II 

113TH CONGRESS 

2D SESSION S. 2244 

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

purposes. 

IN THE SENATE OF THE UNITED STATES 

APRIL 10, 2014 

Mr. SCHUMER (for himself, Mr. KIRK, Mr. REED, Mr. HELLER, Mr. MURPHY, 

Mr. JOHANNS, Mr. WARNER, Mr. BLUNT, and Mr. MENENDEZ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To extend the termination date of the Terrorism Insurance 

Program established under the Terrorism Risk Insurance 

Act of 2002, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Terrorism Risk Insur5 ance Program Reauthorization Act of 2014’’. 

6 SEC. 2. EXTENSION OF TERRORISM INSURANCE PROGRAM. 

7 Section 108(a) of the Terrorism Risk Insurance Act 

8 of 2002 (15 U.S.C. 6701 note) is amended by striking 


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1 ‘‘December 31, 2014’’ and inserting ‘‘December 31, 

2 2021’’. 

3 SEC. 3. FEDERAL SHARE. 

4 Section 103(e)(1)(A) of the Terrorism Risk Insur5 ance Act of 2002 (15 U.S.C. 6701 note) is amended by 

6 inserting ‘‘and beginning in the calendar year that follows 

7 the date of enactment of the Terrorism Risk Insurance 

8 Program Reauthorization Act of 2014 shall decrease by 

9 1 percent per calendar year until equal to 80 percent’’ 

10 after ‘‘85 percent’’. 

11 SEC. 4. RECOUPMENT OF FEDERAL SHARE OF COMPENSA12 TION UNDER THE PROGRAM. 

13 Section 103(e) of the Terrorism Risk Insurance Act 

14 of 2002 (15 U.S.C. 6701 note) is amended— 

15 (1) in paragraph (6), in the matter preceding 

16 subparagraph (A), by striking ‘‘shall be’’ and all 

17 that follows through subparagraph (E) and inserting 

18 ‘‘shall be $27,500,000,000 and beginning in the cal19 endar year that follows the date of enactment of the 

20 Terrorism Risk Insurance Program Reauthorization 

21 Act of 2014 shall increase by $2,000,000,000 per 

22 calendar year until equal to $37,500,000,000.’’; and 

23 (2) in paragraph (7)— 

24 (A) in subparagraph (A)— 


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1 (i) in the matter preceding clause (i), 

2 by striking ‘‘for each of the periods re3 ferred to in subparagraphs (A) through 

4 (E) of paragraph 6’’; and 

5 (ii) in clause (i), by striking ‘‘for such 

6 period’’; 

7 (B) in subparagraph (B)— 

8 (i) by striking ‘‘for any period re9 ferred to in any of subparagraphs (A) 

10 through (E) of paragraph (6)’’; and 

11 (ii) by striking ‘‘for such period’’; 

12 (C) in subparagraph (C), by striking ‘‘oc13 curring during any of the periods referred to in 

14 any of subparagraphs (A) through (E) of para15 graph (6)’’; and 

16 (D) in subparagraph (E)(i)— 

17 (i) in subclause (I)— 

18 (I) by striking ‘‘2010’’ and in19 serting ‘‘2017’’; and 

20 (II) by striking ‘‘2012’’ and in21 serting ‘‘2019’’; 

22 (ii) in subclause (II)— 

23 (I) by striking ‘‘2011’’ and in24 serting ‘‘2018’’; 


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1 (II) by striking ‘‘2012’’ and in2 serting ‘‘2019’’; and 

3 (III) by striking ‘‘2017’’ and in4 serting ‘‘2024’’; and 

5 (iii) in subclause (III)— 

6 (I) by striking ‘‘2012’’ and in7 serting ‘‘2019’’; and 

8 (II) by striking ‘‘2017’’ and in9 serting ‘‘2024’’. 

10 SEC. 5. TECHNICAL AMENDMENTS. 

11 The Terrorism Risk Insurance Act of 2002 (15 

12 U.S.C. 6701 note) is amended— 

13 (1) in section 102— 

14 (A) in paragraph (7)— 

15 (i) by striking subparagraphs (A) 

16 through (F) and inserting the following: 

17 ‘‘(A) the value of an insurer’s direct 

18 earned premiums during the immediately pre19 ceding calendar year, multiplied by 20 percent; 

20 and’’; 

21 (ii) by redesignating subparagraph 

22 (G) as subparagraph (B); and 

23 (iii) in subparagraph (B), as so redes24 ignated by clause (ii)— 


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1 (I) by striking ‘‘notwithstanding 

2 subparagraphs (A) through (F), for 

3 the Transition Period or any Program 

4 Year’’ and inserting ‘‘notwithstanding 

5 subparagraph (A), for any calendar 

6 year’’; and 

7 (II) by striking ‘‘Period or Pro8 gram Year’’ and inserting ‘‘calendar 

9 year’’; 

10 (B) by striking paragraph (11); and 

11 (C) by redesignating paragraphs (12) 

12 through (16) as paragraphs (11) through (15), 

13 respectively; and 

14 (2) in section 103— 

15 (A) in subsection (c), by striking ‘‘Pro16 gram Year’’ and inserting ‘‘calendar year’’; 

17 (B) in subsection (e)— 

18 (i) in paragraph (1)— 

19 (I) in subparagraph (A), as pre20 viously amended by section 3— 

21 (aa) by striking ‘‘the Transi22 tion Period and each Program 

23 Year through Program Year 4 

24 shall be equal to 90 percent, and 

25 during Program Year 5 and each 


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1 Program Year thereafter’’ and 

2 inserting ‘‘each calendar year’’; 

3 (bb) by striking the comma 

4 after ‘‘80 percent’’; and 

5 (cc) by striking ‘‘such Tran6 sition Period or such Program 

7 Year’’ and inserting ‘‘such cal8 endar year’’; and 

9 (II) in subparagraph (B), by 

10 striking ‘‘exceed’’ and all that follows 

11 through clause (ii) and inserting ‘‘ex12 ceed $100,000,000 with respect to 

13 such insured losses occurring in the 

14 calendar year.’’; 

15 (ii) in paragraph (2)(A), by striking 

16 ‘‘the period beginning on the first day of 

17 the Transition Period and ending on the 

18 last day of Program Year 1, or during any 

19 Program Year thereafter’’ and inserting ‘‘a 

20 calendar year’’; and 

21 (iii) in paragraph (3), by striking ‘‘the 

22 period beginning on the first day of the 

23 Transition Period and ending on the last 

24 day of Program Year 1, or during any 


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1 other Program Year’’ and inserting ‘‘any 

2 calendar year’’; and 

3 (C) in subsection (g)(2)— 

4 (i) by striking ‘‘the Transition Period 

5 or a Program Year’’ each place that term 

6 appears and inserting ‘‘the calendar year’’; 

7 (ii) by striking ‘‘such period’’ and in8 serting ‘‘the calendar year’’; and 

9 (iii) by striking ‘‘that period’’ and in10 serting ‘‘the calendar year’’. 

Æ 


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