Title: Terrorism Risk Insurance Program Reauthorization Act of 2019
Policy area: Finance and Financial Sector

Summary:
Terrorism Risk Insurance Program Reauthorization Act of 2019
This bill reauthorizes through 2027 the Terrorism Risk Insurance Program within the Department of the Treasury. The Government Accountability Office must report on insurance coverage of cyberterrorism.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 2877 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                S. 2877

To reauthorize the Terrorism Risk Insurance Act of 2002, and for other 
                               purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           November 14, 2019

  Mr. Tillis (for himself, Ms. Smith, Ms. McSally, Mr. Menendez, Mr. 
 Perdue, Mr. Van Hollen, Mr. Cramer, Ms. Cortez Masto, Mr. Moran, Ms. 
   Sinema, Mr. Rounds, Mr. Schatz, Mr. Scott of South Carolina, Mr. 
Schumer, Mr. Crapo, and Mr. Brown) introduced the following bill; which 
 was read twice and referred to the Committee on Banking, Housing, and 
                             Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To reauthorize 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.

    This Act may be cited as the ``Terrorism Risk Insurance Program 
Reauthorization Act of 2019''.

SEC. 2. 7-YEAR EXTENSION OF TERRORISM RISK INSURANCE PROGRAM.

    (a) Termination Date.--Section 108(a) of the Terrorism Risk 
Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by striking 
``2020'' and inserting ``2027''.
    (b) Timing of Mandatory Recoupment.--Section 103(e)(7)(E)(i) of the 
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended--
            (1) in subclause (I)--
                    (A) by striking ``2017'' and inserting ``2022''; 
                and
                    (B) by striking ``2019'' and inserting ``2024'';
            (2) in subclause (II)--
                    (A) by striking ``2018'' and inserting ``2023'';
                    (B) by striking ``2024'' and inserting ``2029''; 
                and
                    (C) by striking ``2019'' and inserting ``2024''; 
                and
            (3) in subclause (III)--
                    (A) by striking ``2024'' and inserting ``2029''; 
                and
                    (B) by striking ``2019'' and inserting ``2024''.
    (c) Ongoing Reports Regarding Market Conditions for Terrorism Risk 
Insurance.--Paragraph (2) of section 104(h) of the Terrorism Risk 
Insurance Act of 2002 (15 U.S.C. 6701 note) is amended--
            (1) by redesignating subparagraphs (B) through (E) as 
        subparagraphs (C) through (F), respectively; and
            (2) by inserting after subparagraph (A) the following new 
        subparagraph:
                    ``(B) an evaluation of the availability and 
                affordability of terrorism risk insurance, which shall 
                include an analysis of such availability and 
                affordability specifically for places of worship;''.
    (d) Study and Report on Cyber Terrorism.--Not later than the 
expiration of the 180-day period beginning on the date of the enactment 
of this Act, the Comptroller General of the United States shall conduct 
a study and report to the Committee on Financial Services of the House 
of Representatives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate, which shall--
            (1) analyze and address--
                    (A) overall vulnerabilities and potential costs of 
                cyber attacks to the United States public and private 
                infrastructure that could result in physical or digital 
                damage;
                    (B) whether State-defined cyber liability under a 
                property and casualty line of insurance is adequate 
                coverage for an act of cyber terrorism;
                    (C) whether such risks can be adequately priced by 
                the private market; and
                    (D) whether the current risk-share system under the 
                Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 
                note) is appropriate for a cyber terrorism event; and
            (2) set forth recommendations on how Congress could amend 
        the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) 
        to meet the next generation of cyber threats.
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