‘‘(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; and 
‘‘(ix) a representative of the reinsur-
ance industry. 
‘‘(2) SECRETARY.—The Program Director of 
the Terrorism Risk Insurance Act shall serve as Sec-
retary of the Commission. The Secretary of the 
Commission shall determine the manner in which 
the Commission shall operate, including funding and 
staffing. 
‘‘(c) DUTIES.— 
‘‘(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 independently cover such losses; 
and 
‘‘(C) significantly reducing the expected 
Federal role over time in any continuing Fed-
eral terrorism risk insurance program. 
‘‘(2) EVALUATIONS.—In identifying and mak-
ing the recommendations required under paragraph 
(1), the Commission shall specifically evaluate the
utility and viability of risk-sharing mechanisms 
under which insurers voluntarily reinsure terrorism 
losses between and among themselves that are not 
subject to reimbursement under section 103, a Fed-
erally created or mandated reinsurance facility, em-
powering such a facility to issue pre-event financing 
bonds, post-event financing bonds, assessments, sin-
gle or multiple pooling arrangements, and other risk 
sharing arrangements to accomplish, in whole or in 
part, the specified objectives. 
‘‘(3) 
REDEVELOPMENT
ASSESSMENT.—The 
Commission shall also evaluate whether or not cov-
erage under the Program under this Act is necessary 
to permit redevelopment at the sites of any previous 
acts of terrorism. If the Commission determines that 
the market will not provide for renewal of, or gen-
eration of new, insurance contracts necessary to per-
mit such redevelopment, the Commission shall rec-
ommend coverage under the Program under this 
Act, or a variation of such Program, that will facili-
tate the completion of such a redevelopment project. 
‘‘(4) REPORT.— 
‘‘(A) IN
GENERAL.—Not later than the 
date determined under subparagraph (B), the
Commission shall submit a report to the Sec-
retary and the Congress that— 
‘‘(i) 
evaluates 
and 
makes 
rec-
ommendations regarding whether there is a 
need for a Federal terrorism risk insurance 
program and, if so, makes a specific, de-
tailed recommendation for the replacement 
of the Program, including specific, detailed 
recommendations for the creation of a ter-
rorism reinsurance facility or facilities or 
single or multiple pooling arrangements, or 
both; and 
‘‘(ii) includes the evaluation, deter-
mination, and any recommendation re-
quired under paragraph (3). 
‘‘(B) TIMING.—The date determined under 
this subparagraph is— 
‘‘(i) except as provided in clause (ii), 
the date that occurs 6 months after the 
date of the enactment of this Act; or 
‘‘(ii) the date of such termination of 
the Program (as so extended), if, before 
the the date under clause (i), the date of 
the termination of the Program under this