In the Senate of the United States,
November 16, 2007.
Resolved, That the bill from the House of Representa-
tives (H.R. 2761) entitled ‘‘An Act to extend the Terrorism
Insurance Program of the Department of the Treasury, and
for other purposes.’’, do pass with the following
AMENDMENT:
Strike out all after the enacting clause and insert:
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) SHORT TITLE.—This Act may be cited as the ‘‘Ter-
rorism Risk Insurance Program Reauthorization Act of
2007’’.
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(b) TABLE OF CONTENTS.—The table of contents for
this Act is as follows:
Sec. 1. Short title; table of contents.
Sec. 2. Definition of act of terrorism.
Sec. 3. Reauthorization of the Program.
Sec. 4. Annual liability cap.
Sec. 5. Enhanced reports to Congress.
SEC. 2. DEFINITION OF ACT OF TERRORISM.
Section 102(1)(A)(iv) of the Terrorism Risk Insurance
Act of 2002 (15 U.S.C. 6701 note) is amended by striking
‘‘acting on behalf of any foreign person or foreign interest’’.
SEC. 3. REAUTHORIZATION OF THE PROGRAM.
(a) TERMINATION DATE.—Section 108(a) of the Ter-
rorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note)
is amended by striking ‘‘2007’’ and inserting ‘‘2014’’.
(b) ADDITIONAL PROGRAM YEARS.—Section 102(11)
of the Terrorism Risk Insurance Act of 2002 (15 U.S.C.
6701 note) is amended by adding at the end the following:
‘‘(G) ADDITIONAL
PROGRAM
YEARS.—Ex-
cept when used as provided in subparagraphs
(B) through (F), the term ‘Program Year’ means,
as the context requires, any of Program Year 1,
Program Year 2, Program Year 3, Program Year
4, Program Year 5, or any of calendar years
2008 through 2014.’’.
(c) CONFORMING AMENDMENTS.—The Terrorism Risk
Insurance Act of 2002 (15 U.S.C. 6701 note) is amended—
(1) in section 102(7)(F)—
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(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 Program
Years 2 through 5,’’ and inserting ‘‘other Program
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 Terrorism
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 Sec-
retary shall provide an initial notice to Congress not
later than 15 days after the date of an act of ter-
rorism, 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 in-
serting a period.
(c) REGULATIONS FOR PRO RATA PAYMENTS; REPORT
TO CONGRESS.—Section 103(e)(2)(B) of the Terrorism 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 Reau-
thorization Act of 2007, the Secretary shall
issue final regulations for determining the
pro rata share of insured losses under the
Program 
when 
insured 
losses 
exceed
$100,000,000,000, in accordance with clause
(i).
‘‘(iii) REPORT
TO
CONGRESS.—Not
later than 120 days after the date of enact-
ment of the Terrorism Risk Insurance Pro-
gram Reauthorization Act of 2007, the Sec-
retary shall provide a report to the Com-
mittee on Banking, Housing, and Urban
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Affairs of the Senate and the Committee on
Financial Services of the House of Rep-
resentatives describing the process to be used
by the Secretary for determining the alloca-
tion 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 pol-
icyholder of the existence of the $100,000,000,000 cap
under subsection (e)(2), at the time of offer, purchase,
and renewal of the policy;’’.
(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)—