Fostering Resilience to Terrorism Act of 2013

Bill: 113-hr-1945
Sponsor: full_name: Rep. Thompson, Bennie G. [D-MS-2]
Introduced: 2013-05-09
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Congressional oversight

Department of Homeland Security

Department of the Treasury

Disaster relief and insurance

Government information and archives

Government studies and investigations

Homeland security

Insurance industry and regulation

Life, casualty, property insurance

Terrorism
Latest action: action_date: 2013-05-29
text: Referred to the Subcommittee on Cybersecurity, Infrastructure Protection, and Security Technologies.

Summaries:
action_date: 2013-05-09
action_desc: Introduced in House
text: <p>Fostering Resilience to Terrorism Act of 2013 - Amends the Terrorism Risk Insurance Act of 2002 to revise the definition of an "act of terrorism" to mean any act that is certified as meeting the specified criteria for such an act by the Secretary of Homeland Security (DHS), in concurrence with the Secretary of the Treasury (currently, by the Secretary of the Treasury in concurrence with the Secretary of State).</p> <p>Extends the Terrorism Insurance Program until December 31, 2024 (under current law the Program expires on December 31, 2014). </p> <p>Requires reports in 2017, 2020, and 2030 on the findings of the President's Working Group on Financial Markets pursuant to an ongoing analysis regarding the long-term availability and affordability of insurance for terrorism risk.</p> <p>Directs the DHS Secretary to: (1) provide to insureds under the Program, through the Secretary of the Treasury, timely homeland security information, including terrorism risk information, at the appropriate classification level and information on best practices to foster resilience to a terrorist act; and (2) conduct research to determine the extent to which such insureds, particularly insureds in critical infrastructure sectors, incorporate such best practices information into their business operations.</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 1945 IN THE HOUSE OF REPRESENTATIVES May 9, 2013 Mr. Thompson of Mississippi (for himself and Ms. Jackson Lee ) introduced the following bill; which was referred to the Committee on Financial Services , and in addition to the Committee on Homeland Security , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To extend the Terrorism Risk Insurance Program of the Department of the Treasury for 10 years, and for other purposes.

1. Short title This Act may be cited as the Fostering Resilience to Terrorism Act of 2013 . 2. Certification of acts of terrorism Section 102(1) of the Terrorism Risk Insurance Act of 2002 ( 15 U.S.C. 6701 note) is amended— (1) in subparagraph (A), in the matter preceding clause (i), by striking Secretary, in concurrence with and inserting the following: Secretary of Homeland Security, in concurrence with the Secretary of the Treasury, ; (2) in subparagraph (B), in the matter preceding clause (i), by striking Secretary and inserting Secretary of Homeland Security ; and (3) in subparagraph (D), by striking Secretary and inserting Secretary of Homeland Security . 3. 10-year extension of Terrorism Risk Insurance Program (a) Program years Subparagraph (G) of section 102(11) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by striking 2014 and inserting 2024 . (b) Timing of mandatory recoupment Subclause (III) of section 103(e)(7)(E)(i) of the Terrorism Risk Insurance Act of 2002 ( 15 U.S.C. 6701 note) is amended by striking 2017 and inserting 2024 . (c) Termination date Subsection (a) of section 108 of the Terrorism Risk Insurance Act of 2002 ( 15 U.S.C. 6701 note) is amended by striking 2014 and inserting 2024 . (d) Ongoing reports regarding market conditions for terrorism risk insurance Paragraph (2) of section 108(e) of the Terrorism Risk Insurance Act of 2002 ( 15 U.S.C. 6701 note) is amended by striking and 2013 and inserting 2013, 2017, 2020, and 2023 . 4. Homeland security enhancements (a) Provision of information to insureds Section 103 of the Terrorism Risk Insurance Act of 2002 ( 15 U.S.C. 6701 note) is amended by adding at the end the following new subsection: (j) Provision of homeland security information and best practices to insureds The Secretary of Homeland Security shall provide to insureds under the Program, through the Secretary of the Treasury— (1) timely homeland security information, including terrorism risk information, at the appropriate classification level; and (2) information on best practices to foster resilience to an act of terrorism. . (b) Research on program participation and best practices The Secretary of Homeland Security shall conduct research to determine the extent to which insureds participating in the Terrorism Risk Insurance Program under title I of the Terrorism Risk Insurance Act of 2002 ( 15 U.S.C. 6701 note)—in particular, insureds in critical infrastructure sectors as identified by such Secretary—incorporate information provided under section 103(j)(2) of such Act into business operations. Not later than the expiration of the 12-month period that begins upon the Secretary of Homeland Security commencing the provision of information pursuant to such section 103(j)(2), such Secretary shall submit a report regarding the findings of the research conducted under this subsection to the Committees on Homeland Security and Financial Services of the House of Representatives and the Committees on Homeland Security and Governmental Affairs and Banking, Housing, and Urban Affairs of the Senate.