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H.R. 26: Terrorism Risk Insurance Program Reauthorization Act of 2015

CBO Score

$3.67 billion

Date of Report

Wed January 7th, 2015

CBO Report Details

Legislation Details

To extend the termination date of the Terrorism Insurance Program established under the Terrorism Risk Insurance Act of 2002, and for other purposes.

114th Congress
Sponsor: Rep. Randy Neugebauer — R — TX

Introduced 01/06/15
Passed House: 01/07/15
Passed Senate: 01/08/15
Latest Action: 01/12/15

Amends the Terrorism Risk Insurance Act of 2002 (TRIA) to extend the Terrorism Insurance Program through December 31, 2020, and to revise requirements for the Program. Requires the federal share of payments beginning on January 1, 2016, for acts of terrorism, in general, to be reduced annually to 80% of insured losses. Specifies the aggregate industry insured losses resulting from certified acts of terror which will, beginning calendar years 2015-2019, trigger the federal share of compensation under the Program as: $100 million for 2015; $120 million for 2016; $140 million for 2017; $160 million for 2018, $180 million for 2019; and $200 million for 2020 and thereafter.

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