{
  "id": "RL34219",
  "type": "CRS Report",
  "typeId": "REPORTS",
  "number": "RL34219",
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  "source": "EveryCRSReport.com, University of North Texas Libraries Government Documents Department",
  "versions": [
    {
      "source": "EveryCRSReport.com",
      "id": 347774,
      "date": "2008-01-15",
      "retrieved": "2016-04-07T03:49:26.034277",
      "title": "Terrorism Risk Insurance Legislation in 2007: Issue Summary and Side-by-Side",
      "summary": "Prior to the September 11, 2001 terrorist attacks, insurance covering terrorism losses was normally included in general insurance policies without additional cost to the policyholders. Following the attacks, both primary insurers and reinsurers pulled back from offering terrorism coverage. Because insurance is required for a variety of economic transactions, it was feared that a lack of insurance against terrorism loss would have a wider economic impact.\nCongress responded to the disruption in the insurance market by passing the Terrorism Risk Insurance Act of 2002 (TRIA, P.L. 107-297, 116 Stat. 2322). TRIA created a temporary program, expiring at the end of 2005, to calm the insurance markets through a government backstop for terrorism losses, and to give the industry time to gather the data and create the structures and capacity necessary for private insurance to cover terrorism risk. From 2002 to 2005, terrorism insurance became widely available and largely affordable, and the insurance industry greatly expanded its financial capacity. There was, however, little apparent success on a longer term private solution and fears persisted about wider economic consequences if insurance were not available. Congress responded to the expiration of TRIA with the passage of the Terrorism Risk Insurance Extension Act (TRIEA, P.L. 109-144, 119 Stat. 2660). TRIEA extended the TRIA program until the end of 2007 while increasing the private sector exposure to terrorism risk.\nThe two years under the extended TRIA program were very similar to the three years under the first act. The market for terrorism insurance improved, but doubts remained as to capacity of the private sector to finance large-scale terrorism risk in the United States, as well as whether terrorism risk can be considered an insurable event at all. In response, the House passed H.R. 2761 in the 110th Congress, which would have extended the TRIA program 15 years and made substantial other changes. The Senate also passed H.R. 2761, after amending it with language from S. 2285, which would have extended TRIA seven years while making more limited changes to the underlying law. The House then passed H.R. 4299, which contained the language of the Senate-passed H.R. 2761 plus some of the provisions from the previous version of H.R. 2761. The differences between the House and Senate bills included the inclusion of group life insurance, restrictions on life insurers\u2019 use of travel in underwriting, lowering the deductible and trigger after a large terrorist attack, and the reduction of the program trigger to $50 million. The Senate, however, did not act on H.R. 4299, and the House ultimately agreed to the amended version of H.R. 2761 that was previously passed by the Senate. The President signed this bill into law on December 26, 2007.\nThis report briefly outlines the issues involved with terrorism insurance and includes a side-by-side of the previous TRIA law, the two House TRIA-extension bills, and the Senate bill that was ultimately signed by the President. It will not be updated. For more complete information on the issue, please see CRS Report RL34025, Terrorism Risk Insurance: Issue Analysis and Legislation, by Baird Webel.",
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    },
    {
      "source": "University of North Texas Libraries Government Documents Department",
      "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc805866/",
      "id": "RL34219_2007Oct25",
      "date": "2007-10-25",
      "retrieved": "2016-03-19T13:57:26",
      "title": "Terrorism Risk Insurance Legislation in 2007: Issue Summary and Side-by-Side",
      "summary": null,
      "type": "CRS Report",
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  "topics": [
    "Intelligence and National Security"
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}