See How Your Politicians Voted
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).