TRIA Reform Act of 2014

openUnited States· United States Congress· EN

Introduced

17 June 2014

Last action

16 July 2014 · Reported

Status

Placed on the Union Calendar, Calendar No. 391.

Summary

TRIA Reform Act of 2014 - Amends the Terrorism Risk Insurance Act of 2002 (TRIA) to extend the Terrorism Insurance Program through December 31, 2019, and to revise provisions governing the Program. Provides consultation requirements for determinations of whether an act should be certified by the Secretary of the Treasury as an act of terrorism and a timetable for preliminary and final certifications. Repeals a prohibition against the Secretary certifying an act as an act of terrorism if property and casualty insurance losses resulting from the act do not exceed $5 million. Requires each certification of an act of terrorism, beginning January 1, 2016, to include a determination of whether such act involves nuclear, biological, chemical, or radiological (NBCR) terrorism. Requires, beginning on such date, the federal share of payments for: (1) non-NBCR acts of terrorism to be reduced annually to 80% of insured losses by 2019, and (2) NBCR acts of terrorism to be 85% of insured losses. Increases the Program trigger for the payment of compensation for non-NBCR acts of terrorism each year from 2016 to 2019. Prohibits the Secretary, in determining such aggregate losses resulting from certified acts of terrorism, from considering any act resulting, in the aggregate, in less than $50 million in insured losses. Requires the Secretary to promulgate regulations to allow small insurers to voluntarily opt-out of TRIA's mandatory availability requirement if the state's insurance regulatory authority determines that such insurer meets requirements for financial hardship or financial infeasibility for providing coverage for insured losses. Increases, beginning January 1, 2016: (1) the amount that the Secretary is required to collect through terrorism loss risk-spreading premiums, and (2) the insurance marketplace aggregate retention amount. Requires the Secretary, beginning on January 1, 2016, when establishing terrorism loss risk-spreading premiums, to begin collecting such premiums within 18 months after the occurrence of the certified act for which they are imposed. Requires the Secretary to establish an Advisory Committee to encourage the creation and development of risk-sharing mechanisms by insurers to voluntarily reinsure among themselves terrorism losses that are not subject to reimbursement under the Program. Directs the Secretary, beginning on January 1, 2016, to require insurers participating in the Program to submit such information regarding insurance coverage for terrorism losses of such insurers as the Secretary considers appropriate to analyze Program effectiveness. Requires insurers to disclose to the policyholder the premium charged for covered insured losses and the federal share of compensation for insured losses at the time of offer and renewal (currently, also at the time of purchase) of the policy. Requires: (1) the Secretary to conduct an annual study of small insurers participating in the Program to identify competitive challenges in the terrorism risk insurance marketplace; (2) the Directors of the Congressional Budget Office (CBO) and the Office of Management and Budget (OMB) to study the feasibility of applying accrual accounting concepts to budgeting for the costs of this and other federal insurance programs; and (3) the Comptroller General (GAO) to study the viability of federal assessment and collection of upfront premiums from insurers that participate in the Program, creating a capital reserve fund under the Program, and requiring participating insurers to dedicate capital specifically for terrorism losses before such losses are incurred.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

17 June 2014
Introduced
Referred to the House Committee on Financial Services.
Source: IntroReferral
17 June 2014
Introduced
Introduced in House
Source: IntroReferral
17 June 2014
Introduced
Introduced in House
Source: IntroReferral
20 June 2014
Vote
Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 27.
Source: Committee
20 June 2014
Committee
Committee Consideration and Mark-up Session Held.
Source: Committee
16 July 2014
Calendars
Placed on the Union Calendar, Calendar No. 391.
Source: Calendars
16 July 2014
Reported
Reported (Amended) by the Committee on Financial Services. H. Rept. 113-523.
Source: Committee
16 July 2014
Reported
Reported (Amended) by the Committee on Financial Services. H. Rept. 113-523.
Source: Committee

Votes

No vote records are attached yet.

Versions

Reported in House · 16 July 2014 · Download file
Introduced in House · 17 June 2014 · Download file

Documents

6 official files

Reported in House (text)

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Reported in House (text)
Reported in House · EN · 16 July 2014
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Reported in House (PDF)
Reported in House · EN · 16 July 2014
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Reported to House with amendment(s)
summary · EN · 16 July 2014
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Introduced in House (text)
Introduced in House · EN · 17 June 2014
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Introduced in House (PDF)
Introduced in House · EN · 17 June 2014
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Introduced in House
summary · EN · 17 June 2014
Open at official source
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Related records

related to → Terrorism Risk Insurance Program Reauthorization Act of 2013

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/113th-congress/house-bill/4871
Open data entity: https://api.congress.gov/v3/bill/113/hr/4871
us · 113-hr-4871 · source updated 7 April 2025