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HR 2761 - Terrorism Risk Insurance Revision and Extension Act (TRIA) - National Key Vote

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NOTE: THIS VOTE WAS TAKEN UNDER A SUSPENSION OF THE RULES TO CUT OFF DEBATE EARLY AND VOTE TO PASS THE BILL, THEREBY REQUIRING A TWO-THIRDS MAJORITY FOR PASSAGE.

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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).

Highlights:

  • 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).

Full Bill Text

Title: Terrorism Risk Insurance Revision and Extension Act (TRIA)

Full Bill Text

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