Title: Terrorism Risk Insurance Revision and Extension Act (TRIA)
Vote Smart's Synopsis:
Vote to pass a bill that changes and extends the Terrorism Risk Insurance Program (TRIA).
Extends the TRIA termination date from December 31, 2007, to December 31, 2022 (Sec. 2).
Defines terrorism as an act agreed upon by the Attorney General and the Secretaries of the Treasury, of Homeland Security, and of State to be a violent act that is dangerous to human life, property, or infrastructure or was committed to coerce U.S. civilians or the U.S. government (Sec. 3).
Adds that TRIA will provide group life insurance in addition to property and casualty insurance to cover losses caused by a qualified terrorist act (Sec. 3).
Provides coverage for certain nuclear, biological, chemical, and radiological events and establishes a table for the federal share of compensation based on the amount of losses (Sec. 3).
Sets a minimum of $50.00 million of aggregate industry insured losses from an act of terrorism before compensation through TRIA will be delivered (Sec. 3).
Limits the amount of federal compensation to $100.00 billion per year (Sec. 3).
Provides that no private insurer that has met its insurer deductible is liable for additional payments in a year where aggregate insured losses reach $100.00 billion (Sec. 3).