting 
     from that act of terrorism.
       (2) Selection criteria.--The Judicial Panel on 
     Multidistrict Litigation shall select and assign the district 
     court under paragraph (1) based on the convenience of the 
     parties and the just and efficient conduct of the 
     proceedings.
       (3) Jurisdiction.--The district court assigned by the 
     Judicial Panel on Multidistrict Litigation shall have 
     original and exclusive jurisdiction over all actions under 
     paragraph (1). For purposes of personal jurisdiction, the 
     district court assigned by the Judicial Panel on 
     Multidistrict Litigation shall be deemed to sit in all 
     judicial districts in the United States.
       (4) Transfer of cases filed in other federal courts.--Any 
     civil action for claims arising out of or resulting from an 
     act of terrorism that is filed in a Federal district court 
     other than the Federal district court assigned by the 
     Judicial Panel on Multidistrict Litigation under paragraph 
     (1) shall be transferred to the Federal district court so 
     assigned.
       (5) Removal of cases filed in state courts.--Any civil 
     action for claims arising out of or resulting from an act of 
     terrorism that is filed in a State court shall be removable 
     to the Federal district court assigned by the Judicial Panel 
     on Multidistrict Litigation under paragraph (1).
       (d) Approval of Settlements.--Any settlement between the 
     parties of a civil action described in this section for 
     claims arising out of or resulting from an act of terrorism 
     shall be subject to prior approval by the Secretary after 
     consultation by the Secretary with the Attorney General.
       (e) Limitation on Damages.--
       (1) In general.--Punitive or exemplary damages shall not be 
     available for any losses in any action described in 
     subsection (a)(1), including any settlement described in 
     subsection (d), except where--
       (A) punitive or exemplary damages are permitted by 
     applicable State law; and
       (B) the harm to the plaintiff was caused by a criminal act 
     or course of conduct for which the defendant was convicted 
     under Federal or State criminal law, including a conviction 
     based on a guilty pea or plea of nolo contendere.
     Conviction under subparagraph (B) shall establish liability 
     for punitive or exemplary damages resulting from the harm 
     referred to in subparagraph (B) and the assessment of such 
     damages shall be determined in a civil lawsuit.
       (2) Protection of taxpayer funds.--Any amounts awarded in, 
     or granted in settlement of, an action described in 
     subsection (a)(1) that are attributable to punitive or 
     exemplary damages allowable under paragraph (1) of this 
     subsection shall not count as insured losses for purposes of 
     this Act.
       (f) Claims Against Terrorists.--Nothing in this section 
     shall in any way be construed to limit the ability of any 
     plaintiff to seek any form of recovery from any person, 
     government, or other entity that was a participant in, or 
     aider and abettor of, any act of terrorism.
       (g) Effective Period.--This section shall apply only to 
     actions described in subsection (a)(1) arising out of or 
     resulting from acts of terrorism that occur during the 
     effective period of the Program, including any applicable 
     extension period.

     SEC. 11. CRIMINAL OFFENSE FOR AIDING OR FACILITATING A 
                   TERRORIST INCIDENT.

       (a) In General.--Chapter 113B of title 18, United States 
     Code, is amended by adding at the end the following:

     ``Sec. 2339C. Aiding and facilitating a terrorist incident

       ``(a) Offense.--Whoever, acting with willful and malicious 
     disregard for the life or

[[Page S5637]]

     safety of others, by such action leads to, aggravates, or is 
     a cause of property damage, personal injury, or death 
     resulting from an act of terrorism as defined in section 3 of 
     the Terrorism Risk Insurance Act of 2002 shall be subject to 
     a fine not more than $10,000,000 or imprisoned not more than 
     15 years, or both.
       ``(b) Private Right of Action.--Any person may request the 
     Attorney General to initiate a criminal prosecution pursuant 
     to subsection (a). In the event the Attorney General refuses, 
     or fails to initiate such a criminal prosecution within 90 
     days after receiving a request, upon petition by any person, 
     the appropriate United States District Court shall appoint an 
     Assistant United States attorney pro tempore to prosecute an 
     offense described in subsection (a) if the court finds that 
     the Attorney General abused his or her discretion by failing 
     to prosecute.''.
       (b) Chapter Analysis.--The chapter analysis for chapter 
     113B of title 18, United States Code, is amended by adding at 
     the end the following:

``2399C. Aiding and facilitating a terrorist incident.'.
                                  ____

  SA 3863. Mr. GRAMM submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       Beginning on page 9, line 13, strike all through page 16, 
     line 9, and insert in lieu thereof the following:
       (7) Person.--The term ``person'' means any individual, 
     business or nonprofit entity (including those organized in 
     the form of a partnership, limited liability company, 
     corporation, or association), trust or estate, or a State or 
     political subdivision of a State or other governmental unit.
       (8) Program.--The term ``Program'' means the Terrorism 
     Insured Loss Shared Compensation Program established by this 
     Act.
       (9) Property and casualty insurance.--The term ``property 
     and casualty insurance''--
       (A) means commercial lines of property and casualty 
     insurance;
       (B) includes personal lines of property and casualty 
     insurance, if a notification is made in accordance with 
     paragraph (6)(B); and
       (C) does not include--
       (i) Federal crop insurance issued or reinsured under the 
     Federal Crop Insurance Act (7 U.S.C. 1501 et seq.); or
       (ii) private mortgage insurance, as that term is defined in 
     section 2 of the Homeowners Protection Act of 1998 (12 U.S.C. 
     4901).
       (10) Secretary.--The term ``Secretary'' means the Secretary 
     of the Treasury.
       (11) State.--The term ``State'' means any State of the 
     United States, the District of Columbia, the Commonwealth of 
     Puerto Rico, the Commonwealth of the Northern Mariana 
     Islands, American Samoa, Guam, and each of the United States 
     Virgin Islands.
       (12) United states.--The term ``United States'' means all 
     States of the United States.

     SEC. 4. TERRORISM INSURED LOSS SHARED COMPENSATION PROGRAM.

       (a) Establishment of Program.--
       (1) In general.--There is established in the Department of 
     the Treasury the Terrorism Insured Loss Shared Compensation 
     Program.
       (2) Authority of the secretary.--Notwithstanding any other 
     provision of State or Federal law, the Secretary shall 
     administer the Program, and shall pay the Federal share of 
     compensation for insured losses in accordance with subsection 
     (e).
       (b) Conditions for Federal Payments.--No payment may be 
     made by the Secretary under subsection (e), unless--
       (1) a person that suffers an insured loss, or a person 
     acting on behalf of that person, files a claim with a 
     participating insurance company;
       (2) the participating insurance company provides clear and 
     conspicuous disclosure to the policyholder of the premium 
     charged for insured losses covered by the Program and the 
     Federal share of compensation for insured losses under the 
     Program--
       (A) in the case of any policy covering an insured loss that 
     is issued on or after the date of enactment of this Act, in 
     the policy, at the time of offer, purchase, and renewal of 
     the policy; and
       (B) in the case of any policy that is issued before the 
     date of enactment of this Act, not later than 90 days after 
     that date of enactment;
       (3) the participating insurance company processes the claim 
     for the insured loss in accordance with its standard business 
     practices, and any reasonable procedures that the Secretary 
     may prescribe; and
       (4) the participating insurance company submits to the 
     Secretary, in accordance with such reasonable procedures as 
     the Secretary may establish--
       (A) a claim for payment of the Federal share of 
     compensation for insured losses under the Program;
       (B) written verification and certification--
       (i) of the underlying claim; and
       (ii) of all payments made for insured losses; and
       (C) certification of its compliance with the provisions of 
     this subsection.
       (c) Mandatory Participation; Mandatory Availability.--Each 
     insurance company that meets the definition of a 
     participating insurance company under section 3--
       (1) shall participate in the Program;
       (2) shall make available in all of its property and 
     casualty insurance policies (in all of its participating 
     lines), coverage for insured losses; and
       (3) shall make available property and casualty insurance 
     coverage for insured losses that does not differ materially 
     from the terms, amounts, and other coverage limitations 
     applicable to losses arising from events other than acts of 
     terrorism.
       (d) Participation by Self Insured Entities.--
       (1) Determination by the secretary.--The Secretary may, in 
     consultation with the NAIC, establish procedures to allow 
     participation in the Program by municipalities and other 
     governmental or quasi-governmental entities (and by any other 
     entity, as the Secretary deems appropriate) operating through 
     self insurance arrangements that were in existence on 
     September 11, 2001, but only if the Secretary makes a 
     determination with regard to participation by any such entity 
     before the occurrence of an act of terrorism in which the 
     entity incurs an insured loss.
       (2) Participation.--If the Secretary makes a determination 
     to allow an entity described in paragraph (1) to participate 
     in the Program, all reports, conditions, requirements, and 
     standards established by this Act for participating insurance 
     companies shall apply to any such entity, as determined to be 
     appropriate by the Secretary.
       (e) Shared Insurance Loss Coverage.--
       (1) Federal share.--
       (A) In general.--Subject to the cap on liability under 
     paragraph (2) and the limitation under paragraph (6), the 
     Federal share of compensation under the Program to be paid by 
     the Secretary for insured losses resulting from an act of 
     terrorism occurring during the period beginning on the date 
     of enactment of this Act and ending at midnight on December 
     31, 2002, shall be equal to 90 percent of that portion of the 
     amount of aggregate insured losses that exceeds 
     $10,000,000,000.
       (B) Extension period.--If the Program is extended in 
     accordance with section 6, the Federal share of compensation 
     under the Program to be paid by the Secretary for insured 
     losses resulting from an act of terrorism occurring during 
     the period beginning on January 1, 2003 and ending at 
     midnight on December 31, 2003, shall be equal to 90 percent 
     of that portion of the amount of aggregate insured losses 
     that exceeds $20,000,000,000, subject to the cap on liability 
     in paragraph (2) and the limitation under paragraph (6).
                                  ____

  SA 3864. Mr. GRAMM submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       Beginning on page 9, line 13, strike all line 9 on page 16, 
     and insert in lieu thereof the following:
       (7) Person.--The term ``person'' means any individual, 
     business or nonprofit entity (including those organized in 
     the form of a partnership, limited liability company, 
     corporation, or association), trust or estate, or a State or 
     political subdivision of a State or other governmental unit.
       (8) Program.--The term ``Program'' means the Terrorism 
     Insured Loss Shared Compensation Program established by this 
     Act.
       (9) Property and casualty insurance.--The term ``property 
     and casualty insurance''--
       (A) means commercial lines of property and casualty 
     insurance;
       (B) includes personal lines of property and casualty 
     insurance, if a notification is made in accordance with 
     paragraph (6)(B); and
       (C) does not include--
       (i) Federal crop insurance issued or reinsured under the 
     Federal Crop Insurance Act (7 U.S.C. 1501 et seq.); or
       (ii) private mortgage insurance, as that term is defined in 
     section 2 of the Homeowners Protection Act of 1998 (12 U.S.C. 
     4901).
       (10) Secretary.--The term ``Secretary'' means the Secretary 
     of the Treasury.
       (11) State.--The term ``State'' means any State of the 
     United States, the District of Columbia, the Commonwealth of 
     Puerto Rico, the Commonwealth of the Northern Mariana 
     Islands, American Samoa, Guam, and each of the United States 
     Virgin Islands.
       (12) United states.--The term ``United States'' means all 
     States of the United States.

     SEC. 4. TERRORISM INSURED LOSS SHARED COMPENSATION PROGRAM.

       (a) Establishment of Program.--
       (1) In general.--There is established in the Department of 
     the Treasury the Terrorism Insured Loss Shared Compensation 
     Program.
       (2) Authority of the secretary.--Notwithstanding any other 
     provision of State or Federal law, the Secretary shall 
     administer the Program, and shall pay the Federal share of 
     compensation for insured losses in accordance with subsection 
     (e).
       (b) Conditions for Federal Payments.--No payment may be 
     made by the Secretary under subsection (e), unless--
       (1) a person that suffers an insured loss, or a person 
     acting on behalf of that person, files a claim with a 
     participating insurance company;
       (2) the participating insurance company provides clear and 
     conspicuous disclosure to the policyholder of the premium 
     charged for insured losses covered by the Program and the 
     Federal share of compensation for insured losses under the 
     Program--

[[Page S5638]]

       (A) in the case of any policy covering an insured loss that 
     is issued on or after the date of enactment of this Act, in 
     the policy, at the time of offer, purchase, and renewal of 
     the policy; and
       (B) in the case of any policy that is issued before the 
     date of enactment of this Act, not later than 90 days after 
     that date of enactment;
       (3) the participating insurance company processes the claim 
     for the insured loss in accordance with its standard business 
     practices, and any reasonable procedures that the Secretary 
     may prescribe; and
       (4) the participating insurance company submits to the 
     Secretary, in accordance with such reasonable procedures as 
     the Secretary may establish--
       (A) a claim for payment of the Federal share of 
     compensation for insured losses under the Program;
       (B) written verification and certification--
       (i) of the underlying claim; and
       (ii) of all payments made for insured losses; and
       (C) certification of its compliance with the provisions of 
     this subsection.
       (c) Mandatory Participation; Mandatory Availability.--Each 
     insurance company that meets the definition of a 
     participating insurance company under section 3--
       (1) shall participate in the Program;
       (2) shall make available in all of its property and 
     casualty insurance policies (in all of its participating 
     lines), coverage for insured losses; and
       (3) shall make available property and casualty insurance 
     coverage for insured losses that does not differ materially 
     from the terms, amounts, and other coverage limitations 
     applicable to losses arising from events other than acts of 
     terrorism.
       (d) Participation by Self Insured Entities.--
       (1) Determination by the secretary.--The Secretary may, in 
     consultation with the NAIC, establish procedures to allow 
     participation in the Program by municipalities and other 
     governmental or quasi-governmental entities (and by any other 
     entity, as the Secretary deems appropriate) operating through 
     self insurance arrangements that were in existence on 
     September 11, 2001, but only if the Secretary makes a 
     determination with regard to participation by any such entity 
     before the occurrence of an act of terrorism in which the 
     entity incurs an insured loss.
       (2) Participation.--If the Secretary makes a determination 
     to allow an entity described in paragraph (1) to participate 
     in the Program, all reports, conditions, requirements, and 
     standards established by this Act for participating insurance 
     companies shall apply to any such entity, as determined to be 
     appropriate by the Secretary.
       (e) Shared Insurance Loss Coverage.--
       (1) Federal share.--
       (A) In general.--Subject to the cap on liability under 
     paragraph (2) and the limitation under paragraph (6), the 
     Federal share of compensation under the Program to be paid by 
     the Secretary for insured losses resulting from an act of 
     terrorism occurring during the period beginning on the date 
     of enactment of this Act and ending at midnight on December 
     31, 2002, shall be equal to 90 percent of that portion of the 
     amount of aggregate insured losses that exceeds 
     $10,000,000,000.
       (B) Extension period.--If the Program is extended in 
     accordance with section 6, the Federal share of compensation 
     under the Program to be paid by the Secretary for insured 
     losses resulting from an act of terrorism occurring during 
     the period beginning on January 1, 2003 and ending at 
     midnight on December 31, 2003, shall be equal to 90 percent 
     of that portion of the amount of aggregate insured losses 
     that exceeds $10,000,000,000, subject to the cap on liability 
     in paragraph (2) and the limitation under paragraph (6).
                                  ____

  SA 3865. Mr. GRAMM submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 8, strike lines 13 though line 4 on page 10, and 
     re-number the paragraphs accordingly.
       On page 15, strike lines 5 though line 9 on page 16, and 
     insert in lieu thereof the following:

     ``2002, shall be equal to 90 percent of that portion of the 
     amount of aggregate insured losses that exceeds 
     $10,000,000,000.
       ``(B) Extension period.--If the Program is extended in 
     accordance with section 6, the Federal share of compensation 
     under the Program to be paid by the Secretary for insured 
     losses resulting from an act of terrorism occurring during 
     the period beginning on January 1, 2003 and ending at 
     midnight on December 31, 2003, shall be equal to 90 percent 
     of that portion of the amount of aggregate insured losses 
     that exceeds $10,000,000,000, subject to the cap on liability 
     in paragraph (2) and the limitation under paragraph (6).''.
                                  ____

  SA 3866. Mr. GRAMM submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 9, strike lines 13 through line 4 on page 10, and 
     insert in lieu thereof the following:
       ``(7) Participating insurance company deductible.--The term 
     ``participating insurance company deductible'' means a 
     participating insurance company's market share, multiplied by 
     $10,000,000,000, with respect to insured losses resulting 
     from an act of terrorism occurring during the period 
     beginning on the date of enactment of this Act and ending at 
     midnight on December 31, 2002.''.
       On page 16, strike lines 6 though 9, and insert in lieu 
     thereof the following:

     ``2003, shall be equal to 90 percent of that portion of the 
     amount of aggregate insured losses that exceeds 
     $10,000,000,000, subject to the cap on liability in paragraph 
     (2) and the limitation under paragraph (6).''.
                                  ____

  SA 3867. Mr. GRAMM submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       Beginning on page 9, line 13, strike all through page 16, 
     line 9, and insert in lieu thereof the following:
       (7) Participating insurance company deductible.--The term 
     ``participating insurance company deductible'' means a 
     participating insurance company's market share, multiplied by 
     $10,000,000,000, with respect to insured losses resulting 
     from an act of terrorism occurring during the period 
     beginning on the date of enactment of this Act and ending at 
     midnight on December 31, 2002.
       (8) Person.--The term ``person'' means any individual, 
     business or nonprofit entity (including those organized in 
     the form of a partnership, limited liability company, 
     corporation, or association), trust or estate, or a State or 
     political subdivision of a State or other governmental unit.
       (9) Program.--The term ``Program'' means the Terrorism 
     Insured Loss Shared Compensation Program established by this 
     Act.
       (10) Property and casualty insurance.--The term ``property 
     and casualty insurance''--
       (A) means commercial lines of property and casualty 
     insurance;
       (B) includes personal lines of property and casualty 
     insurance, if a notification is made in accordance with 
     paragraph (6)(B); and
       (C) does not include--
       (i) Federal crop insurance issued or reinsured under the 
     Federal Crop Insurance Act (7 U.S.C. 1501 et seq.); or
       (ii) private mortgage insurance, as that term is defined in 
     section 2 of the Homeowners Protection Act of 1998 (12 U.S.C. 
     4901).
       (11) Secretary.--The term ``Secretary'' means the Secretary 
     of the Treasury.
       (12) State.--The term ``State'' means any State of the 
     United States, the District of Columbia, the Commonwealth of 
     Puerto Rico, the Commonwealth of the Northern Mariana 
     Islands, American Samoa, Guam, and each of the United States 
     Virgin Islands.
       (13) United states.--The term ``United States'' means all 
     States of the United States.

     SEC. 4. TERRORISM INSURED LOSS SHARED COMPENSATION PROGRAM.

       (a) Establishment of Program.--
       (1) In general.--There is established in the Department of 
     the Treasury the Terrorism Insured Loss Shared Compensation 
     Program.
       (2) Authority of the secretary.--Notwithstanding any other 
     provision of State or Federal law, the Secretary shall 
     administer the Program, and shall pay the Federal share of 
     compensation for insured losses in accordance with subsection 
     (e).
       (b) Conditions for Federal Payments.--No payment may be 
     made by the Secretary under subsection (e), unless--
       (1) a person that suffers an insured loss, or a person 
     acting on behalf of that person, files a claim with a 
     participating insurance company;
       (2) the participating insurance company provides clear and 
     conspicuous disclosure to the policyholder of the premium 
     charged for insured losses covered by the Program and the 
     Federal share of compensation for insured losses under the 
     Program--
       (A) in the case of any policy covering an insured loss that 
     is issued on or after the date of enactment of this Act, in 
     the policy, at the time of offer, purchase, and renewal of 
     the policy; and
       (B) in the case of any policy that is issued before the 
     date of enactment of this Act, not later than 90 days after 
     that date of enactment;
       (3) the participating insurance company processes the claim 
     for the insured loss in accordance with its standard business 
     practices, and any reasonable procedures that the Secretary 
     may prescribe; and
       (4) the participating insurance company submits to the 
     Secretary, in accordance with such reasonable procedures as 
     the Secretary may establish--
       (A) a claim for payment of the Federal share of 
     compensation for insured losses under the Program;
       (B) written verification and certification--
       (i) of the underlying claim; and
       (ii) of all payments made for insured losses; and
       (C) certification of its compliance with the provisions of 
     this subsection.
       (c) Mandatory Participation; Mandatory Availability.--Each 
     insurance company

[[Page S5639]]

     that meets the definition of a participating insurance 
     company under section 3--
       (1) shall participate in the Program;
       (2) shall make available in all of its property and 
     casualty insurance policies (in all of its participating 
     lines), coverage for insured losses; and
       (3) shall make available property and casualty insurance 
     coverage for insured losses that does not differ materially 
     from the terms, amounts, and other coverage limitations 
     applicable to losses arising from events other than acts of 
     terrorism.
       (d) Participation by Self Insured Entities.--
       (1) Determination by the secretary.--The Secretary may, in 
     consultation with the NAIC, establish procedures to allow 
     participation in the Program by municipalities and other 
     governmental or quasi-governmental entities (and by any other 
     entity, as the Secretary deems appropriate) operating through 
     self insurance arrangements that were in existence on 
     September 11, 2001, but only if the Secretary makes a 
     determination with regard to participation by any such entity 
     before the occurrence of an act of terrorism in which the 
     entity incurs an insured loss.
       (2) Participation.--If the Secretary makes a determination 
     to allow an entity described in paragraph (1) to participate 
     in the Program, all reports, conditions, requirements, and 
     standards established by this Act for participating insurance 
     companies shall apply to any such entity, as determined to be 
     appropriate by the Secretary.
       (e) Shared Insurance Loss Coverage.--
       (1) Federal share.--
       (A) In general.--Subject to the cap on liability under 
     paragraph (2) and the limitation under paragraph (6), the 
     Federal share of compensation under the Program to be paid by 
     the Secretary for insured losses resulting from an act of 
     terrorism occurring during the period beginning on the date 
     of enactment of this Act and ending at midnight on December 
     31, 2002--
       (i) shall be equal to 80 percent of that portion of the 
     amount of aggregate insured losses that--

       (I) exceeds the participating insurance company deductibles 
     required to be paid for those insured losses; and
       (II) does not exceed $10,000,000,000; and

       (ii) shall be equal to 90 percent of that portion of the 
     amount of aggregate insured losses that--

       (I) exceeds the participating insurance company deductibles 
     required to be paid for those insured losses; and
       (II) exceeds $10,000,000,000.

       (B) Extension period.--If the Program is extended in 
     accordance with section 6, the Federal share of compensation 
     under the Program to be paid by the Secretary for insured 
     losses resulting from an act of terrorism occurring during 
     the period beginning on January 1, 2003 and ending at 
     midnight on December 31, 2003, shall be equal to 90 
     percent of that portion of the amount of aggregate losses 
     that exceeds $10,000,000,000, subject to the cap on 
     liability in paragraph (2) and the limitation under 
     paragraph (6).
                                  ____

  SA 3868. Mr. GRAMM submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 9, strike lines 13 through line 4 on page 10, and 
     re-number the paragraphs accordingly.
       On page 15, strike lines 6 through line 9 on page 16 and 
     insert in lieu thereof the following:

     ``2002, shall be equal to 90 percent of that portion of the 
     amount of aggregate insured losses that exceeds 
     $10,000,000,000.
       ``(B) Extension period.--If the Program is extended in 
     accordance with section 6, the Federal share of compensation 
     under the Program to be paid by the Secretary for insured 
     losses resulting from an act of terrorism occurring during 
     the period beginning on January 1, 2003 and ending at 
     midnight on December 31, 2003, shall be equal to 90 percent 
     of that portion of the amount of aggregate insured losses 
     that exceeds $20,000,000,000, subject to the cap on liability 
     in paragraph (2) and the limitation under paragraph (6).''.
                                  ____

  SA 3869. Mr. HATCH (for himself and Mr. McConnell) submitted an 
amendment intended to be proposed by him to the bill S. 2600, to ensure 
the continued financial capacity of insurers to provide coverage for 
risks from terrorism; which was ordered to lie on the table; as 
follows:

       On page 29, strike line 1 and all that follows through page 
     30, line 17, and insert the following:

     SEC. 10. PROCEDURES FOR CIVIL ACTIONS.

       (a) Federal Cause of Action.--
       (1) In general.--There shall exist a Federal cause of 
     action for claims arising out of or resulting from an act of 
     terrorism, which shall be the exclusive cause of action and 
     remedy for such claims, except as provided in subsection (f).
       (2) Preemption of state actions.--All State causes of 
     action of any kind for claims arising out of or resulting 
     from an act of terrorism that are otherwise available under 
     State law, are hereby preempted, except as provided in 
     subsection (f).
       (b) Governing Law.--The substantive law for decision in an 
     action described in subsection (a)(1) shall be derived from 
     the law, including applicable choice of law principles, of 
     the State in which the act of terrorism giving rise to the 
     action occurred, except to the extent that--
       (1) the law, including choice of law principles, of another 
     State is determined to be applicable to the action by the 
     district court hearing the action; or
       (2) otherwise applicable State law (including that 
     determined under paragraph (1), is inconsistent with or 
     otherwise preempted by Federal law.
       (c) Federal Jurisdiction.--
       (1) In general.--Notwithstanding any other provision of 
     law, not later than 90 days after the date of the occurrence 
     of an act of terrorism, the Judicial Panel on Multidistrict 
     Litigation shall assign a single Federal district court to 
     conduct pretrial and trial proceedings in all pending and 
     future civil actions for claims arising out of or resulting 
     from that act of terrorism.
       (2) Selection criteria.--The Judicial Panel on 
     Multidistrict Litigation shall select and assign the district 
     court under paragraph (1) based on the convenience of the 
     parties and the just and efficient conduct of the 
     proceedings.
       (3) Jurisdiction.--The district court assigned by the 
     Judicial Panel on Multidistrict Litigation shall have 
     original and exclusive jurisdiction over all actions under 
     paragraph (1). For purposes of personal jurisdiction, the 
     district court assigned by the Judicial Panel on 
     Multidistrict Litigation shall be deemed to sit in all 
     judicial districts in the United States.
       (4) Transfer of cases filed in other federal courts.--Any 
     civil action for claims arising out of or resulting from an 
     act of terrorism that is filed in a Federal district court 
     other than the Federal district court assigned by the 
     Judicial Panel on Multidistrict Litigation under paragraph 
     (1) shall be transferred to the Federal district court so 
     assigned.
       (5) Removal of cases filed in state courts.--Any civil 
     action for claims arising out of or resulting from an act of 
     terrorism that is filed in a State court shall be removable 
     to the Federal district court assigned by the Judicial Panel 
     on Multidistrict Litigation under paragraph (1).
       (d) Approval of Settlements.--Any settlement between the 
     parties of a civil action described in this section for 
     claims arising out of or resulting from an act of terrorism 
     shall be subject to prior approval by the Secretary after 
     consultation by the Secretary with the Attorney General.
       (e) Limitation on Damages.--
       (1) In general.--Punitive or exemplary damages shall not be 
     available for any losses in any action described in 
     subsection (a)(1), including any settlement described in 
     subsection (d), except where--
       (A) punitive or exemplary damages are permitted by 
     applicable State law; and
       (B) it is proven beyond a reasonable doubt that the harm to 
     the plaintiff was caused by the defendant's malicious 
     conduct.
       (2) Protection of taxpayer funds.--Any amounts awarded in, 
     or granted in settlement of, an action described in 
     subsection (a)(1) that are attributable to punitive or 
     exemplary damages allowable under paragraph (1) of this 
     subsection shall not count as insured losses for purposes of 
     this Act.
       (f) Claims Against Terrorists.--Nothing in this section 
     shall in any way be construed to limit the ability of any 
     plaintiff to seek any form of recovery from any person, 
     government, or other entity that was a participant in, or 
     aider and abettor of, any act of terrorism.
       (g) Effective Period.--This section shall apply only to 
     actions described in subsection (a)(1) arising out of or 
     resulting from acts of terrorism that occur during the 
     effective period of the Program, including any applicable 
     extension period.
                                  ____

  SA 3870. Mr. DODD submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 4, line 14, insert ``(a) In General.--'' before 
     ``In''.
       On page 5, line 3, insert ``or vessel'' after ``air 
     carrier''.
       On page 8, line 21, insert before the semicolon ``, or had 
     pending on that date an application for such license or 
     admission''.
       On page 9, line 19, strike ``the period'' and all that 
     follows through line 22 and insert the following: ``the 1-
     year period beginning on the date of enactment of this Act; 
     and''.
       On page 10, beginning on line 2, strike ``the period'' and 
     all that follows through ``2003'' on line 3, and insert ``the 
     1-year period beginning on the day after the date of 
     expiration of the period described in subparagraph (A)''.
       On page 10, line 17, insert before the semicolon ``, 
     including workers' compensation insurance''.
       On page 10, line 24, strike ``or''.
       On page 11, line 4, strike the period and insert the 
     following: ``; or
       ``(iii) financial guaranty insurance.''.
       On page 11, line 14, strike ``all States'' and insert ``the 
     several States, and includes the territorial sea''.
       On page 11, between lines 14 and 15, insert the following:
       (b) Rule of Construction for Dates.--With respect to any 
     reference to a date in this Act, such day shall be 
     construed--

[[Page S5640]]

       (1) to begin at 12:01 a.m. on that date; and
       (2) to end at midnight on that date.
       On page 12, line 15, insert ``on a separate line item'' 
     after ``Act,''.
       On page 12, line 19, insert ``as a line item described in 
     subparagraph (A),'' before ``not''.
       On page 15, line 3, strike ``the period'' and all that 
     follows through line 6, and insert ``the 1-year period 
     beginning on the date of enactment of this Act--''.
       On page 16, beginning on line 4, strike ``the period'' and 
     all that follows through ``2003'' on line 6, and insert the 
     following: ``the 1-year period beginning on the day after the 
     date of expiration of the period described in subparagraph 
     (A)''.
       On page 16, between lines 19 and 20, insert the following:
       (D) Prohibition on duplicative compensation.--The Federal 
     share of compensation for insured losses under the Program 
     shall be reduced by the amount of compensation provided by 
     the Federal Government for those insured losses under any 
     other Federal insurance or reinsurance program.
       On page 21, line 2, strike ``at midnight on December 31, 
     2002'' and insert ``1 year after the date of enactment of 
     this Act''.
       On page 21, beginning on line 7, strike ``until midnight on 
     December 31, 2003'' and insert ``beginning on the day after 
     the date of expiration of the initial 1-year period of the 
     Program''.
       On page 21, beginning on line 16, strike ``at midnight on 
     December 31, 2003'' and insert ``1 year after the date of 
     commencement of such extension period''.
       On page 22, beginning on line 13, strike ``at midnight on 
     December 31, 2002'' and insert ``1 year after the date of 
     enactment of this Act''.
       On page 23, line 19, insert ``5(d),'' before ``and''.
       On page 23, line 25, strike ``10(b)'' and insert ``9(b)''.
       On page 24, line 7, strike ``2003'' and insert ``the second 
     year of the Program, if the Program is extended in accordance 
     with this section''.
       On page 24, line 15, insert before the period ``, including 
     long-term care''.
       On page 26, between lines 16 and 17, insert the following:
       (i) Study of Reserves for Certain Types of Insurance for 
     Terrorist or Other Catastrophic Events.--
       (1) In general.--The Secretary shall conduct a study of 
     issues relating to permitting insurance companies that 
     provide property and casualty insurance, life insurance, and 
     other lines of insurance coverage to establish deductible 
     reserves against losses for future acts of terrorism, 
     including--
       (A) whether such tax-favored reserves would promote--
       (i) insurance coverage of risks of terrorism; and
       (ii) the accumulation of additional resources needed to 
     satisfy potential claims resulting from such risks;
       (B) the lines of business for which such reserves would be 
     appropriate, including whether such reserves for property and 
     casualty insurance should be applied to personal or 
     commercial lines of business;
       (C) how the amount of such reserves would be determined;
       (D) how such reserves would be administered;
       (E) a comparison of the Federal tax treatment of such 
     reserves with other insurance reserves permitted under 
     Federal tax laws;
       (F) an analysis of the use of tax-favored reserves for 
     catastrophic events, including acts of terrorism, under the 
     tax laws of foreign countries; and
       (G) whether it would be appropriate to permit similar 
     reserves for other future catastrophic events, such as 
     natural disasters, taking into account the factors under the 
     preceding paragraphs.
       (2) Report.--Not later than 6 months after the date of 
     enactment of this Act, the Secretary shall submit a report to 
     Congress on the results of the study under paragraph (1), 
     together with recommendations for amending the Internal 
     Revenue Code of 1986, or other appropriate action.
                                  ____

  SA 3871. Mr. HATCH submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 30, strike lines 4 through 7 and insert the 
     following:
       (c) Ban on Punitive Damages.--Punitive damages are not 
     permitted in any action under this Act.
                                  ____

  SA 3872. Mr. DODD submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 5, line 3, insert ``or vessel'' after ``air 
     carrier''.
                                  ____

  SA 3873. Mr. DODD submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table, as follows:

       On page 8, line 21, insert before the semicolon ``, or had 
     pending on that date an application for such license or 
     admission''.
                                  ____

  SA 3874. Mr. DODD submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table, as follows:

       On page 9, line 19, strike ``the period'' and all that 
     follows through line 22 and insert the following: ``the 1-
     year period beginning on the date of enactment of this Act; 
     and''.
                                  ____

  SA 3875. Mr. DODD submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table, as follows:

       On page 10, beginning on line 2, strike ``the period'' and 
     all that follows through ``2003'' on line 3, and insert ``the 
     1-year period beginning on the day after the date of 
     expiration of the period described in subparagraph (A)''.
                                  ____

  SA 3876. Mr. DODD submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 10, line 17, insert before the semicolon ``, 
     including workers' compensation insurance''.
                                  ____

  SA 3877. Mr. DODD submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 11, line 4, strike the period and insert the 
     following: ``; or
       ``(iii) financial guaranty insurance.''.
                                  ____

  SA 3878. Mr. DODD submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 11, line 14, strike ``all States'' and insert ``the 
     several States, and includes the territorial sea''.
                                  ____

  SA 3879. Mr. DODD submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 11, between lines 14 and 15, insert the following:
       (14) Rule of construction for dates.--With respect to any 
     reference to a date in this Act, such day shall be 
     construed--
       (A) to begin at 12:01 a.m. on that date; and
       (B) to end at midnight on that date.
                                  ____

  SA 3880. Mr. DODD submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 26, between lines 16 and 17, insert the following:
       (i) Study of Reserves for Certain Types of Insurance for 
     Terrorist or Other Catastrophic Events.--
       (1) In general.--The Secretary shall conduct a study of 
     issues relating to permitting insurance companies that 
     provide property and casualty insurance, life insurance, and 
     other lines of insurance coverage to establish deductible 
     reserves against losses for future acts of terrorism, 
     including--
       (A) whether such tax-favored reserves would promote--
       (i) insurance coverage of risks of terrorism; and
       (ii) the accumulation of additional resources needed to 
     satisfy potential claims resulting from such risks;
       (B) the lines of business for which such reserves would be 
     appropriate, including whether such reserves for property and 
     casualty insurance should be applied to personal or 
     commercial lines of business;
       (C) how the amount of such reserves would be determined;
       (D) how such reserves would be administered;
       (E) a comparison of the Federal tax treatment of such 
     reserves with other insurance reserves permitted under 
     Federal tax laws;
       (F) an analysis of the use of tax-favored reserves for 
     catastrophic events, including acts of terrorism, under the 
     tax laws of foreign countries; and
       (G) whether it would be appropriate to permit similar 
     reserves for other future catastrophic events, such as 
     natural disasters, taking into account the factors under the 
     preceding paragraphs.
       (2) Report.--Not later than 6 months after the date of 
     enactment of this Act, the Secretary shall submit a report to 
     Congress on

[[Page S5641]]

     the results of the study under paragraph (1), together with 
     recommendations for amending the Internal Revenue Code of 
     1986, or other appropriate action.
                                  ____

  SA 3881. Mr. DODD submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On Page 24, line 7, strike ``2003'' and insert ``the second 
     year of the Program, if the Program is extended in accordance 
     with this section''.
                                  ____

  SA 3882. Mr. DODD submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 24, line 15, insert before the period ``, including 
     long-term care''.
                                  ____

  SA 3883. Mr. DODD submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 21, strike lines 1 through page 22, line 14 and 
     insert the following:
       (1) In general.--The Program shall terminate 1 year after 
     the date of enactment of this Act, unless the Secretary--
       (A) determines, after considering the report and finding 
     required by this section, that the Program should be extended 
     for one additional year, beginning on the day after the date 
     of expiration of the initial 1-year period of the Program; 
     and
       (B) promptly notifies the Congress of such determination 
     and the reasons therefor.
       (2) Determination final.--The determination of the 
     Secretary under paragraph (1) shall be final, and shall not 
     be subject to judicial review.
       (3) Termination after extension.--If the Program is 
     extended under paragraph (1), the Program shall terminate 1 
     year after the date of commencement of such extension period.
       (b) Report to Congress.--Not later than 9 months after the 
     date of enactment of this Act, the Secretary shall submit a 
     report to Congress--
       (1) regarding--
       (A) the availability of insurance coverage for acts of 
     terrorism;
       (B) the affordability of such coverage, including the 
     effect of such coverage on premiums; and
       (C) the capacity of the insurance industry to absorb future 
     losses resulting from acts of terrorism, taking into account 
     the profitability of the insurance industry; and
       (2) that considers--
       (A) the impact of the Program on each of the factors 
     described in paragraph (1); and
       (B) the probable impact on such factors and on the United 
     States economy if the Program terminates 1 year after the 
     date of enactment of this Act.
                                  ____

  SA 3884. Mr. DODD submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 12, strike lines 15 through 19 and insert the 
     following: ``of enactment of this Act, on a separate line 
     item in the policy, at the time of offer, purchase, and 
     renewal of the policy; and
       ``(B) in the case of any policy that is issued before the 
     date of enactment of this Act, as a line item described in 
     subparagraph (A) not''.
                                  ____

  SA 3885. Mr. DODD submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 15, line 3, strike ``the period'' and all that 
     follows through line 6, and insert ``the 1-year period 
     beginning on the date of enactment of this Act--''.
                                  ____

  SA 3886. Mr. DODD submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 16, beginning on line 4, strike ``the period'' and 
     all that follows through ``2003'' on line 6, and insert the 
     following: ``the 1-year period beginning on the day after the 
     date of expiration of the period described in subparagraph 
     (A)''.
                                  ____

  SA 3887. Mr. DODD submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 16, between lines 19 and 20, insert the following:
       (D) Prohibition on duplicative compensation.--The Federal 
     share of compensation for insured losses under the Program 
     shall be reduced by the amount of compensation provided by 
     the Federal Government for those insured losses under any 
     other Federal insurance or reinsurance program.
                                  ____

  SA 3888. Mr. DODD submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 21, line 2, strike ``at midnight on December 31, 
     2002'' and insert ``1 year after the date of enactment of 
     this Act''.
                                  ____

  SA 3889. Mr. DODD submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 23, line 19, insert ``5(d),'' before ``and''.
                                  ____

  SA 3890. Mr. DODD submitted an amendment intended to be proposed by 
him to the bill S. 2600, to ensure the continued financial capacity of 
insurers to provide coverage for risks from terrorism; which was 
ordered to lie on the table; as follows:

       On page 23, line 25, strike ``10(b)'' and insert ``9(b)''.

                          ____________________