(A) by inserting ‘‘and each Program Year 
thereafter’’ before ‘‘, the value’’; and 
(B) by striking ‘‘preceding Program Year 
5’’ and inserting ‘‘preceding that Program 
Year’’; 
(2) in section 103(e)(1)(A), by inserting ‘‘and 
each Program Year thereafter’’ after ‘‘Year 5’’; 
(3) in section 103(e)(1)(B)(ii), by inserting be-
fore the period at the end ‘‘and any Program Year 
thereafter’’; 
(4) in section 103(e)(2)(A), by striking ‘‘of Pro-
gram Years 2 through 5’’ and inserting ‘‘Program 
Year thereafter’’; 
(5) in section 103(e)(3), by striking ‘‘of Pro-
gram Years 2 through 5,’’ and inserting ‘‘other Pro-
gram Year’’; and 
(6) in section 103(e)(6)(E), by inserting ‘‘and 
any Program Year thereafter’’ after ‘‘Year 5’’. 
SEC. 4. ANNUAL LIABILITY CAP. 
(a) IN GENERAL.—Section 103(e)(2) of the Ter-
rorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) 
is amended— 
(1) in subparagraph (A)— 
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(A) by striking ‘‘(until such time as the 
Congress may act otherwise with respect to 
such losses)’’; and 
(B) in clause (ii), by striking ‘‘that 
amount’’ and inserting ‘‘the amount of such 
losses’’; and 
(2) in subparagraph (B), by inserting before 
the period at the end ‘‘, except that, notwithstanding 
paragraph (1) or any other provision of Federal or 
State law, no insurer may be required to make any 
payment for insured losses in excess of its deductible 
under section 102(7) combined with its share of in-
sured losses under paragraph (1)(A) of this sub-
section’’. 
(b) NOTICE TO CONGRESS.—Section 103(e)(3) of the 
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 
note) is amended— 
(1) by adding at the end the following: ‘‘The 
Secretary shall provide an initial notice to Congress 
not later than 15 days after the date of an act of 
terrorism, stating whether the Secretary estimates 
that 
aggregate 
insured 
losses 
will 
exceed 
$100,000,000,000.’’; and 
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(2) by striking ‘‘and the Congress shall’’ and all 
that follows through the end of the paragraph and 
inserting a period. 
(c) REGULATIONS FOR PRO RATA PAYMENTS; RE-
PORT TO CONGRESS.—Section 103(e)(2)(B) of the Ter-
rorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) 
is amended— 
(1) by striking ‘‘For purposes’’ and inserting 
the following: 
‘‘(i) IN GENERAL.—For purposes’’; 
and 
(2) by adding at the end the following: 
‘‘(ii) REGULATIONS.—Not later than 
240 days after the date of enactment of 
the Terrorism Risk Insurance Program 
Reauthorization Act of 2007, the Secretary 
shall issue final regulations for deter-
mining the pro rata share of insured losses 
under the Program when insured losses ex-
ceed $100,000,000,000, in accordance with 
clause (i). 
‘‘(iii) REPORT
TO
CONGRESS.—Not 
later than 120 days after the date of en-
actment of the Terrorism Risk Insurance 
Program Reauthorization Act of 2007, the 
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Secretary shall provide a report to the 
Committee on Banking, Housing, and 
Urban Affairs of the Senate and the Com-
mittee on Financial Services of the House 
of Representatives describing the process 
to be used by the Secretary for deter-
mining the allocation of pro rata payments 
for insured losses under the Program when 
such losses exceed $100,000,000,000.’’. 
(d) DISCLOSURE.—Section 103(b) of the Terrorism 
Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is 
amended— 
(1) by redesignating paragraphs (3) and (4) as 
paragraphs (4) and (5), respectively; and 
(2) by inserting after paragraph (2) the fol-
lowing: 
‘‘(3) in the case of any policy that is issued 
after the date of enactment of the Terrorism Risk 
Insurance Program Reauthorization Act of 2007, 
the insurer provides clear and conspicuous disclosure 
to the policyholder of the existence of the 
$100,000,000,000 cap under subsection (e)(2), at 
the time of offer, purchase, and renewal of the pol-
icy;’’. 
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(e) SURCHARGES.—Section 103(e) of the Terrorism 
Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is 
amended— 
(1) in paragraph (7)— 
(A) in subparagraph (C), by inserting 
‘‘133 percent of’’ before ‘‘any mandatory 
recoupment’’; and 
(B) by adding at the end the following: 
‘‘(E) 
TIMING
OF
MANDATORY 
RECOUPMENT.— 
‘‘(i) IN GENERAL.—If the Secretary is 
required to collect terrorism loss risk- 
spreading premiums under subparagraph 
(C)— 
‘‘(I) for any act of terrorism that 
occurs on or before December 31, 
2010, the Secretary shall collect all 
required premiums by September 30, 
2012; 
‘‘(II) for any act of terrorism 
that occurs between January 1 and 
December 31, 2011, the Secretary 
shall collect 35 percent of any re-
quired premiums by September 30, 
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2012, and the remainder by Sep-
tember 30, 2017; and 
‘‘(III) for any act of terrorism 
that occurs on or after January 1, 
2012, the Secretary shall collect all 
required premiums by September 30, 
2017. 
‘‘(ii) REGULATIONS
REQUIRED.—Not 
later than 180 days after the date of en-
actment of this subparagraph, the Sec-
retary shall issue regulations describing 
the procedures to be used for collecting the 
required premiums in the time periods re-
ferred to in clause (i). 
‘‘(F) NOTICE
OF
ESTIMATED
LOSSES.— 
Not later than 90 days after the date of an act 
of terrorism, the Secretary shall publish an esti-
mate of aggregate insured losses, which shall be 
used as the basis for determining whether man-
datory recoupment will be required under this 
paragraph. Such estimate shall be updated as 
appropriate, and at least annually.’’; and 
(2) in paragraph (8)— 
(A) in subparagraph (C)— 
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(i) by striking ‘‘(including any addi-
tional amount included in such premium’’ 
and inserting ‘‘collected’’; and 
(ii) by striking ‘‘(D))’’ and inserting 
‘‘(D)’’; and 
(B) in subparagraph (D)(ii), by inserting 
before the period at the end ‘‘, in accordance 
with the timing requirements of paragraph 
(7)(E)’’. 
SEC. 5. ENHANCED REPORTS TO CONGRESS. 
(a) STUDY AND REPORT ON INSURANCE FOR NU-
CLEAR, BIOLOGICAL, CHEMICAL, AND
RADIOLOGICAL 
TERRORIST EVENTS.—Section 108 of the Terrorism Risk 
Insurance Act of 2002 (15 U.S.C. 6701 note) is amended 
by adding at the end the following: 
‘‘(f) INSURANCE FOR NUCLEAR, BIOLOGICAL, CHEM-
ICAL, AND RADIOLOGICAL TERRORIST EVENTS.— 
‘‘(1) STUDY.—The Comptroller General of the 
United States shall examine— 
‘‘(A) the availability and affordability of 
insurance coverage for losses caused by terrorist 
attacks involving nuclear, biological, chemical, 
or radiological materials; 
‘‘(B) the outlook for such coverage in the 
future; and 
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‘‘(C) the capacity of private insurers and 
State workers compensation funds to manage 
risk associated with nuclear, biological, chem-
ical, and radiological terrorist events. 
‘‘(2) REPORT.—Not later than 1 year after the 
date of enactment of the Terrorism Risk Insurance 
Program Reauthorization Act of 2007, the Comp-
troller General shall submit to the Committee on 
Banking, Housing, and Urban Affairs of the Senate 
and the Committee on Financial Services of the 
House of Representatives a report containing a de-
tailed statement of the findings under paragraph 
(1), and recommendations for any legislative, regu-
latory, administrative, or other actions at the Fed-
eral, State, or local levels that the Comptroller Gen-
eral considers appropriate to expand the availability 
and affordability of insurance for nuclear, biological, 
chemical, or radiological terrorist events.’’. 
(b) STUDY AND REPORT ON AVAILABILITY AND AF-
FORDABILITY OF TERRORISM INSURANCE IN SPECIFIC 
MARKETS.—Section 108 of the Terrorism Risk Insurance 
Act of 2002 (15 U.S.C. 6701 note) is amended by adding 
at the end the following: 
‘‘(g) AVAILABILITY AND AFFORDABILITY OF TER-
RORISM INSURANCE IN SPECIFIC MARKETS.— 
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‘‘(1) STUDY.—The Comptroller General of the 
United States shall conduct a study to determine 
whether there are specific markets in the United 
States where there are unique capacity constraints 
on the amount of terrorism risk insurance available. 
‘‘(2) ELEMENTS
OF
STUDY.—The study re-
quired by paragraph (1) shall contain— 
‘‘(A) an analysis of both insurance and re-
insurance capacity in specific markets, includ-
ing pricing and coverage limits in existing poli-
cies; 
‘‘(B) an assessment of the factors contrib-
uting to any capacity constraints that are iden-
tified; and 
‘‘(C) 
recommendations 
for 
addressing 
those capacity constraints. 
‘‘(3) REPORT.—Not later than 180 days after 
the date of enactment of the Terrorism Risk Insur-
ance Program Reauthorization Act of 2007, the 
Comptroller General shall submit a report on the 
study required by paragraph (1) to the Committee 
on Banking, Housing, and Urban Affairs of the Sen-
ate and the Committee on Financial Services of the 
House of Representatives.’’. 
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(c) ONGOING REPORTS.—Section 108(e) of the Ter-
rorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) 
is amended— 
(1) in paragraph (1)— 
(A) by inserting ‘‘ongoing’’ before ‘‘anal-
ysis’’; and 
(B) by striking ‘‘, including’’ and all that 
follows through the end of the paragraph, and 
inserting a period; and 
(2) in paragraph (2)— 
(A) by inserting ‘‘and thereafter in 2010 
and 2013,’’ after ‘‘2006,’’; and 
(B) by striking ‘‘subsection (a)’’ and in-
serting ‘‘paragraph (1)’’. 
SEC. 6. COVERAGE OF GROUP LIFE INSURANCE. 
(a) FINDINGS AND PURPOSE.—Section 101 of the 
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 
note) is amended— 
(1) in subsection (a)— 
(A) in paragraph (5), by striking ‘‘and’’ at 
the end; 
(B) by redesignating paragraph (6) as 
paragraph (8); and 
(C) by inserting after paragraph (5) the 
following new paragraphs: 
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‘‘(6) group life insurance companies are impor-
tant financial institutions whose products make life 
insurance coverage affordable for millions of Ameri-
cans and often serve as their only life insurance ben-
efit; 
‘‘(7) the group life insurance industry, in the 
event of a severe act of terrorism, is vulnerable to 
insolvency because high concentrations of covered 
employees work in the same locations, because pri-
mary group life insurers do not exclude terrorism 
risks while most catastrophic reinsurance does ex-
clude such risks, and because a large-scale loss of 
life would fall outside of actuarial expectations of 
death; and’’; and 
(2) in subsection (b)(1), by inserting ‘‘and 
group life insurance’’ after ‘‘property and casualty 
insurance’’. 
(b) DEFINITIONS.—Section 102 of the Terrorism 
Risk Insurance Act of 2002 (15 U.S.C. 6701 note), as 
amended by the preceding provisions of this Act, is further 
amended— 
(1) in paragraph (1)(B)(ii), by inserting ‘‘and 
group life insurance’’ before ‘‘losses’’; 
(2) in paragraph (5), in the matter preceding 
subparagraph (A)— 
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(A) by inserting ‘‘, or group life insurance 
to the extent of the amount at risk,’’ after 
‘‘property and casualty insurance’’; 
(B) by inserting a comma after ‘‘insurer’’; 
and 
(C) by adding after and below subpara-
graph (B) the following: 
‘‘Such term shall not include any losses of an in-
surer resulting from coverage of any single certifi-
cate holder under any group life insurance coverages 
of the insurer to the extent such losses are not com-
pensated under the Program by reason of section 
103(e)(1)(D).’’; 
(3) in paragraph (6)— 
(A) in subparagraph (A)(i), by inserting ‘‘, 
or group life insurance,’’ after ‘‘excess insur-
ance’’; and 
(B) in subparagraph (B), by inserting ‘‘or, 
in the case of group life insurance, that receives 
direct premiums,’’ after ‘‘insurance coverage,’’; 
(4) in paragraph (7)— 
(A) in subparagraph (F)— 
(i) by striking the first comma and in-
serting ‘‘(i) with respect to property and 
casualty insurance,’’; and 
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for a number of individuals under a single contract, 
on the basis of a group selection of risks, but does 
not include ‘Corporate Owned Life Insurance’ or 
‘Business Owned Life Insurance,’ each as defined 
under the Internal Revenue Code of 1986, or any 
similar product, or group life reinsurance or 
retrocessional reinsurance. 
‘‘(17) AMOUNT AT RISK.—The term ‘amount at 
risk’ means face amount less statutory policy re-
serves for group life insurance issued by any insurer 
for insurance against losses occurring at the loca-
tions described in subparagraph (A) of paragraph 
(5).’’. 
(c) MANDATORY AVAILABILITY.—Section 103(c) of 
the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 
6701 note) is amended by striking ‘‘During each Program 
Year’’ and all that follows through ‘‘property and casualty 
insurance’’ in paragraph (2) and inserting the following: 
‘‘(1) AVAILABILITY OF COVERAGE FOR INSURED 
LOSSES.—During each Program Year, each entity 
that meets the definition of an insurer under section 
102 shall make available, in all of its insurance poli-
cies for property and casualty insurance and in all 
of its insurance policies for group life insurance,’’. 
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(d) FEDERAL SHARE OF COMPENSATION.—Section 
103(e)(1) of the Terrorism Risk Insurance Act of 2002 
(15 U.S.C. 6701 note) is amended by adding at the end 
the following new subparagraph: 
‘‘(D) LIMITATION ON COMPENSATION FOR 
GROUP LIFE INSURANCE.—Notwithstanding any 
other provision of this Act, the Federal share of 
compensation under the Program paid by the 
Secretary for insured losses of an insurer re-
sulting from coverage of any single certificate 
holder under any group life insurance coverages 
of the insurer may not during any Program 
Year exceed $1,000,000.’’. 
(e) 
SEPARATE
RETENTION
POOL.—Section 
103(e)(6)(E) of the Terrorism Risk Insurance Act of 2002 
(15 U.S.C. 6701 note) is amended by striking clauses (i) 
and (ii) and inserting the following new clauses: 
‘‘(i) for property and casualty insur-
ance, the lesser of— 
‘‘(I) $27,500,000,000; and 
‘‘(II) the aggregate amount, for 
all such insurance, of insured losses 
during such Program Year; and 
‘‘(ii) for group life insurance, the less-
er of— 
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‘‘(I) $5,000,000,000; and 
‘‘(II) the aggregate amount, for 
all such insurance, of insured losses 
during such Program Year.’’. 
(f) SEPARATE RECOUPMENT.—Section 103(e)(7) of 
the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 
6701 note), as amended by the preceding provisions of this 
Act, is further amended— 
(1) in subparagraph (A)— 
(A) in clause (i), by inserting ‘‘applicable’’ 
before ‘‘insurance’’; and 
(B) in clause (ii), by striking ‘‘all insurers’’ 
and inserting ‘‘all applicable insurers (pursuant 
to subparagraph (G))’’; 
(2) in subparagraph (B)— 
(A) in the heading, by inserting ‘‘APPLICA-
BLE’’ before ‘‘INSURANCE’’; and 
(B) by inserting ‘‘applicable’’ before ‘‘in-
surance’’; and 
(3) by adding at the end the following new sub-
paragraph: 
‘‘(G) SEPARATE RECOUPMENT.—‘‘The Sec-
retary shall provide that— 
‘‘(i) any recoupment under this para-
graph of amounts paid for Federal finan-
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cial assistance for insured losses for prop-
erty and casualty insurance shall be ap-
plied to property and casualty insurance 
policies; and 
‘‘(ii) any recoupment under this para-
graph of amounts paid for Federal finan-
cial assistance for insured losses for group 
life insurance shall be applied to group life 
insurance policies.’’. 
(g) POLICY SURCHARGE FOR TERRORISM LOSS RISK- 
SPREADING PREMIUMS.—Section 103(e)(8) of the Ter-
rorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) 
is amended— 
(1) in subparagraph (A)— 
(A) in the matter preceding clause (i), by 
striking ‘‘Any’’ and inserting ‘‘Subject to para-
graph (7)(G), any’’; 
(B) in clause (i), by inserting ‘‘and group 
life insurance policies’’ after ‘‘policies’’; and 
(C) by striking clause (iii) and inserting 
the following new clause: 
‘‘(iii) be based on— 
‘‘(I) a percentage of the premium 
amount charged for property and cas-
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ualty insurance coverage under the 
policy; and 
‘‘(II) a percentage of the amount 
at risk for group life insurance cov-
erage under the policy.’’; and 
(2) in subparagraph (C)— 
(A) by inserting ‘‘with respect to property 
and casualty insurance,’’ after ‘‘annual basis,’’; 
and 
(B) by inserting before the period at the 
end the following: ‘‘and, with respect to group 
life insurance, the amount equal to 0.0053 per-
cent of the amount at risk for covered lines 
under the policy’’. 
SEC. 7. LARGE EVENT RESET. 
The Terrorism Risk Insurance Act of 2002 (15 
U.S.C. 6701 note) is amended— 
(1) in section 102(7)— 
(A) in subparagraph (F), by striking 
‘‘and’’ at the end; 
(B) in subparagraph (G), by striking the 
period at the end and inserting ‘‘; and’’; and 
(C) by adding at the end the following new 
subparagraph: 
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‘‘(H) notwithstanding subparagraph (F)(i), 
if aggregate industry insured losses resulting 
from a certified act of terrorism exceed 
$1,000,000,000, for any insurer that sustains 
insured losses resulting from such act of ter-
rorism, the value of such insurer’s direct earned 
premiums over the calendar year immediately 
preceding the Program Year, multiplied by a 
percentage, which— 
‘‘(i) for the Program Year consisting 
of calendar year 2008 shall be 5 percent; 
and 
‘‘(ii) for each Program Year there-
after, shall be 50 basis points greater than 
the percentage applicable to the preceding 
Program Year, except that if an act of ter-
rorism occurs during any such Program 
Year that results in aggregate industry in-
sured losses exceeding $1,000,000,000, the 
percentage for the succeeding Program 
Year shall be 5 percent and the increase 
under this clause shall apply to Program 
Years thereafter; 
except that for purposes of determining under 
this subparagraph whether aggregate industry 
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insured losses exceed $1,000,000,000, the Sec-
retary may combine insured losses resulting 
from two or more certified acts of terrorism oc-
curring during such Program Year in the same 
geographic area (with such area determined by 
the Secretary), in which case such insurer shall 
be permitted to combine insured losses resulting 
from such acts of terrorism for purposes of sat-
isfying its insurer deductible under this sub-
paragraph; and except that the insurer deduct-
ible under this subparagraph shall apply only 
with respect to compensation of insured losses 
resulting from such certified act, or combined 
certified acts, and that for purposes of com-
pensation of any other insured losses occurring 
in the same Program Year, the insurer deduct-
ible determined under subparagraph (F)(i) shall 
apply.’’; and 
(2) in section 103(e)(1)(B)— 
(A) in clause (ii), by striking the period at 
the end and inserting a semicolon; and 
(B) by adding after and below clause (ii) 
the following: 
‘‘except that if a certified act of terrorism oc-
curs for which resulting aggregate industry in-
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sured losses exceed $1,000,000,000, the appli-
cable amount for any subsequent certified act of 
terrorism shall be the amount specified in sec-
tion 102(1)(B)(ii).’’. 
SEC. 8. AVAILABILITY OF LIFE INSURANCE WITHOUT RE-
GARD TO LAWFUL FOREIGN TRAVEL. 
Section 103(c) of the Terrorism Risk Insurance Act 
of 2002 (15 U.S.C. 6701 note), as amended by the pre-
ceding provisions of this Act, is further amended by add-
ing at the end the following new paragraph: 
‘‘(2) AVAILABILITY OF LIFE INSURANCE WITH-
OUT REGARD TO LAWFUL FOREIGN TRAVEL.—Dur-
ing each Program Year, each entity that meets the 
definition of an insurer under section 102 and any 
other entity that issues insurance contracts that pro-
vide life insurance coverage shall make available, in 
all of its life insurance policies issued after the date 
of the enactment of the Terrorism Risk Insurance 
Program Reauthorization Act of 2007 under which 
the insured person is a citizen of the United States 
or an alien lawfully admitted for permanent resi-
dence in the United States, coverage that neither 
considers past, nor precludes future, lawful foreign 
travel by the person insured, and shall not decline 
such coverage based on past or future, lawful foreign 
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travel by the person insured or charge a premium 
for such coverage that is excessive and not based on 
a good faith actuarial analysis, except that an in-
surer may decline or, upon inception or renewal of 
a policy, limit the amount of coverage provided 
under any life insurance policy based on plans to en-
gage in future lawful foreign travel to occur within 
12 months of such inception or renewal of the policy 
but only if, at time of application— 
‘‘(A) such declination is based on, or such 
limitation applies only with respect to, travel to 
a foreign destination— 
‘‘(i) for which the Director of the Cen-
ters for Disease Control and Prevention of 
the Department of Health and Human 
Services has issued a highest level alert or 
warning, 
including 
a 
recommendation 
against non-essential travel, due to a seri-
ous health-related condition; 
‘‘(ii) in which there is an ongoing 
military conflict involving the armed forces 
of a sovereign nation other than the for-
eign destination to which the insured per-
son is traveling; or 
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‘‘(iii)(I) that the insurer has specifi-
cally designated in the terms of the life in-
surance policy at the inception of the pol-
icy or at renewal, as applicable; and 
‘‘(II) with respect to which the insurer 
has made a good-faith determination 
that— 
‘‘(aa) a serious fraudulent situa-
tion exists which is ongoing; and 
‘‘(bb) the credibility of informa-
tion by which the insurer can verify 
the death of the insured person is 
substantially compromised; and 
‘‘(B) in the case of any limitation of cov-
erage, such limitation is specifically stated in 
the terms of the life insurance policy at the in-
ception of the policy or at renewal, as applica-
ble.’’. 
SEC. 9. PROGRAM TRIGGER. 
Section 103(e)(1)(B)(ii) of the Terrorism Risk Insur-
ance Act of 2002 (15 U.S.C. 6701 note) is amended by 
striking ‘‘$100,000,000’’ and inserting ‘‘$50,000,000’’. 
SEC. 10. APPLICABILITY. 
The amendments made by this Act shall apply begin-
ning on January 1, 2008. The provisions of the Terrorism 
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Risk Insurance Act of 2002, as in effect on the day before 
the date of the enactment of this Act, shall apply through 
the end of December 31, 2007. 
Æ 
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