H.R. 1153House109th Congress (2005-2007)In Committee

Terrorism Insurance Backstop Extension Act of 2005

Legislative Activity

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2 earlier actions

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Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.

Capital Markets Subcommittee

April 7, 2005

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HouseIntro Referral

Introduced in House

March 8, 2005

HouseIntro Referral

Referred to the House Committee on Financial Services.

Financial Services Committee

March 8, 2005

HouseCommittee

Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.

Capital Markets Subcommittee

April 7, 2005

Floor Debate

2 members

What members said about H.R. 1153 on the floor

1 Republican1 Democrat

Rep. David DreierR-CA-26 · Nov 4, 2005

I thank the gentleman for yielding. Obviously, the House has completed its work for the day and for the week. We will convene at 12:30 on Monday for morning hour and at 2 p.m. for legislative…

I thank the gentleman for yielding. Obviously, the House has completed its work for the day and for the week.

We will convene at 12:30 on Monday for morning hour and at 2 p.m. for legislative business. We will consider several measures under suspension of the rules. A final list of those measures to be scheduled will be getting to Members' offices by the end of the day. Any votes that may be called on those measures will be rolled until 6:30 Monday afternoon or early Monday evening.

For Tuesday and the balance of the week, if the gentleman will continue to yield, the House will consider additional legislation under suspension of the rules, as well as two measures, the one I just mentioned, H.R. 1751, and I announced the filing of amendments for that, and also the Deficit Reduction Act of 2005, which is much talked about here. We also anticipate that the House will next week consider additional appropriations conference reports as they become available.

On Friday, we will not be in session, as Members know, so that there will be an opportunity for all of us to participate in Veterans' Day ceremonies that take place in our districts.

Mr. Speaker, I thank my friend for yielding; and I would be happy to entertain any questions he might have.

Mr. Speaker, if the gentleman will yield, I will tell my colleagues that the State I represent is nearly 3,000 miles away, and we are having a very important election in our State. I have voted by absentee ballot. I did that just this week and sent my ballot in.

We have a great deal of work to do, not only on Tuesday but next week, so we will be meeting here, and we have the items that I mentioned, the measures that will be considered under suspension, we have the very important Secure Access to Justice and Court Protection Act that needs to be considered, and we just have to proceed with our work.

So let me say that we do want every Member to participate in those elections, but I suspect that, in light of the fact that we will have so much work to do here, that Members should plan to be in Washington during the day on Tuesday.

Mr. Speaker, if the gentleman will yield, as I said in my remarks earlier today, the chairman of the Appropriations Committee, the gentleman from California (Mr. Lewis), has done an absolutely phenomenonal job in moving these measures through. As you know, we have just voted on the foreign operations appropriations bill conference report, and we have three conference groups that are continuing to meet on Energy and Water, the Science, State, Justice, and Commerce appropriation bill, and the Military Quality of Life appropriations conference report.

From the conversation I have had with the chairman of the committee, it is his hope that we have those three measures up for consideration at some point next week.

All three of those bills that I mentioned, the Energy and Water conference report and the Science, State, Justice, and Commerce conference report, and Military Quality of Life, they are all in conference as we speak. It is our hope that those conferences will be completed and those conference reports will be filed in the House. We cannot anticipate exactly when their work will be completed. We just want it to happen as expeditiously as possible.

Mr. Speaker, if the gentleman will yield, as I think the gentleman heard in my announcement, I announced that it is our anticipation, we anticipate that we will consider what we call the Deficit Reduction Act of 2005, and it is a measure which we will be working on next week.

Late next week or the middle to the latter part of next week, we anticipate a vote here in the House on that very important measure that is designed to try and reduce the deficit and reform government and ensure that we can do the very important work that the American people sent us here to do.

Mr. Speaker, if the gentleman will yield, what this deals with is mandatory spending, and what this deals with is the deficit challenge which Democrats and Republicans regularly decry here, and we are trying to focus on the reduction of the deficit, and that is the reason that we are appropriately referring to this as the Deficit Reduction Act.

Mr. Speaker, I will say that this very important legislation, which I personally support, is at this moment being discussed by the leadership of the Financial Services Committee. They are working with the Department of the Treasury and Members in the leadership of the Banking Committee on the other side of the aisle, and we do hope very much that we will be able to put together a legislative package that can be considered before that very important December 31 date to which my friend referred.

Mr. Speaker, if the gentleman will yield, I would say that we are taking that into consideration. We do not have it scheduled at this moment, but I appreciate my friend's raising this issue, and we will certainly take it under advisement and look at your recommendation, I hope from your perspective, favorably.

Rep. John LewisD-GA-5 · Nov 4, 2005

Mr. Speaker, I yield to my friend and colleague, the chairman of the Rules Committee, to inquire about the schedule for next week. Mr. Speaker, next Tuesday is Election Day in many States and…

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Introduced in HouseIssued March 8, 2005

109th CONGRESS

1st Session

H. R. 1153

IN THE HOUSE OF REPRESENTATIVES

March 8, 2005

Mr. Capuano (for himself, Mr. Israel, Mr. Frank of Massachusetts, Mr. Kanjorski, and Mr. Crowley) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To extend the terrorism insurance program of the Department of the Treasury.

Short title

This Act may be cited as the Terrorism Insurance Backstop Extension Act of 2005.

Extension of terrorism insurance Program

(a)

Program years 4 and 5

Paragraph (11) of section 102 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by adding at the end the following new subparagraphs:

(E)

Program Year 4

The term Program Year 4 means the period beginning on January 1, 2006 and ending on December 31, 2006.

(F)

Program Year 5

The term Program Year 5 means the period beginning on January 1, 2007 and ending on December 31, 2007.

(b)

Insurer deductible

Paragraph (7) of section 102 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended—

(1)

by redesignating subparagraph (E) as subparagraph (H);

(2)

in subparagraph (D), by striking and at the end;

(3)

by inserting after subparagraph (D) the following new subparagraphs:

(E)

for Program Year 4, the value of an insurer’s direct earned premiums over the calendar year immediately preceding Program Year 4, multiplied by 15 percent;

(F)

for Program Year 5, the value of an insurer’s direct earned premiums over the calendar year immediately preceding Program Year 4, multiplied by 20 percent; and

;

(4)

in subparagraph (H) (as so redesignated by paragraph (1) of this subsection)—

(A)

by striking (D) and inserting (F); and

(B)

by striking or Program Year 3 and inserting Program Year 3, Program Year 4, or Program Year 5.

(c)

Mandatory availability

Subsection (c) of section 103 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended—

(1)

by striking all of the matter that precedes subparagraph (A) of paragraph (1) and inserting the following:

(c)

Mandatory availability

During the Program, each entity that meets the definition of an insurer under section 102—

;

(2)

by striking paragraph (2); and

(3)

by redesignating subparagraphs (A) and (B) as paragraphs (1) and (2) and realigning such paragraphs, as so redesignated, so as to be indented 2 ems from the left margin.

(d)

Insured loss shared compensation

Subsection (e) of section 103 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended—

(1)

in paragraph (2)(A), by striking or Program Year 3 and inserting , Program Year 3, Program Year 4, Program Year 5, or the final Program Year;

(2)

in paragraph (3), by striking or Program Year 3 and inserting , Program Year 3, Program Year 4, Program Year 5, or the final Program Year;

(3)

in paragraph (6)—

(A)

in subparagraph (B), by striking and at the end;

(B)

in subparagraph (C) by striking the period at the end and inserting a semicolon; and

(C)

by adding at the end the following new subparagraphs:

(D)

for Program Year 4, the lesser of—

(i)

$17,500,000,000; and

(ii)

the aggregate amount, for all insurers, of insured losses during such Program Year;

(E)

for each of Program Year 5 and the Final Program Year, the lesser of—

(i)

$20,000,000,000; and

(ii)

the aggregate amount, for all insurers, of insured losses during such Program Year; and

; and

(4)

in paragraph (7)—

(A)

in subparagraph (A), by striking and (C) and inserting (C), (D), and (E); and

(B)

in subparagraphs (B) and (C), by striking or (C) each place such term appears and inserting (C), (D), or (E).

(e)

Coverage of group life insurance

(1)

In general

Paragraph (5) of section 102 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended in the matter that precedes subparagraph (A) by inserting or group life after property and casualty.

(2)

Technical and conforming amendments

The Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended—

(A)

in section 102—

(i)

in paragraph (1)—

(I)

in subparagraph (B)(i), by inserting or group life insurance after workers’ compensation; and

(II)

in subparagraph (B)(ii), by inserting and group life insurance after property and casualty insurance;

(ii)

in paragraph (4)—

(I)

by inserting or for group life insurance after property and casualty insurance; and

(II)

by striking paragraph (5) and inserting paragraph (6);

(iii)

in paragraph (5), by inserting and group life insurance after workers’ compensation; and

(iv)

in paragraph (6)—

(I)

in subparagraph (A)(i), by inserting property and casualty or group life after excess;

(II)

in subparagraph (B), by inserting or group life insurance coverage after property and casualty insurance coverage;

(v)

by redesignating paragraphs (5) through (16) as paragraphs (6) through (17), respectively; and

(vi)

by inserting after paragraph (4), the following new paragraph:

(5)

Group life insurance

The term group life insurance means an insurance contract that provides term life insurance coverage, accidental death coverage, or a combination thereof, for a number of persons under a single contract, on the basis of a group selection of risks.

;

(B)

in section 103—

(i)

in subsection (b)(1), by inserting (including a named beneficiary in the case of a group life insurance policy) before the second comma;

(ii)

in subsection (c)—

(I)

in paragraph (1) (as so redesignated by subsection (c)(3) of this section), by inserting and group life after property and casualty; and

(II)

in paragraph (2) (as so redesignated by subsection (c)(3) of this section), by inserting and group life after property and casualty;

(iii)

in subsection (e)—

(I)

in paragraph (6), by striking For and inserting Except as provided in subparagraph (F) of this paragraph, for;

(II)

in paragraph (6), by inserting after subparagraph (E) (as added by subsection (d)(3)(C) of this section) the following new subparagraph:

(F)

for each of the periods referred to in subparagraphs (A) through (E), the amounts provided under such subparagraphs, as such amounts shall be increased by the Secretary before the expiration of the 90-day period beginning on the date of the enactment of the Terrorism Insurance Backstop Extension Act of 2005, based on the increase in the size of the Program caused by the inclusion of group life insurance pursuant to such Act, in proportion to the increased premiums involved.

;

(III)

in paragraph (7)(C), by inserting or group life insurance after workers compensation;

(IV)

in paragraph (8)(A)(i), by inserting and group life after property and casualty; and

(V)

in paragraph (8), by inserting or group life after property and casualty each place such term appears in subparagraphs (A)(iii) and (C); and

(iv)

by striking subsection (h);

(C)

in section 105(c), by inserting or group life after property and casualty; and

(D)

in section 108(d)(1), by inserting and the group life insurance industry after property and casualty insurance industry.

(3)

Required rulemaking

Not later than 90 days after the date of the enactment of this Act, the Secretary of the Treasury shall issue final regulations to carry out this subsection.

(f)

Study on long-term solutions

Section 103 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by striking subsection (i) and inserting the following new subsection:

(h)

Study on long-term solutions

By September 1, 2005, the Secretary shall conduct a study and submit a report to the Congress on alternatives for expanding the availability and affordability of terrorism insurance after the termination of the Program that do not involve a Federal financial backstop.

(g)

Termination of Program

(1)

Termination

Subsection (a) of section 108 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by striking December 31, 2005 and inserting December 31, 2007.

(2)

Final gao study and report

Subsection (d) of section 108 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by adding at the end the following new paragraph:

(3)

Final gao study and report

The Comptroller General of the United States shall conduct an assessment of the matters referred to in paragraph (1) and shall submit a report to the Congress, not later than June 30, 2007, on the results of such study.

Final program year

(a)

Definition

Paragraph (11) of section 102 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note), as amended by the preceding provisions of this Act, is further amended by adding at the end the following new subparagraph:

(G)

Final program year

The term ‘Final Program Year’ means the period beginning on January, 1, 2008 and ending on December 31, 2008.”.

(b)

Insured losses

Paragraph (5) of section 102 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by adding after and below subparagraph (B) the following new sentence:

With respect to the Final Program Year, such term means only such losses as are described in the preceding sentence that are covered by primary or excess property and casualty insurance or group life insurance, that is issued before January 1, 2008, and expires not later than December 31, 2008; except that the Secretary may exclude from insured losses for the Final Program Year losses covered by a policy for such insurance if the Secretary determines that the primary purpose in establishing the particular term of the policy was obtaining compensation under the Program for losses covered by the policy.

(c)

Insurer deductible

Paragraph (7) of section 102 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note), as amended by the preceding provisions of this Act, is further amended by inserting after subparagraph (F) the following new subparagraph:

(G)

for the Final Program Year, the value of an insurer's direct earned premiums for the terms remaining under any policies for insurance described in the last sentence of paragraph (5) as of the occurrence of the act of terrorism during such Year that results in insured losses, as determined by the Secretary, multiplied by 20 percent; and