H. R. 26 
One Hundred Fourteenth Congress 
of the 
United States of America 
AT THE FIRST SESSION 
Begun and held at the City of Washington on Tuesday, 
the sixth day of January, two thousand and fifteen 
An Act 
To extend the termination date of the Terrorism Insurance Program established 
under the Terrorism Risk Insurance Act of 2002, and for other purposes. 
Be it enacted by the Senate and House of Representatives of 
the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE AND TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the ‘‘Terrorism 
Risk Insurance Program Reauthorization Act of 2015’’. 
(b) TABLE OF CONTENTS.—The table of contents for this Act 
is as follows: 
Sec. 1. Short title and table of contents. 
TITLE I—EXTENSION OF TERRORISM INSURANCE PROGRAM 
Sec. 101. Extension of Terrorism Insurance Program. 
Sec. 102. Federal share. 
Sec. 103. Program trigger. 
Sec. 104. Recoupment of Federal share of compensation under the program. 
Sec. 105. Certification of acts of terrorism; consultation with Secretary of Homeland 
Security. 
Sec. 106. Technical amendments. 
Sec. 107. Improving the certification process. 
Sec. 108. GAO study. 
Sec. 109. Membership of Board of Governors of the Federal Reserve System. 
Sec. 110. Advisory Committee on Risk-Sharing Mechanisms. 
Sec. 111. Reporting of terrorism insurance data. 
Sec. 112. Annual study of small insurer market competitiveness. 
TITLE II—NATIONAL ASSOCIATION OF REGISTERED AGENTS AND 
BROKERS REFORM 
Sec. 201. Short title. 
Sec. 202. Reestablishment of the National Association of Registered Agents and 
Brokers. 
TITLE III—BUSINESS RISK MITIGATION AND PRICE STABILIZATION 
Sec. 301. Short title. 
Sec. 302. Margin requirements. 
Sec. 303. Implementation. 
TITLE I—EXTENSION OF TERRORISM 
INSURANCE PROGRAM 
SEC. 101. EXTENSION OF TERRORISM INSURANCE PROGRAM. 
Section 108(a) of the Terrorism Risk Insurance Act of 2002 
(15 U.S.C. 6701 note) is amended by striking ‘‘December 31, 2014’’ 
and inserting ‘‘December 31, 2020’’.
H. R. 26—2 
SEC. 102. FEDERAL SHARE. 
Section 103(e)(1)(A) of the Terrorism Risk Insurance Act of 
2002 (15 U.S.C. 6701 note) is amended by inserting ‘‘and beginning 
on January 1, 2016, shall decrease by 1 percentage point per cal-
endar year until equal to 80 percent’’ after ‘‘85 percent’’. 
SEC. 103. PROGRAM TRIGGER. 
Subparagraph (B) of section 103(e)(1) (15 U.S.C. 6701 note) 
is amended in the matter preceding clause (i)— 
(1) by striking ‘‘a certified act’’ and inserting ‘‘certified 
acts’’; 
(2) by striking ‘‘such certified act’’ and inserting ‘‘such 
certified acts’’; and 
(3) by striking ‘‘exceed’’ and all that follows through clause 
(ii) and inserting the following: ‘‘exceed— 
‘‘(i) $100,000,000, with respect to such insured 
losses occurring in calendar year 2015; 
‘‘(ii) $120,000,000, with respect to such insured 
losses occurring in calendar year 2016; 
‘‘(iii) $140,000,000, with respect to such insured 
losses occurring in calendar year 2017; 
‘‘(iv) $160,000,000, with respect to such insured 
losses occurring in calendar year 2018; 
‘‘(v) $180,000,000, with respect to such insured 
losses occurring in calendar year 2019; and 
‘‘(vi) $200,000,000, with respect to such insured 
losses occurring in calendar year 2020 and any cal-
endar year thereafter.’’. 
SEC. 104. RECOUPMENT OF FEDERAL SHARE OF COMPENSATION 
UNDER THE PROGRAM. 
Section 103(e) of the Terrorism Risk Insurance Act of 2002 
(15 U.S.C. 6701 note) is amended— 
(1) by amending paragraph (6) to read as follows: 
‘‘(6) INSURANCE
MARKETPLACE
AGGREGATE
RETENTION 
AMOUNT.— 
‘‘(A) IN GENERAL.—For purposes of paragraph (7), the 
insurance marketplace aggregate retention amount shall 
be the lesser of— 
‘‘(i) $27,500,000,000, as such amount is revised 
pursuant to this paragraph; and 
‘‘(ii) the aggregate amount, for all insurers, of 
insured losses during such calendar year. 
‘‘(B) REVISION OF INSURANCE MARKETPLACE AGGREGATE 
RETENTION AMOUNT.— 
‘‘(i) PHASE-IN.—Beginning in the calendar year of 
enactment of the Terrorism Risk Insurance Program 
Reauthorization Act of 2015, the amount set forth 
under 
subparagraph 
(A)(i) 
shall 
increase 
by 
$2,000,000,000 per calendar year until equal to 
$37,500,000,000. 
‘‘(ii) FURTHER
REVISION.—Beginning in the cal-
endar year that follows the calendar year in which 
the amount set forth under subparagraph (A)(i) is equal 
to $37,500,000,000, the amount under subparagraph 
(A)(i) shall be revised to be the amount equal to the 
annual average of the sum of insurer deductibles for
H. R. 26—3 
all insurers participating in the Program for the prior 
3 calendar years, as such sum is determined by the 
Secretary under subparagraph (C). 
‘‘(C) RULEMAKING.—Not later than 3 years after the 
date of enactment of the Terrorism Risk Insurance Program 
Reauthorization Act of 2015, the Secretary shall— 
‘‘(i) issue final rules for determining the amount 
of the sum described under subparagraph (B)(ii); and 
‘‘(ii) provide a timeline for public notification of 
such determination.’’; and 
(2) in paragraph (7)— 
(A) in subparagraph (A)— 
(i) in the matter preceding clause (i), by striking 
‘‘for each of the periods referred to in subparagraphs 
(A) through (E) of paragraph (6)’’; and 
(ii) in clause (i), by striking ‘‘for such period’’; 
(B) by striking subparagraph (B) and inserting the 
following: 
‘‘(B) [Reserved.]’’; 
(C) in subparagraph (C)— 
(i) by striking ‘‘occurring during any of the periods 
referred to in any of subparagraphs (A) through (E) 
of paragraph (6), terrorism loss risk-spreading pre-
miums in an amount equal to 133 percent’’ and 
inserting ‘‘, terrorism loss risk-spreading premiums in 
an amount equal to 140 percent’’; and 
(ii) by inserting ‘‘as calculated under subparagraph 
(A)’’ after ‘‘mandatory recoupment amount’’; and 
(D) in subparagraph (E)(i)— 
(i) in subclause (I)— 
(I) by striking ‘‘2010’’ and inserting ‘‘2017’’; 
and 
(II) by striking ‘‘2012’’ and inserting ‘‘2019’’; 
(ii) in subclause (II)— 
(I) by striking ‘‘2011’’ and inserting ‘‘2018’’; 
(II) by striking ‘‘2012’’ and inserting ‘‘2019’’; 
and 
(III) by striking ‘‘2017’’ and inserting ‘‘2024’’; 
and 
(iii) in subclause (III)— 
(I) by striking ‘‘2012’’ and inserting ‘‘2019’’; 
and 
(II) by striking ‘‘2017’’ and inserting ‘‘2024’’. 
SEC. 105. CERTIFICATION OF ACTS OF TERRORISM; CONSULTATION 
WITH SECRETARY OF HOMELAND SECURITY. 
Paragraph (1)(A) of section 102 (15 U.S.C. 6701 note) is 
amended in the matter preceding clause (i), by striking ‘‘concurrence 
with the Secretary of State’’ and inserting ‘‘consultation with the 
Secretary of Homeland Security’’. 
SEC. 106. TECHNICAL AMENDMENTS. 
The Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 
note) is amended— 
(1) in section 102— 
(A) in paragraph (3)— 
(i) by redesignating subparagraphs (A), (B), and 
(C) as clauses (i), (ii), and (iii), respectively;
H. R. 26—4 
(ii) in the matter preceding clause (i) (as so redesig-
nated), by striking ‘‘An entity has’’ and inserting the 
following: 
‘‘(A) IN GENERAL.—An entity has’’; and 
(iii) by adding at the end the following new 
subparagraph: 
‘‘(B) RULE OF CONSTRUCTION.—An entity, including any 
affiliate thereof, does not have ‘control’ over another entity, 
if, as of the date of enactment of the Terrorism Risk Insur-
ance Program Reauthorization Act of 2015, the entity is 
acting as an attorney-in-fact, as defined by the Secretary, 
for the other entity and such other entity is a reciprocal 
insurer, provided that the entity is not, for reasons other 
than the attorney-in-fact relationship, defined as having 
‘control’ under subparagraph (A).’’; 
(B) in paragraph (7)— 
(i) by striking subparagraphs (A) through (F) and 
inserting the following: 
‘‘(A) the value of an insurer’s direct earned premiums 
during the immediately preceding calendar year, multiplied 
by 20 percent; and’’; 
(ii) by redesignating subparagraph (G) as subpara-
graph (B); and 
(iii) in subparagraph (B), as so redesignated by 
clause (ii)— 
(I) by striking ‘‘notwithstanding subpara-
graphs (A) through (F), for the Transition Period 
or any Program Year’’ and inserting ‘‘notwith-
standing subparagraph (A), for any calendar year’’; 
and 
(II) by striking ‘‘Period or Program Year’’ and 
inserting ‘‘calendar year’’; 
(C) by striking paragraph (11); and 
(D) by redesignating paragraphs (12) through (16) as 
paragraphs (11) through (15), respectively; and 
(2) in section 103— 
(A) in subsection (b)(2)— 
(i) in subparagraph (B), by striking ‘‘, purchase,’’; 
and 
(ii) in subparagraph (C), by striking ‘‘, purchase,’’; 
(B) in subsection (c), by striking ‘‘Program Year’’ and 
inserting ‘‘calendar year’’; 
(C) in subsection (e)— 
(i) in paragraph (1)(A), as previously amended by 
section 102— 
(I) by striking ‘‘the Transition Period and each 
Program Year through Program Year 4 shall be 
equal to 90 percent, and during Program Year 
5 and each Program Year thereafter’’ and inserting 
‘‘each calendar year’’; 
(II) by striking the comma after ‘‘80 percent’’; 
and 
(III) by striking ‘‘such Transition Period or 
such Program Year’’ and inserting ‘‘such calendar 
year’’; 
(ii) in paragraph (2)(A), by striking ‘‘the period 
beginning on the first day of the Transition Period
H. R. 26—5 
and ending on the last day of Program Year 1, or 
during any Program Year thereafter’’ and inserting 
‘‘a calendar year’’; and 
(iii) in paragraph (3), by striking ‘‘the period begin-
ning on the first day of the Transition Period and 
ending on the last day of Program Year 1, or during 
any other Program Year’’ and inserting ‘‘any calendar 
year’’; and 
(D) in subsection (g)(2)— 
(i) by striking ‘‘the Transition Period or a Program 
Year’’ each place that term appears and inserting ‘‘the 
calendar year’’; 
(ii) by striking ‘‘such period’’ and inserting ‘‘the 
calendar year’’; and 
(iii) by striking ‘‘that period’’ and inserting ‘‘the 
calendar year’’. 
SEC. 107. IMPROVING THE CERTIFICATION PROCESS. 
(a) DEFINITIONS.—As used in this section— 
(1) the term ‘‘act of terrorism’’ has the same meaning 
as in section 102(1) of the Terrorism Risk Insurance Act of 
2002 (15 U.S.C. 6701 note); 
(2) the term ‘‘certification process’’ means the process by 
which the Secretary determines whether to certify an act as 
an act of terrorism under section 102(1) of the Terrorism Risk 
Insurance Act of 2002 (15 U.S.C. 6701 note); and 
(3) the term ‘‘Secretary’’ means the Secretary of the 
Treasury. 
(b) STUDY.—Not later than 9 months after the date of enactment 
of this Act, the Secretary shall conduct and complete a study on 
the certification process. 
(c) REQUIRED CONTENT.—The study required under subsection 
(a) shall include an examination and analysis of— 
(1) the establishment of a reasonable timeline by which 
the Secretary must make an accurate determination on whether 
to certify an act as an act of terrorism; 
(2) the impact that the length of any timeline proposed 
to be established under paragraph (1) may have on the insur-
ance industry, policyholders, consumers, and taxpayers as a 
whole; 
(3) the factors the Secretary would evaluate and monitor 
during the certification process, including the ability of the 
Secretary to obtain the required information regarding the 
amount of projected and incurred losses resulting from an act 
which the Secretary would need in determining whether to 
certify the act as an act of terrorism; 
(4) the appropriateness, efficiency, and effectiveness of the 
consultation process required under section 102(1)(A) of the 
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) 
and any recommendations on changes to the consultation 
process; and 
(5) the ability of the Secretary to provide guidance and 
updates to the public regarding any act that may reasonably 
be certified as an act of terrorism. 
(d) REPORT.—Upon completion of the study required under 
subsection (a), the Secretary shall submit a report on the results 
of such study to the Committee on Banking, Housing, and Urban
H. R. 26—6 
Affairs of the Senate and the Committee on Financial Services 
of the House of Representatives. 
(e) RULEMAKING.—Section 102(1) of the Terrorism Risk Insur-
ance Act of 2002 (15 U.S.C. 6701 note) is amended— 
(1) by redesignating subparagraph (D) as subparagraph 
(E); and 
(2) by inserting after subparagraph (C) the following: 
‘‘(D) TIMING
OF
CERTIFICATION.—Not later than 9 
months after the report required under section 107 of the 
Terrorism Risk Insurance Program Reauthorization Act of 
2015 is submitted to the appropriate committees of Con-
gress, the Secretary shall issue final rules governing the 
certification process, including establishing a timeline for 
which an act is eligible for certification by the Secretary 
on whether an act is an act of terrorism under this para-
graph.’’. 
SEC. 108. GAO STUDY. 
(a) STUDY.—Not later than 2 years after the date of enactment 
of this Act, the Comptroller General of the United States shall 
complete a study on the viability and effects of the Federal Govern-
ment— 
(1) assessing and collecting upfront premiums on insurers 
that participate in the Terrorism Insurance Program estab-
lished under the Terrorism Risk Insurance Act of 2002 (15 
U.S.C. 6701 note) (hereafter in this section referred to as the 
‘‘Program’’), which shall include a comparison of practices in 
international markets to assess and collect premiums either 
before or after terrorism losses are incurred; and 
(2) creating a capital reserve fund under the Program and 
requiring insurers participating in the Program to dedicate 
capital specifically for terrorism losses before such losses are 
incurred, which shall include a comparison of practices in inter-
national markets to establish reserve funds. 
(b) REQUIRED CONTENT.—The study required under subsection 
(a) shall examine, but shall not be limited to, the following issues: 
(1) UPFRONT PREMIUMS.—With respect to upfront premiums 
described in subsection (a)(1)— 
(A) how the Federal Government could determine the 
price of such upfront premiums on insurers that participate 
in the Program; 
(B) how the Federal Government could collect and 
manage such upfront premiums; 
(C) how the Federal Government could ensure that 
such upfront premiums are not spent for purposes other 
than claims through the Program; 
(D) how the assessment and collection of such upfront 
premiums could affect take-up rates for terrorism risk cov-
erage in different regions and industries and how it could 
impact small businesses and consumers in both metropoli-
tan and non-metropolitan areas; 
(E) the effect of collecting such upfront premiums on 
insurers both large and small; 
(F) the effect of collecting such upfront premiums on 
the private market for terrorism risk reinsurance; and 
(G) the size of any Federal Government subsidy 
insurers may receive through their participation in the
H. R. 26—7 
Program, taking into account the Program’s current post- 
event recoupment structure. 
(2) CAPITAL RESERVE FUND.—With respect to the capital 
reserve fund described in subsection (a)(2)— 
(A) how the creation of a capital reserve fund would 
affect the Federal Government’s fiscal exposure under the 
Terrorism Risk Insurance Program and the ability of the 
Program to meet its statutory purposes; 
(B) how a capital reserve fund would impact insurers 
and reinsurers, including liquidity, insurance pricing, and 
capacity to provide terrorism risk coverage; 
(C) the feasibility of segregating funds attributable 
to terrorism risk from funds attributable to other insurance 
lines; 
(D) how a capital reserve fund would be viewed and 
treated under current Financial Accounting Standards 
Board accounting rules and the tax laws; and 
(E) how a capital reserve fund would affect the States’ 
ability to regulate insurers participating in the Program. 
(3) INTERNATIONAL
PRACTICES.—With respect to inter-
national markets referred to in paragraphs (1) and (2) of sub-
section (a), how other countries, if any— 
(A) have established terrorism insurance structures; 
(B) charge premiums or otherwise collect funds to pay 
for the costs of terrorism insurance structures, including 
risk and administrative costs; and 
(C) have established capital reserve funds to pay for 
the costs of terrorism insurance structures. 
(c) REPORT.—Upon completion of the study required under sub-
section (a), the Comptroller General shall submit a report on the 
results of such study to the Committee on Banking, Housing, and 
Urban Affairs of the Senate and the Committee on Financial Serv-
ices of the House of Representatives. 
(d) PUBLIC AVAILABILITY.—The study and report required under 
this section shall be made available to the public in electronic 
form and shall be published on the website of the Government 
Accountability Office. 
SEC. 109. MEMBERSHIP OF BOARD OF GOVERNORS OF THE FEDERAL 
RESERVE SYSTEM. 
(a) IN GENERAL.—The first undesignated paragraph of section 
10 of the Federal Reserve Act (12 U.S.C. 241) is amended by 
inserting after the second sentence the following: ‘‘In selecting mem-
bers of the Board, the President shall appoint at least 1 member 
with demonstrated primary experience working in or supervising 
community banks having less than $10,000,000,000 in total assets.’’. 
(b) EFFECTIVE DATE.—The amendment made by this section 
shall take effect on the date of enactment of this Act and apply 
to appointments made on and after that effective date, excluding 
any nomination pending in the Senate on that date. 
SEC. 110. ADVISORY COMMITTEE ON RISK-SHARING MECHANISMS. 
(a) FINDING; RULE OF CONSTRUCTION.— 
(1) FINDING.—Congress finds that it is desirable to encour-
age the growth of nongovernmental, private market reinsurance 
capacity for protection against losses arising from acts of ter-
rorism.
H. R. 26—8 
(2) RULE
OF
CONSTRUCTION.—Nothing in this Act, any 
amendment made by this Act, or the Terrorism Risk Insurance 
Act of 2002 (15 U.S.C. 6701 note) shall prohibit insurers from 
developing risk-sharing mechanisms to voluntarily reinsure ter-
rorism losses between and among themselves. 
(b) ADVISORY COMMITTEE ON RISK-SHARING MECHANISMS.— 
(1) ESTABLISHMENT.—The Secretary of the Treasury shall 
establish and appoint an advisory committee to be known as 
the ‘‘Advisory Committee on Risk-Sharing Mechanisms’’ 
(referred to in this subsection as the ‘‘Advisory Committee’’). 
(2) DUTIES.—The Advisory Committee shall provide advice, 
recommendations, and encouragement with respect to the cre-
ation and development of the nongovernmental risk-sharing 
mechanisms described under subsection (a). 
(3) MEMBERSHIP.—The Advisory Committee shall be com-
posed of 9 members who are directors, officers, or other 
employees of insurers, reinsurers, or capital market partici-
pants that are participating or that desire to participate in 
the nongovernmental risk-sharing mechanisms described under 
subsection (a), and who are representative of the affected sec-
tors of the insurance industry, including commercial property 
insurance, commercial casualty insurance, reinsurance, and 
alternative risk transfer industries. 
SEC. 111. REPORTING OF TERRORISM INSURANCE DATA. 
Section 104 (15 U.S.C. 6701 note) is amended by adding at 
the end the following new subsection: 
‘‘(h) REPORTING OF TERRORISM INSURANCE DATA.— 
‘‘(1) AUTHORITY.—During the calendar year beginning on 
January 1, 2016, and in each calendar year thereafter, the 
Secretary shall require insurers participating in the Program 
to submit to the Secretary such information regarding insurance 
coverage for terrorism losses of such insurers as the Secretary 
considers appropriate to analyze the effectiveness of the Pro-
gram, which shall include information regarding— 
‘‘(A) lines of insurance with exposure to such losses; 
‘‘(B) premiums earned on such coverage; 
‘‘(C) geographical location of exposures; 
‘‘(D) pricing of such coverage; 
‘‘(E) the take-up rate for such coverage; 
‘‘(F) the amount of private reinsurance for acts of ter-
rorism purchased; and 
‘‘(G) such other matters as the Secretary considers 
appropriate. 
‘‘(2) REPORTS.—Not later than June 30, 2016, and every 
other June 30 thereafter, the Secretary shall submit a report 
to the Committee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate that includes— 
‘‘(A) an analysis of the overall effectiveness of the Pro-
gram; 
‘‘(B) an evaluation of any changes or trends in the 
data collected under paragraph (1); 
‘‘(C) an evaluation of whether any aspects of the Pro-
gram have the effect of discouraging or impeding insurers 
from providing commercial property casualty insurance cov-
erage or coverage for acts of terrorism;
H. R. 26—9 
‘‘(D) an evaluation of the impact of the Program on 
workers’ compensation insurers; and 
‘‘(E) in the case of the data reported in paragraph 
(1)(B), an updated estimate of the total amount earned 
since January 1, 2003. 
‘‘(3) PROTECTION OF DATA.—To the extent possible, the Sec-
retary shall contract with an insurance statistical aggregator 
to collect the information described in paragraph (1), which 
shall keep any nonpublic information confidential and provide 
it to the Secretary in an aggregate form or in such other 
form or manner that does not permit identification of the 
insurer submitting such information. 
‘‘(4) ADVANCE COORDINATION.—Before collecting any data 
or information under paragraph (1) from an insurer, or affiliate 
of an insurer, the Secretary shall coordinate with the appro-
priate State insurance regulatory authorities and any relevant 
government agency or publicly available sources to determine 
if the information to be collected is available from, and may 
be obtained in a timely manner by, individually or collectively, 
such entities. If the Secretary determines that such data or 
information is available, and may be obtained in a timely 
matter, from such entities, the Secretary shall obtain the data 
or information from such entities. If the Secretary determines 
that such data or information is not so available, the Secretary 
may collect such data or information from an insurer and 
affiliates. 
‘‘(5) CONFIDENTIALITY.— 
‘‘(A) RETENTION OF PRIVILEGE.—The submission of any 
non-publicly available data and information to the Sec-
retary and the sharing of any non-publicly available data 
with or by the Secretary among other Federal agencies, 
the State insurance regulatory authorities, or any other 
entities under this subsection shall not constitute a waiver 
of, or otherwise affect, any privilege arising under Federal 
or State law (including the rules of any Federal or State 
court) to which the data or information is otherwise subject. 
‘‘(B) CONTINUED
APPLICATION
OF
PRIOR
CONFIDEN-
TIALITY AGREEMENTS.—Any requirement under Federal or 
State law to the extent otherwise applicable, or any require-
ment pursuant to a written agreement in effect between 
the original source of any non-publicly available data or 
information and the source of such data or information 
to the Secretary, regarding the privacy or confidentiality 
of any data or information in the possession of the source 
to the Secretary, shall continue to apply to such data 
or information after the data or information has been pro-
vided pursuant to this subsection. 
‘‘(C) INFORMATION-SHARING AGREEMENT.—Any data or 
information obtained by the Secretary under this subsection 
may be made available to State insurance regulatory 
authorities, individually or collectively through an informa-
tion-sharing agreement that— 
‘‘(i) shall comply with applicable Federal law; and 
‘‘(ii) shall not constitute a waiver of, or otherwise 
affect, any privilege under Federal or State law 
(including any privilege referred to in subparagraph
H. R. 26—10 
(A) and the rules of any Federal or State court) to 
which the data or information is otherwise subject. 
‘‘(D) AGENCY DISCLOSURE REQUIREMENTS.—Section 552 
of title 5, United States Code, including any exceptions 
thereunder, shall apply to any data or information sub-
mitted under this subsection to the Secretary by an insurer 
or affiliate of an insurer.’’. 
SEC. 112. ANNUAL STUDY OF SMALL INSURER MARKET COMPETITIVE-
NESS. 
Section 108 (15 U.S.C. 6701 note) is amended by adding at 
the end the following new subsection: 
‘‘(h) STUDY OF SMALL INSURER MARKET COMPETITIVENESS.— 
‘‘(1) IN GENERAL.—Not later than June 30, 2017, and every 
other June 30 thereafter, the Secretary shall conduct a study 
of small insurers (as such term is defined by regulation by 
the Secretary) participating in the Program, and identify any 
competitive challenges small insurers face in the terrorism 
risk insurance marketplace, including— 
‘‘(A) changes to the market share, premium volume, 
and policyholder surplus of small insurers relative to large 
insurers; 
‘‘(B) how the property and casualty insurance market 
for terrorism risk differs between small and large insurers, 
and whether such a difference exists within other perils; 
‘‘(C) the impact of the Program’s mandatory availability 
requirement under section 103(c) on small insurers; 
‘‘(D) the effect of increasing the trigger amount for 
the Program under section 103(e)(1)(B) on small insurers; 
‘‘(E) the availability and cost of private reinsurance 
for small insurers; and 
‘‘(F) the impact that State workers compensation laws 
have on small insurers and workers compensation carriers 
in the terrorism risk insurance marketplace. 
‘‘(2) REPORT.—The Secretary shall submit a report to the 
Congress setting forth the findings and conclusions of each 
study required under paragraph (1).’’. 
TITLE II—NATIONAL ASSOCIATION OF 
REGISTERED AGENTS AND BROKERS 
REFORM 
SEC. 201. SHORT TITLE. 
This title may be cited as the ‘‘National Association of Reg-
istered Agents and Brokers Reform Act of 2015’’. 
SEC. 202. REESTABLISHMENT OF THE NATIONAL ASSOCIATION OF 
REGISTERED AGENTS AND BROKERS. 
(a) IN GENERAL.—Subtitle C of title III of the Gramm-Leach- 
Bliley Act (15 U.S.C. 6751 et seq.) is amended to read as follows:
H. R. 26—11 
‘‘Subtitle C—National Association of 
Registered Agents and Brokers 
‘‘SEC. 321. NATIONAL ASSOCIATION OF REGISTERED AGENTS AND BRO-
KERS. 
‘‘(a) ESTABLISHMENT.—There is established the National 
Association of Registered Agents and Brokers (referred to in this 
subtitle as the ‘Association’). 
‘‘(b) STATUS.—The Association shall— 
‘‘(1) be a nonprofit corporation; 
‘‘(2) not be an agent or instrumentality of the Federal 
Government; 
‘‘(3) be an independent organization that may not be 
merged with or into any other private or public entity; and 
‘‘(4) except as otherwise provided in this subtitle, be subject 
to, and have all the powers conferred upon, a nonprofit corpora-
tion by the District of Columbia Nonprofit Corporation Act 
(D.C. Code, sec. 29–301.01 et seq.) or any successor thereto. 
‘‘SEC. 322. PURPOSE. 
‘‘The purpose of the Association shall be to provide a mechanism 
through which licensing, continuing education, and other non-
resident insurance producer qualification requirements and condi-
tions may be adopted and applied on a multi-state basis without 
affecting the laws, rules, and regulations, and preserving the rights 
of a State, pertaining to— 
‘‘(1) licensing, continuing education, and other qualification 
requirements of insurance producers that are not members 
of the Association; 
‘‘(2) resident or nonresident insurance producer appoint-
ment requirements; 
‘‘(3) supervising and disciplining resident and nonresident 
insurance producers; 
‘‘(4) establishing licensing fees for resident and nonresident 
insurance producers so that there is no loss of insurance pro-
ducer licensing revenue to the State; and 
‘‘(5) prescribing and enforcing laws and regulations regu-
lating the conduct of resident and nonresident insurance pro-
ducers. 
‘‘SEC. 323. MEMBERSHIP. 
‘‘(a) ELIGIBILITY.— 
‘‘(1) IN GENERAL.—Any insurance producer licensed in its 
home State shall, subject to paragraphs (2) and (4), be eligible 
to become a member of the Association. 
‘‘(2) INELIGIBILITY
FOR
SUSPENSION
OR
REVOCATION
OF 
LICENSE.—Subject to paragraph (3), an insurance producer is 
not eligible to become a member of the Association if a State 
insurance regulator has suspended or revoked the insurance 
license of the insurance producer in that State. 
‘‘(3) RESUMPTION OF ELIGIBILITY.—Paragraph (2) shall cease 
to apply to any insurance producer if— 
‘‘(A) the State insurance regulator reissues or renews 
the license of the insurance producer in the State in which 
the license was suspended or revoked, or otherwise termi-
nates or vacates the suspension or revocation; or
H. R. 26—12 
‘‘(B) the suspension or revocation expires or is subse-
quently overturned by a court of competent jurisdiction. 
‘‘(4) CRIMINAL HISTORY RECORD CHECK REQUIRED.— 
‘‘(A) IN GENERAL.—An insurance producer who is an 
individual shall not be eligible to become a member of 
the Association unless the insurance producer has under-
gone a criminal history record check that complies with 
regulations prescribed by the Attorney General of the 
United States under subparagraph (K). 
‘‘(B) CRIMINAL HISTORY RECORD CHECK REQUESTED BY 
HOME STATE.—An insurance producer who is licensed in 
a State and who has undergone a criminal history record 
check during the 2-year period preceding the date of 
submission of an application to become a member of the 
Association, in compliance with a requirement to undergo 
such criminal history record check as a condition for such 
licensure in the State, shall be deemed to have undergone 
a criminal history record check for purposes of subpara-
graph (A). 
‘‘(C) CRIMINAL HISTORY RECORD CHECK REQUESTED BY 
ASSOCIATION.— 
‘‘(i) IN
GENERAL.—The Association shall, upon 
request by an insurance producer licensed in a State, 
submit fingerprints or other identification information 
obtained from the insurance producer, and a request 
for a criminal history record check of the insurance 
producer, to the Federal Bureau of Investigation. 
‘‘(ii) PROCEDURES.—The board of directors of the 
Association (referred to in this subtitle as the ‘Board’) 
shall prescribe procedures for obtaining and utilizing 
fingerprints or other identification information and 
criminal history record information, including the 
establishment of reasonable fees to defray the expenses 
of the Association in connection with the performance 
of a criminal history record check and appropriate 
safeguards for maintaining confidentiality and security 
of the information. Any fees charged pursuant to this 
clause shall be separate and distinct from those 
charged by the Attorney General pursuant to subpara-
graph (I). 
‘‘(D) FORM OF REQUEST.—A submission under subpara-
graph (C)(i) shall include such fingerprints or other identi-
fication information as is required by the Attorney General 
concerning the person about whom the criminal history 
record check is requested, and a statement signed by the 
person authorizing the Attorney General to provide the 
information to the Association and for the Association to 
receive the information. 
‘‘(E) PROVISION
OF
INFORMATION
BY
ATTORNEY
GEN-
ERAL.—Upon receiving a submission under subparagraph 
(C)(i) from the Association, the Attorney General shall 
search all criminal history records of the Federal Bureau 
of Investigation, including records of the Criminal Justice 
Information Services Division of the Federal Bureau of 
Investigation, that the Attorney General determines appro-
priate for criminal history records corresponding to the 
fingerprints or other identification information provided
H. R. 26—13 
under subparagraph (D) and provide all criminal history 
record information included in the request to the Associa-
tion. 
‘‘(F) LIMITATION
ON
PERMISSIBLE
USES
OF
INFORMA-
TION.—Any information provided to the Association under 
subparagraph (E) may only— 
‘‘(i) be used for purposes of determining compliance 
with membership criteria established by the Associa-
tion; 
‘‘(ii) be disclosed to State insurance regulators, 
or Federal or State law enforcement agencies, in 
conformance with applicable law; or 
‘‘(iii) be disclosed, upon request, to the insurance 
producer to whom the criminal history record informa-
tion relates. 
‘‘(G) PENALTY
FOR
IMPROPER
USE
OR
DISCLOSURE.— 
Whoever knowingly uses any information provided under 
subparagraph (E) for a purpose not authorized in subpara-
graph (F), or discloses any such information to anyone 
not authorized to receive it, shall be fined not more than 
$50,000 per violation as determined by a court of competent 
jurisdiction. 
‘‘(H) RELIANCE ON INFORMATION.—Neither the Associa-
tion nor any of its Board members, officers, or employees 
shall be liable in any action for using information provided 
under subparagraph (E) as permitted under subparagraph 
(F) in good faith and in reasonable reliance on its accuracy. 
‘‘(I) FEES.—The Attorney General may charge a reason-
able fee for conducting the search and providing the 
information under subparagraph (E), and any such fee 
shall be collected and remitted by the Association to the 
Attorney General. 
‘‘(J) RULE OF CONSTRUCTION.—Nothing in this para-
graph shall be construed as— 
‘‘(i) requiring a State insurance regulator to per-
form criminal history record checks under this section; 
or 
‘‘(ii) limiting any other authority that allows access 
to criminal history records. 
‘‘(K) REGULATIONS.—The Attorney General shall pre-
scribe regulations to carry out this paragraph, which shall 
include— 
‘‘(i) appropriate protections for ensuring the con-
fidentiality of information provided under subpara-
graph (E); and 
‘‘(ii) procedures providing a reasonable opportunity 
for an insurance producer to contest the accuracy of 
information regarding the insurance producer provided 
under subparagraph (E). 
‘‘(L) INELIGIBILITY FOR MEMBERSHIP.— 
‘‘(i) IN
GENERAL.—The Association may, under 
reasonably consistently applied standards, deny mem-
bership to an insurance producer on the basis of 
criminal history record information provided under 
subparagraph (E), or where the insurance producer 
has been subject to disciplinary action, as described 
in paragraph (2).