Terrorism Risk Insurance Revision Act of 2005

Summary

Terrorism Risk Insurance Revision Act of 2005 - Revises the Terrorism Risk Insurance Act of 2002 to establish Program Year 4 beginning on January 1, 2006, and ending on December 31, 2006. Provides for Additional Program Years following Program Year 4. Repeals the $5 million minimum for an act to be certified by the Secretary of the Treasury as an act of terrorism. Redefines casualty insurance. Prescribes a formula for insurer deductibles for Program Year 4 and additional Program Years. Revises mandatory availability guidelines to include terrorism involving nuclear, biological, chemical and/or radiological reactions, releases, or contaminations, to the extent any insured losses are caused by any such reactions, releases, or contaminations. Revamps guidelines governing the federal share of compensation covering insured losses of an insurer. Establishes a Program trigger for such federal share. Prescribes guidelines under which an insurer may establish a TRIA Capital Reserve Fund (CRF) in which it may hold funds in a fiduciary capacity on behalf of the Secretary. Directs the Secretary to collect and use CRF funds to offset the federal share of compensation. States that this Act does not prohibit insurers from developing risk-sharing mechanisms (including mutual reinsurance facilities and agreements) to voluntarily reinsure certain terrorism losses among themselves. Requires the Secretary to appoint an Advisory Committee to encourage the creation and development of such mechanisms. Provides for full recoupment of federal financial assistance provided in connection with acts of terrorism. Establishes the Commission on Terrorism Risk Insurance (Commission). Sets limitations upon state regulatory authority with respect to mandatory availability of terrorism risk insurance. Declares that Congress intends that all states implement streamlined procedures for rate and form filing and for streamlined surplus lines policies in any covered line of insurance that includes coverage for acts of terrorism. Revises the termination date of the Program to December 31, 2008, unless the Commission has not satisfied its obligations, in which case the termination date is December 31, 2007.

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Documents

6 official files

• Reported in House (text)

  Reported in House · EN · 6 December 2005

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• Reported in House (PDF)

  Reported in House · EN · 6 December 2005

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• Reported to House with amendment(s)

  summary · EN · 6 December 2005

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• Introduced in House (text)

  Introduced in House · EN · 14 November 2005

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• Introduced in House (PDF)

  Introduced in House · EN · 14 November 2005

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• Introduced in House

  summary · EN · 14 November 2005

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