‘‘(ii) to insurers, by causing such no-
tice to be published in the Federal Reg-
ister. 
‘‘(E) DETERMINATIONS.—The Secretary 
shall make determinations regarding estimated 
and actual aggregate Federal compensation to 
be paid promptly after any act of terrorism as 
may be necessary to comply with this para-
graph. 
‘‘(F) MANDATORY
DISCLOSURE
FOR
IN-
SURANCE CONTRACTS.—All policies for property 
and casualty insurance and group life insurance 
shall be deemed to contain a provision to the ef-
fect that no insurer that has met its applicable 
insurer deductible and applicable quota share 
shall be obligated to pay for any portion of ex-
cess insured loss. Notwithstanding the pre-
ceding sentence, insurers shall include a disclo-
sure in their policies detailing the maximum 
level of Government assistance and the applica-
ble insurer share.’’. 
(d) CONFORMING AMENDMENTS.—The Act is amend-
ed— 
(1) in section 103(e)— 
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(A) in paragraph (7), as so redesignated 
by subsection (c)(1) of this section, by striking 
‘‘paragraph (7)’’ and inserting ‘‘paragraph 
(8)’’; 
(B) in paragraph (8), as so redesignated 
by subsection (c)(1) of this section, by striking 
‘‘paragraph (6)’’ each place such term appears 
and inserting ‘‘paragraph (7)’’; and 
(C) in paragraph (9)(C), as so redesig-
nated by subsection (c)(1) of this section, by 
striking ‘‘paragraph (7)(D)’’ and inserting 
‘‘paragraph (8)(D)’’; and 
(2) in section 108(c)(1), by striking ‘‘paragraph 
(4), (5), (6), (7), or (8)’’ and inserting ‘‘paragraph 
(5), (6), (7), (8), or (9)’’. 
SEC. 10. POST-EVENT RESET FOR PREVIOUSLY IMPACTED 
AREAS. 
(a) INSURER DEDUCTIBLES.—Paragraph (10) of sec-
tion 102, as so redesignated by the preceding provisions 
of this Act, is amended by adding at the end the following 
new subparagraph: 
‘‘(J) if aggregate industry insured losses 
arising from an act of terrorism in a previously 
impacted area exceed $1,000,000,000, the in-
surer deductibles otherwise applicable under 
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this paragraph of any insurers that sustain in-
sured losses arising from any subsequent act of 
terrorism in the same previously impacted area 
shall be reduced for the Program Year in which 
such subsequent act of terrorism occurred and 
each Program Year thereafter by 1 percent for 
each $1,000,000,000 in aggregate industry in-
sured losses as a result of the previous act of 
terrorism in such previously impacted area, ex-
cept that no insurer deductible for any Program 
Year shall be reduced below 5 percent.’’. 
(b) PROGRAM TRIGGER.—Subparagraph (C) of sec-
tion 103(e)(1), as amended by the preceding provisions of 
this Act and so redesignated by section 5(2) of this Act, 
is further amended by adding at the end the following new 
clause: 
‘‘(ii) in the case of any certified act of 
terrorism in any previously impacted area, 
the amount provided under clause (i), as 
reduced 
by 
$10,000,000 
for 
each 
$1,000,000,000 in aggregate industry in-
sured losses that were sustained as a result 
of a previous act of terrorism in the same 
impacted area, except that in no case may 
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such amount be reduced below the amount 
specified in section 102(1)(B)(ii).’’. 
SEC. 11. MANDATORY AVAILABILITY OF LIFE INSURANCE 
THAT DOES NOT PRECLUDE FUTURE LAWFUL 
TRAVEL. 
Subsection (c) of section 103, as amended by the pre-
ceding provisions of this Act, is further amended by add-
ing at the end the following new paragraph: 
‘‘(4) shall make available, in all of its life insur-
ance policies issued after the date of the enactment 
of the Terrorism Risk Insurance Revision and Ex-
tension Act of 2007 under which the insured person 
is a citizen of the United States or an alien lawfully 
admitted for permanent residence in the United 
States, coverage that neither considers past, nor pre-
cludes future, lawful foreign travel by the person in-
sured, and shall not decline such coverage based on 
past or future, lawful foreign 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 insurer 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 engage in future lawful foreign 
travel to occur within 12 months of such inception 
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or renewal of the policy but only if, at time of appli-
cation— 
‘‘(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 nation 
to which the insured person is traveling; or 
‘‘(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 unlawful situation 
exists which is ongoing; and 
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‘‘(bb) the credibility of informa-
tion by which the insurer can verify 
the death of the insured person is 
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. 12. EXPEDITED RULEMAKING. 
Subsection (a) of section 104 is amended— 
(1) in paragraph (1), by striking ‘‘and’’ at the 
end; 
(2) in paragraph (2), by striking the period and 
inserting ‘‘; and’’; and 
(3) by adding at the end the following new 
paragraph: 
‘‘(3) during the 90-day period beginning upon 
the certification of any act of terrorism, to issue 
such regulations as the Secretary considers nec-
essary to carry out this Act without regard to the 
notice and comment provisions of section 553 of title 
5, United States Code.’’. 
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SEC. 13. ANALYSIS AND STUDY. 
(a) ANALYSIS
OF MARKET CONDITIONS.—Section 
108 is amended by striking subsection (e) and inserting 
the following: 
‘‘(e) ANALYSIS OF MARKET CONDITIONS FOR TER-
RORISM RISK INSURANCE.— 
‘‘(1) IN GENERAL.—The President’s Working 
Group on Financial Markets, in consultation with 
the NAIC, representatives of the insurance industry, 
representatives of the securities industry, and rep-
resentatives of policyholders, shall perform an anal-
ysis regarding the long-term availability and afford-
ability of insurance for terrorism risk in the private 
marketplace, including coverage for— 
‘‘(A) property and casualty insurance; 
‘‘(B) group life insurance; 
‘‘(C) workers’ compensation; and 
‘‘(D) nuclear, biological, chemical, and ra-
diological events. 
‘‘(2) REPORT.—The President’s Working Group 
on Financial Markets shall submit three reports to 
the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate, on its 
findings pursuant to the analysis conducted under 
paragraph (1), as follows: 
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‘‘(A) An initial report, which shall be sub-
mitted before the expiration of the 36-month 
period beginning on the date of the enactment 
of the Terrorism Risk Insurance Revision and 
Extension Act of 2007; 
‘‘(B) A second report, which shall be sub-
mitted before the expiration of the 72-month 
period beginning on the date of the enactment 
of such Act. 
‘‘(C) A final report, which shall be sub-
mitted before the expiration of the 108-month 
period beginning on the date of the enactment 
of such Act.’’. 
(b) COMMISSION ON TERRORISM RISK INSURANCE.— 
Title I is amended by adding at the end the following new 
section: 
‘‘SEC. 109. COMMISSION ON TERRORISM RISK INSURANCE. 
‘‘(a) ESTABLISHMENT.—There is hereby established 
the Commission on Terrorism Risk Insurance (in this sec-
tion referred to as the ‘Commission’). 
‘‘(b) MEMBERSHIP.— 
‘‘(1) The Commission shall consist of 19 mem-
bers, as follows: 
‘‘(A) The Secretary of the Treasury or the 
designee of the Secretary. 
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‘‘(B) One member who is a State insur-
ance commissioner, designated by the NAIC. 
‘‘(C) 13 members, who shall be appointed 
by the President, who shall include— 
‘‘(i) a representative of group life in-
surers; 
‘‘(ii) a representative of property and 
casualty insurers with direct written pre-
mium of $1,000,000,000 or less; 
‘‘(iii) a representative of property and 
casualty insurers with direct written pre-
mium of more than $1,000,000,000; 
‘‘(iv) a representative of multiline in-
surers; 
‘‘(v) a representative of independent 
insurance agents; 
‘‘(vi) a representative of insurance 
brokers; 
‘‘(vii) a policyholder representative; 
‘‘(viii) a representative of the sur-
vivors of the victims of the attacks of Sep-
tember 11, 2001; 
‘‘(ix) a representative of the reinsur-
ance industry; 
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‘‘(x) a representative of workers’ com-
pensation insurers; 
‘‘(xi) a representative from the com-
mercial mortgage-backed securities indus-
try; 
‘‘(xii) a representative from a nation-
ally recognized statistical rating organiza-
tion; and 
‘‘(xiii) a real estate developer. 
‘‘(D) Four members, who shall serve as li-
aisons to the Congress, who shall include two 
members jointly selected by the Chairman and 
Ranking Member of the Committee on Finan-
cial Services of the House of Representatives 
and two members jointly selected by the Chair-
man and Ranking Member of the Committee on 
Banking, Housing, and Urban Affairs of the 
Senate. 
‘‘(2) SECRETARY.—The Program Director of 
the Terrorism Risk Insurance Act of the Depart-
ment of the Treasury shall serve as Secretary of the 
Commission. The Secretary of the Commission shall 
determine the manner in which the Commission 
shall operate, including funding and staffing. 
‘‘(c) DUTIES.— 
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‘‘(1) IN GENERAL.—The Commission shall iden-
tify and make recommendations regarding— 
‘‘(A) possible actions to encourage, facili-
tate, and sustain provision by the private insur-
ance industry in the United States of affordable 
coverage for losses due to an act or acts of ter-
rorism; 
‘‘(B) possible actions or mechanisms to 
sustain or supplement the ability of the insur-
ance industry in the United States to cover 
losses resulting from acts of terrorism in the 
event that— 
‘‘(i) such losses jeopardize the capital 
and surplus of the insurance industry in 
the United States as a whole; or 
‘‘(ii) other consequences from such 
acts occur, as determined by the Commis-
sion, that may significantly affect the abil-
ity of the insurance industry in the United 
States to cover such losses independently; 
and 
‘‘(C) significantly reducing the expected 
Federal role over time in any continuing Fed-
eral terrorism risk insurance program. 
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‘‘(2) EVALUATIONS.—In identifying and mak-
ing the recommendations required under paragraph 
(1), the Commission shall specifically evaluate the 
utility and viability of proposals aimed at improving 
the availability of insurance against terrorism risk in 
the private marketplace. 
‘‘(3) INITIAL MEETING.—The Commission shall 
hold its first meeting during the 3-month period that 
begins 15 months after the date of the enactment of 
this Act. 
‘‘(4) REPORTS.— 
‘‘(A) CONTENTS.—The Commission shall 
submit two reports to the Congress that— 
‘‘(i) evaluate and make recommenda-
tions regarding whether there is a need for 
a Federal terrorism risk insurance pro-
gram; 
‘‘(ii) if so, include a specific, detailed 
recommendation for the replacement of the 
Program under this title; and 
‘‘(iii) include the identifications, eval-
uations, and recommendations required 
under paragraphs (1) and (2). 
‘‘(B) TIMING.—The first report required 
under subparagraph (A) shall be submitted be-
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