http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/history/110_HR_4299.html?rev=20751 <p>H.R. 4299 would extend the Terrorism Insurance Program of the Department of the Treasury.</p> <h2 id="toc0"> Detailed Summary </h2> <p>&lt;b&gt;(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)&lt;/b&gt;</p> <p>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.</p> <p>(Sec. 3) Extends the Terrorism Risk Insurance Program through calendar 2014.</p> <p>(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.</p> <p>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 $1 hundred 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.</p> <p>Requires insurers to disclose to policyholders the $100 billion cap on their liability.</p> <p>Modifies the federal surcharges imposed to recoup the mandatory recoupment amount.</p> <p>Establishes a timeline for the collection of terrorism loss risk-spreading premiums.</p> <p>Requires the Secretary to publish an annual updated estimate of aggregate insured losses to be used as the basis for determining whether mandatory recoupment will be required.</p> <p>(Sec. 5) Directs the Comptroller General to study and report to certain congressional committees on: (1) the availability and affordability of insurance coverage for losses caused by terrorist attacks involving nuclear, biological, chemical, or radiological terrorist events; and (2) whether there are specific markets in the United States where unique capacity constraints exist upon the amount of terrorism risk insurance available.</p> <p>(Sec. 6) Modifies the Act to include group life insurance coverage. Limits the federal share of such compensation.</p> <p>(Sec. 7) Provides for increased insurer deductibles based on the value of an insurer's direct earned premiums if aggregate industry insured losses resulting from a certified act of terrorism exceed $1 billion.</p> <p>(Sec. 8) Requires providers of life insurance to make such insurance available without regard to lawful foreign travel.</p> <p>(Sec. 9) Reduces from $100 million to $50 million the aggregated industry insured losses that will trigger federal compensation paid for Program Year 5.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc1"> Status of the Legislation </h2> <p>Latest Major Action: 12/13/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc2"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc3"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 20751@http://www.washingtonwatch.com Fri, 14 Mar 2008 18:13:46 EDT http://www.washingtonwatch.com/bills/history/110_HR_4299.html?rev=16283 <p>H.R. 4299 would extend the Terrorism Insurance Program of the Department of the Treasury.</p> <h2 id="toc4"> Detailed Summary </h2> <p>Terrorism Risk Insurance Program Reauthorization Act of 2007 - 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.</p> <p>Extends the Terrorism Risk Insurance Program through calendar 2014.</p> <p>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.</p> <p>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.</p> <p>Requires insurers to disclose to policyholders the $100 billion cap on their liability.</p> <p>Modifies the federal surcharges imposed to recoup the mandatory recoupment amount.</p> <p>Establishes a timeline for the collection of terrorism loss risk-spreading premiums.</p> <p>Directs the Comptroller General to study and report to certain congressional committees regarding the availability and affordability of : (1) insurance coverage for losses caused by terrorist attacks involving nuclear, biological, chemical, or radiological terrorist events; and (2) terrorism insurance in specific markets.</p> <p>Modifies the Act to include group life insurance coverage. Limits the federal share of such compensation.</p> <p>Provides for increased insurer deductibles based on the value of an insurer's direct earned premiums if aggregate industry insured losses resulting from a certified act of terrorism exceed $100 billion.</p> <p>Requires providers of life insurance to make such insurance available without regard to lawful foreign travel.</p> <p>Reduces from $100 million to $50 million the aggregated industry insured losses that will trigger federal compensation paid for Program Year 5.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc5"> Status of the Legislation </h2> <p>Latest Major Action: 12/13/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc6"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc7"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 16283@http://www.washingtonwatch.com Fri, 11 Jan 2008 00:33:37 EST http://www.washingtonwatch.com/bills/history/110_HR_4299.html?rev=16281 <p>H.R. 4299 would extend the Terrorism Insurance Program of the Department of the Treasury.</p> <h2 id="toc8"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc9"> Status of the Legislation </h2> <p>(Log in to edit the wiki and be the first to update the status of the bill!)</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc10"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc11"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 16281@http://www.washingtonwatch.com Fri, 11 Jan 2008 00:33:36 EST http://www.washingtonwatch.com/bills/history/110_HR_4299.html?rev=16282 <p>H.R. 4299 would extend the Terrorism Insurance Program of the Department of the Treasury.</p> <h2 id="toc12"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc13"> Status of the Legislation </h2> <p>Latest Major Action: 12/13/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc14"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc15"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 16282@http://www.washingtonwatch.com Fri, 11 Jan 2008 00:33:36 EST