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Q: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Prepare, Ready, Equip, and Prevent 
Areas at Risk of Emergency Wildfires Act of 2015'' or the ``PREPARE Act 
of 2015''.

SEC. 2. WILDFIRE MITIGATION.

    Title II of the Robert T. Stafford Disaster Relief and Emergency 
Assistance Act (42 U.S.C. 5131 et seq.) is amended by inserting after 
section 203 the following:

``SEC. 203A. WILDFIRE MITIGATION.

    ``(a) Definitions.--In this section--
            ``(1) the term `Administrator' means the Administrator of 
        the Federal Emergency Management Agency;
            ``(2) the term `community wildfire protection plan' has the 
        meaning given the term in section 101 of the Healthy Forests 
        Restoration Act of 2003 (16 U.S.C. 6511);
            ``(3) the term `eligible recipient' means a State or an 
        Indian tribal government;
            ``(4) the term `local multi-hazard mitigation plan' means a 
        mitigation plan developed by a local government under section 
        322(b) that addresses wildfire mitigation;
            ``(5) the term `State mitigation plan' means a mitigation 
        plan developed by a State under section 322(c) that addresses 
        wildfire mitigation; and
            ``(6) the term `tribal mitigation plan' means a mitigation 
        plan developed by a tribal government under section 322(b) that 
        addresses wildfire mitigation.
    ``(b) Establishment of Wildfire Mitigation Grant Program.--The 
President, acting through the Administrator, shall establish a pilot 
program to make grants to eligible recipients for wildfire mitigation.
    ``(c) Use of Funds.--A grant under this section may be used by an 
eligible recipient--
            ``(1) to reduce the hazardous fuel load by reducing the use 
        of fuels that may contribute to catastrophic wildfires in high-
        risk areas;
            ``(2) to invest in personnel and organizations to conduct 
        wildfire mitigation;
            ``(3) to invest in vehicles and other equipment to conduct 
        wildfire mitigation;
            ``(4) to mitigate against damage from runoff into waterways 
        and floods caused by erosion from wildfires;
            ``(5) to build essential community collaboration and 
        outline the necessary groundwork systems in anticipation of 
        future fires; and
            ``(6) at the discretion of the Governor of a State or the 
        Chief Executive of an Indian tribal government, and in 
        consultation with the Administrator, for any other wildfire 
        mitigation activities in the State or area under the 
        jurisdiction of the Indian tribal government, as applicable, 
        unless otherwise prohibited by law.
    ``(d) Eligibility for Assistance.--
            ``(1) In general.--
                    ``(A) Eligibility.--An eligible recipient shall be 
                eligible for assistance under this section if the 
                section 420 grant ratio for the eligible recipient is 
                equal to or greater than 125 percent of the population 
                ratio of the eligible recipient.
                    ``(B) Ratios.--For purposes of subparagraph (A)--
                            ``(i) the section 420 grant ratio shall be 
                        equal to the quotient of--
                                    ``(I) the number of declarations 
                                for a grant under section 420 received 
                                by the eligible recipient during the 10 
                                years prior to the date on which an 
                                application for assistance is submitted 
                                under this section, divided by
                                    ``(II) the total number of 
                                declarations for a grant under section 
                                420 in the United States during the 10 
                                years prior to the date on which an 
                                application for assistance is submitted 
                                under this section; and
                            ``(ii) the population ratio of the eligible 
                        recipient shall be equal to the quotient of--
                                    ``(I) the population of the State 
                                or the area under the jurisdiction of 
                                the Indian tribal government, as 
                                applicable, based on the most recent 
                                data available from the Bureau of the 
                                Census on the date on which an 
                                application for assistance is submitted 
                                under this section, divided by
                                    ``(II) the population of the United 
                                States, based on the most recent data 
                                available from the Bureau of the Census 
                                on the date on which an application for 
                                assistance is submitted under this 
                                section.
            ``(2) Waiver.--The President may waive the requirement of 
        paragraph (1) if an eligible recipient--
                    ``(A) files a petition for waiver of the 
                requirement of paragraph (1); and
                    ``(B) demonstrates that significant environmental 
                changes or shifts in forest health put the eligible 
                recipient at an elevated risk for catastrophic 
                wildfires, as determined by the President.
            ``(3) Local assistance.--The Governor of a State may award 
        funds received under this section, to be used solely for the 
        purposes set forth under subsection (c), to--
                    ``(A) any county or municipality in that State with 
                a community wildfire protection plan or a local multi-
                hazard mitigation plan;
                    ``(B) any Indian tribal government in that State 
                with a tribal mitigation plan; or
                    ``(C) any other entity that is explicitly 
                referenced in and central to, in the determination of 
                the Governor, the design of a community wildfire 
                protection plan or a local multi-hazard mitigation 
                plan.
    ``(e) Criteria for Assistance.--In determining whether to award a 
grant to an eligible recipient under this section, the President 
shall--
            ``(1) give preference to--
                    ``(A) an eligible recipient with a high level of 
                need for assistance based on the best scientific data 
                available;
                    ``(B) an eligible recipient that previously 
                received a grant under this section and effectively 
                used the Federal funds for wildfire mitigation 
                activities in the State or area under the jurisdiction 
                of the Indian tribal government, as applicable, as 
                determined by the President; and
            ``(2) consider environmental conditions in a State or an 
        area under the jurisdiction of an Indian tribal government, as 
        applicable, including environmental changes, deteriorating 
        forest health, and overall wildfire risk.
    ``(f) Application for Assistance.--
            ``(1) In general.--To request a grant under this section, 
        an eligible recipient shall submit an application to the 
        Administrator in such form, in such manner, and containing such 
        information as the Administrator may reasonably require.
            ``(2) Contents.--In addition to any other requirements that 
        may be specified by the Administrator, an eligible recipient 
        submitting an application for a grant under this section shall 
        demonstrate that--
                    ``(A) in the case of an eligible recipient that is 
                a State--
                            ``(i) the State has a State mitigation 
                        plan;
                            ``(ii) the State shall provide matching 
                        non-Federal funds equal to not less than 25 
                        percent of the amount of Federal funds made 
                        available under this subsection;
                            ``(iii) a county or municipality that may 
                        receive funds from the grant has a community 
                        wildfire protection plan or a local multi-
                        hazard mitigation plan; and
                            ``(iv) an Indian tribal government that may 
                        receive funds from the grant has a tribal 
                        mitigation plan; and
                    ``(B) in the case of an eligible recipient that is 
                an Indian tribal government--
                            ``(i) the Indian tribal government has a 
                        tribal mitigation plan; and
                            ``(ii) the Indian tribal government shall--
                                    ``(I) provide matching non-Federal 
                                funds equal to not less than 25 percent 
                                of the amount of Federal funds made 
                                available under this subsection; or
                                    ``(II) if the Indian tribal 
                                government is a small impoverished 
                                community, as defined in section 
                                203(a), provide non-matching Federal 
                                funds equal to not less than 10 percent 
                                of the amount of Federal funds made 
                                available under this subsection.
    ``(g) Report.--Not later than 1 year after the date of receipt of a 
grant under this section, the recipient shall submit to the 
Administrator a report, which shall be made publically available, on 
the use of funds made available under the grant.
    ``(h) Funding for Assistance.--
            ``(1) Predisaster mitigation fund.--Subject to the 
        availability of funds in the National Predisaster Mitigation 
        Fund established under section 203(i), the Administrator shall 
        use not less than $20,000,000 and not more than $30,000,000 
        from unobligated amounts in the National Predisaster Mitigation 
        Fund for each of fiscal years 2016 through 2021 in carrying out 
        this section.
            ``(2) Rule of construction.--Nothing in this section shall 
        be construed to increase the amount of appropriations 
        authorized for the Department of Homeland Security in any given 
        fiscal year.''.

SEC. 3. WILDFIRE MITIGATION ASSISTANCE.

    (a) In General.--Section 420 of the Robert T. Stafford Disaster 
Relief and Emergency Assistance Act (42 U.S.C. 5187) is amended--
            (1) by redesignating subsection (d) as subsection (e); and
            (2) by inserting after subsection (c) the following:
    ``(d) Hazard Mitigation Assistance.--Whether or not a major 
disaster is declared, the President may provide hazard mitigation 
assistance in accordance with section 404 in any area affected by a 
fire for which assistance was provided under this section.''.
    (b) Conforming Amendments.--The Robert T. Stafford Disaster Relief 
and Emergency Assistance Act (42 U.S.C. 5121 et seq.) is amended--
            (1) in section 404(a) (42 U.S.C. 5170c(a))--
                    (A) by inserting before the first period ``, or any 
                area in which assistance was provided under section 
                420''; and
                    (B) in the third sentence, by inserting ``or event 
                under section 420'' after ``major disaster'' each place 
                that term appears; and
            (2) in section 322 (e)(1) (42 U.S.C. 5165(e)(1)), by 
        inserting ``or event under section 420'' after ``major 
        disaster'' each place that term appears.

SEC. 4. FACTORS TO CONSIDER FOR MAJOR DISASTER DECLARATION.

    Not later than 60 days after the date of enactment of this Act, the 
Administrator of the Federal Emergency Management Agency shall amend 
subsection (a) of section 206.48 of title 44, Code of Federal 
Regulations, to require the Federal Emergency Management Agency to 
consider, in evaluating a Governor's request for major disaster 
assistance under the Public Assistance Program, whether--
            (1) post-fire flooding occurred within 5 years, and as a 
        result, of a single wildfire event in the State; and
            (2) the State received fire management assistance under 
        section 420 of the Robert T. Stafford Disaster Relief and 
        Emergency Assistance Act (42 U.S.C. 5187) related to the major 
        disaster for which the Governor is requesting assistance under 
        the Public Assistance Program.

SEC. 5. POST-FIRE FUNDING GUIDE.

    (a) Creation and Distribution.--Not later than 1 year after the 
date of enactment of this Act, the Administrator of the Federal 
Emergency Management Agency shall create and make publically available 
a post-fire recovery funding and resource guide for local communities.
    (b) Involvement by Local Leaders.--The Administrator of the Federal 
Emergency Management Agency shall create the guide under subsection (a) 
in collaboration with local leaders who have experienced wildfires in 
their communities and who understand the requirements for the use of 
Federal disaster funds.
    (c) Updates.--The Administrator of the Federal Emergency Management 
Agency shall update the guide under subsection (a) as programs and 
resources change.

A: Prepare, Ready, Equip, and Prevent Areas at Risk of Emergency Wildfires Act of 2015 or the PREPARE Act of 2015  Amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to direct the Federal Emergency Management Agency (FEMA) to establish a pilot program to make grants to states or Indian tribal governments for wildfire mitigation. Permits a grant to be used: (1) to reduce the use of fuels that may contribute to catastrophic wildfires in high-risk areas; (2) to invest in personnel, organizations, vehicles, and other equipment to conduct wildfire mitigation; (3) to mitigate against damage from runoff into waterways and floods caused by erosion from wildfires; (4) to build essential community collaboration and outline the necessary groundwork systems in anticipation of future fires; and (5) for other wildlife mitigation activities at the discretion of the governor of a state or the chief executive of an Indian tribal government. Sets forth a grant eligibility requirement based on specified ratios of the relative population of, and the relative number fire management assistance grants received in the previous 10 years by, a prospective recipient. Authorizes the President to waive that requirement if a recipient demonstrates that significant environmental changes or shifts in forest health put the recipient at an elevated risk for catastrophic wildfires. Allows the governor of a state to award grant funds to: (1) any county or municipality with a community wildfire protection plan or a local multi-hazard mitigation plan, (2) any Indian tribal government with a tribal mitigation plan, or (3) any other entity that is explicitly referenced in and central to the design of a community wildfire protection plan or a local multi-hazard mitigation plan. Directs FEMA, in awarding such grants, to: (1) give preference to a recipient that has a high level of need for assistance based on the best scientific data available or that used previous grant funds efficiently and effectively for wildfire mitigation activities, and (2) consider environmental conditions in a state or area. Directs FEMA to use specified unobligated amounts in the National Predisaster Mitigation Fund for each of FY2016-FY2021 in carrying out this Act. Amends the Stafford Act to authorize the President, whether or not a major disaster is declared, to provide hazard mitigation assistance in any area affected by a fire for which assistance was otherwise provided. Directs FEMA to require FEMA, in evaluating a governor's request for major disaster assistance under the Public Assistance Program, to consider whether: (1) post-fire flooding occurred within five years of, and as a result of, a single wildfire event in the state; and (2) the state received fire management assistance related to the major disaster for which the governor is requesting assistance. Directs FEMA to create and make publicly available a post-fire recovery funding and resource guide for local communities.
****
Q: SECTION 1. CONVEYANCE OF PROPERTY TO CLARK COUNTY, NEVADA.

    (a) Findings.--Congress finds that--
            (1) the Las Vegas Valley in the State of Nevada is the 
        fastest growing community in the United States;
            (2) helicopter tour operations are conflicting with the 
        needs of long-established residential communities in the 
        Valley; and
            (3) the designation of a public heliport in the Valley that 
        would reduce conflicts between helicopter tour operators and 
        residential communities is in the public interest.
    (b) Purpose.--The purpose of this Act is to provide a suitable 
location for the establishment of a commercial service heliport 
facility to serve the Las Vegas Valley in the State of Nevada while 
minimizing and mitigating the impact of air tours on the Sloan Canyon 
National Conservation Area and North McCullough Mountains Wilderness.
    (c) Definitions.--In this Act:
            (1) Conservation area.--The term ``Conservation Area'' 
        means the Sloan Canyon National Conservation Area established 
        by section 604(a) of the Clark County Conservation of Public 
        Land and Natural Resources Act of 2002 (116 Stat. 2010).
            (2) County.--The term ``County'' means Clark County, 
        Nevada.
            (3) Helicopter tour.--
                    (A) In general.--The term ``helicopter tour'' means 
                a commercial helicopter tour operated for profit.
                    (B) Exclusion.--The term ``helicopter tour'' does 
                not include a helicopter tour that is carried out to 
                assist a Federal, State, or local agency.
            (4) Secretary.--The term ``Secretary'' means the Secretary 
        of the Interior.
            (5) Wilderness.--The term ``Wilderness'' means the North 
        McCullough Mountains Wilderness established by section 
        202(a)(13) of the Clark County Conservation of Public Land and 
        Natural Resources Act of 2002 (116 Stat. 2000).
    (d) Conveyance.--As soon as practicable after the date of enactment 
of this Act, the Secretary shall convey to the County, subject to valid 
existing rights, for no consideration, all right, title, and interest 
of the United States in and to the parcel of land described in 
subsection (e).
    (e) Description of Land.--The parcel of land to be conveyed under 
subsection (d) is the parcel of approximately 229 acres of land 
depicted as tract A on the map entitled ``Clark County Public Heliport 
Facility'' and dated May 3, 2004.
    (f) Use of Land.--
            (1) In general.--The parcel of land conveyed under 
        subsection (d)--
                    (A) shall be used by the County for the operation 
                of a heliport facility under the conditions stated in 
                paragraphs (2) and (3); and
                    (B) shall not be disposed of by the County.
            (2) Imposition of fees.--
                    (A) In general.--Any operator of a helicopter tour 
                originating from or concluding at the parcel of land 
                described in subsection (e) shall pay to the Clark 
                County Department of Aviation a $3 conservation fee for 
                each passenger on the helicopter tour if any portion of 
                the helicopter tour occurs over the Conservation Area.
                    (B) Disposition of funds.--Any amounts collected 
                under subparagraph (A) shall be deposited in a special 
                account in the Treasury of the United States, which 
                shall be available to the Secretary, without further 
                appropriation, for the management of cultural, 
                wildlife, and wilderness resources on public land in 
                the State of Nevada.
            (3) Flight path.--Except for safety reasons, any helicopter 
        tour originating or concluding at the parcel of land described 
        in subsection (e) that flies over the Conservation Area shall 
        not fly--
                    (A) over any area in the Conservation Area except 
                the area that is between 3 and 5 miles north of the 
                latitude of the southernmost boundary of the 
                Conservation Area;
                    (B) lower than 1,000 feet over the eastern segments 
                of the boundary of the Conservation Area; or
                    (C) lower than 500 feet over the western segments 
                of the boundary of the Conservation Area.
            (4) Reversion.--If the County ceases to use any of the land 
        described in subsection (d) for the purpose described in 
        paragraph (1)(A) and under the conditions stated in paragraphs 
        (2) and (3)--
                    (A) title to the parcel shall revert to the United 
                States, at the option of the United States; and
                    (B) the County shall be responsible for any 
                reclamation necessary to revert the parcel to the 
                United States.
    (g) Administrative Costs.--The Secretary shall require, as a 
condition of the conveyance under subsection (d), that the County pay 
the administrative costs of the conveyance, including survey costs and 
any other costs associated with the transfer of title.

A: Requires the Secretary of the Interior to convey a specified parcel of Federal land to Clark County, Nevada, for operation of a commercial heliport facility. Prohibits the disposal of such conveyed land by the County.

Establishes a conservation fee for, and restricts the flight path of, helicopter tours originating from or concluding at the conveyed land which fly over the Sloan Canyon National Conservation Area. Requires collected fees to be deposited into a special account in the Treasury for use by the Secretary for cultural, wildlife, and wilderness resources management on public lands in Nevada.

Provides that title to the conveyed land shall revert to the United States if the County ceases to use the land for the purpose described in this Act. Makes the County responsible for any reclamation necessary for reversion.

Directs the Secretary to require the County to pay the administrative costs of conveying the land.
****
Q: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Terrorism Insurance Backstop 
Extension Act of 2005''.

SEC. 2. EXTENSION OF TERRORISM INSURANCE PROGRAM.

    (a) Program Years 4 and 5.--Paragraph (11) of section 102 of the 
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended 
by adding at the end the following new subparagraphs:
                    ``(E) Program year 4.--The term `Program Year 4' 
                means the period beginning on January 1, 2006 and 
                ending on December 31, 2006.
                    ``(F) Program year 5.--The term `Program Year 5' 
                means the period beginning on January 1, 2007 and 
                ending on December 31, 2007.''.
    (b) Insurer Deductible.--Paragraph (7) of section 102 of the 
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended--
            (1) by redesignating subparagraph (E) as subparagraph (H);
            (2) in subparagraph (D), by striking ``and'' at the end;
            (3) by inserting after subparagraph (D) the following new 
        subparagraphs:
                    ``(E) for Program Year 4, the value of an insurer's 
                direct earned premiums over the calendar year 
                immediately preceding Program Year 4, multiplied by 15 
                percent;
                    ``(F) for Program Year 5, the value of an insurer's 
                direct earned premiums over the calendar year 
                immediately preceding Program Year 4, multiplied by 20 
                percent; and'';
            (4) in subparagraph (H) (as so redesignated by paragraph 
        (1) of this subsection)--
                    (A) by striking ``(D)'' and inserting ``(F)''; and
                    (B) by striking ``or Program Year 3'' and inserting 
                ``Program Year 3, Program Year 4, or Program Year 5''.
    (c) Mandatory Availability.--Subsection (c) of section 103 of the 
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended--
            (1) by striking all of the matter that precedes 
        subparagraph (A) of paragraph (1) and inserting the following:
    ``(c) Mandatory Availability.--During the Program, each entity that 
meets the definition of an insurer under section 102--'';
            (2) by striking paragraph (2); and
            (3) by redesignating subparagraphs (A) and (B) as 
        paragraphs (1) and (2) and realigning such paragraphs, as so 
        redesignated, so as to be indented 2 ems from the left margin.
    (d) Insured Loss Shared Compensation.--Subsection (e) of section 
103 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) 
is amended--
            (1) in paragraph (2)(A), by striking ``or Program Year 3'' 
        and inserting ``, Program Year 3, Program Year 4, Program Year 
        5, or the final Program Year'';
            (2) in paragraph (3), by striking ``or Program Year 3'' and 
        inserting ``, Program Year 3, Program Year 4, Program Year 5, 
        or the final Program Year'';
            (3) in paragraph (6)--
                    (A) in subparagraph (B), by striking ``and'' at the 
                end;
                    (B) in subparagraph (C) by striking the period at 
                the end and inserting a semicolon; and
                    (C) by adding at the end the following new 
                subparagraphs:
                    ``(D) for Program Year 4, the lesser of--
                            ``(i) $17,500,000,000; and
                            ``(ii) the aggregate amount, for all 
                        insurers, of insured losses during such Program 
                        Year;
                    ``(E) for each of Program Year 5 and the Final 
                Program Year, the lesser of--
                            ``(i) $20,000,000,000; and
                            ``(ii) the aggregate amount, for all 
                        insurers, of insured losses during such Program 
                        Year; and''; and
            (4) in paragraph (7)--
                    (A) in subparagraph (A), by striking ``and (C)'' 
                and inserting ``(C), (D), and (E)''; and
                    (B) in subparagraphs (B) and (C), by striking ``or 
                (C)'' each place such term appears and inserting ``(C), 
                (D), or (E)''.
    (e) Coverage of Group Life Insurance.--
            (1) In general.--Paragraph (5) of section 102 of the 
        Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is 
        amended in the matter that precedes subparagraph (A) by 
        inserting ``or group life'' after ``property and casualty''.
            (2) Technical and conforming amendments.--The Terrorism 
        Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended--
                    (A) in section 102--
                            (i) in paragraph (1)--
                                    (I) in subparagraph (B)(i), by 
                                inserting ``or group life insurance'' 
                                after ``workers' compensation''; and
                                    (II) in subparagraph (B)(ii), by 
                                inserting ``and group life insurance'' 
                                after ``property and casualty 
                                insurance'';
                            (ii) in paragraph (4)--
                                    (I) by inserting ``or for group 
                                life insurance'' after ``property and 
                                casualty insurance''; and
                                    (II) by striking ``paragraph (5)'' 
                                and inserting ``paragraph (6)'';
                            (iii) in paragraph (5), by inserting ``and 
                        group life insurance'' after ``workers' 
                        compensation''; and
                            (iv) in paragraph (6)--
                                    (I) in subparagraph (A)(i), by 
                                inserting ``property and casualty or 
                                group life'' after ``excess'';
                                    (II) in subparagraph (B), by 
                                inserting ``or group life insurance 
                                coverage'' after ``property and 
                                casualty insurance coverage'';
                            (v) by redesignating paragraphs (5) through 
                        (16) as paragraphs (6) through (17), 
                        respectively; and
                            (vi) by inserting after paragraph (4), the 
                        following new paragraph:
            ``(5) Group life insurance.--The term `group life 
        insurance' means an insurance contract that provides term life 
        insurance coverage, accidental death coverage, or a combination 
        thereof, for a number of persons under a single contract, on 
        the basis of a group selection of risks.'';
                    (B) in section 103--
                            (i) in subsection (b)(1), by inserting 
                        ``(including a named beneficiary in the case of 
                        a group life insurance policy)'' before the 
                        second comma;
                            (ii) in subsection (c)--
                                    (I) in paragraph (1) (as so 
                                redesignated by subsection (c)(3) of 
                                this section), by inserting ``and group 
                                life'' after ``property and casualty''; 
                                and
                                    (II) in paragraph (2) (as so 
                                redesignated by subsection (c)(3) of 
                                this section), by inserting ``and group 
                                life'' after ``property and casualty'';
                            (iii) in subsection (e)--
                                    (I) in paragraph (6), by striking 
                                ``For'' and inserting ``Except as 
                                provided in subparagraph (F) of this 
                                paragraph, for'';
                                    (II) in paragraph (6), by inserting 
                                after subparagraph (E) (as added by 
                                subsection (d)(3)(C) of this section) 
                                the following new subparagraph:
                    ``(F) for each of the periods referred to in 
                subparagraphs (A) through (E), the amounts provided 
                under such subparagraphs, as such amounts shall be 
                increased by the Secretary before the expiration of the 
                90-day period beginning on the date of the enactment of 
                the Terrorism Insurance Backstop Extension Act of 2005, 
                based on the increase in the size of the Program caused 
                by the inclusion of group life insurance pursuant to 
                such Act, in proportion to the increased premiums 
                involved.'';
                                    (III) in paragraph (7)(C), by 
                                inserting ``or group life insurance'' 
                                after ``workers compensation'';
                                    (IV) in paragraph (8)(A)(i), by 
                                inserting ``and group life'' after 
                                ``property and casualty''; and
                                    (V) in paragraph (8), by inserting 
                                ``or group life'' after ``property and 
                                casualty'' each place such term appears 
                                in subparagraphs (A)(iii) and (C); and
                            (iv) by striking subsection (h);
                    (C) in section 105(c), by inserting ``or group 
                life'' after ``property and casualty''; and
                    (D) in section 108(d)(1), by inserting ``and the 
                group life insurance industry'' after ``property and 
                casualty insurance industry''.
            (3) Required rulemaking.--Not later than 90 days after the 
        date of the enactment of this Act, the Secretary of the 
        Treasury shall issue final regulations to carry out this 
        subsection.
    (f) Study on Long-Term Solutions.--Section 103 of the Terrorism 
Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by striking 
subsection (i) and inserting the following new subsection:
    ``(h) Study on Long-Term Solutions.--By September 1, 2005, the 
Secretary shall conduct a study and submit a report to the Congress on 
alternatives for expanding the availability and affordability of 
terrorism insurance after the termination of the Program that do not 
involve a Federal financial backstop.''.
    (g) Termination of Program.--
            (1) Termination.--Subsection (a) of section 108 of the 
        Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is 
        amended by striking ``December 31, 2005'' and inserting 
        ``December 31, 2007''.
            (2) Final gao study and report.--Subsection (d) of section 
        108 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 
        note) is amended by adding at the end the following new 
        paragraph:
            ``(3) Final gao study and report.--The Comptroller General 
        of the United States shall conduct an assessment of the matters 
        referred to in paragraph (1) and shall submit a report to the 
        Congress, not later than June 30, 2007, on the results of such 
        study.''.

SEC. 3. FINAL PROGRAM YEAR.

    (a) Definition.--Paragraph (11) of section 102 of the Terrorism 
Risk Insurance Act of 2002 (15 U.S.C. 6701 note), as amended by the 
preceding provisions of this Act, is further amended by adding at the 
end the following new subparagraph:
                    ``(G) Final program year.--The term `Final Program 
                Year' means the period beginning on January, 1, 2008 
                and ending on December 31, 2008.''. ''.
    (b) Insured Losses.--Paragraph (5) of section 102 of the Terrorism 
Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by adding 
after and below subparagraph (B) the following new sentence:
        ``With respect to the Final Program Year, such term means only 
        such losses as are described in the preceding sentence that are 
        covered by primary or excess property and casualty insurance or 
        group life insurance, that is issued before January 1, 2008, 
        and expires not later than December 31, 2008; except that the 
        Secretary may exclude from insured losses for the Final Program 
        Year losses covered by a policy for such insurance if the 
        Secretary determines that the primary purpose in establishing 
        the particular term of the policy was obtaining compensation 
        under the Program for losses covered by the policy.''.
    (c) Insurer Deductible.--Paragraph (7) of section 102 of the 
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note), as amended 
by the preceding provisions of this Act, is further amended by 
inserting after subparagraph (F) the following new subparagraph:
                    ``(G) for the Final Program Year, the value of an 
                insurer's direct earned premiums for the terms 
                remaining under any policies for insurance described in 
                the last sentence of paragraph (5) as of the occurrence 
                of the act of terrorism during such Year that results 
                in insured losses, as determined by the Secretary, 
                multiplied by 20 percent; and''.

A:
Terrorism Insurance Backstop Extension Act of 2005 - Amends the Terrorism Risk Insurance Act of 2002 to define: (1) the term "Program Year 4" as the period from January 1, 2006, through December 31, 2006; and (2) the term "Program Year 5" as the period from January 1, 2007, from December 31, 2007 (thereby extending the terrorism risk insurance program from 2005 through 2007).

Sets a deadline for the Secretary of the Treasury to make a final determination regarding: (1) the availability of group life insurance to both insurers and consumers; and (2) whether certain provisions of the Act shall be applied to providers of group life insurance.

Sunsets the Terrorism Risk Insurance Program after December 31, 2007.

Details the treatment of insured losses and the insurer deductible for the Final Program Year (January 1, 2008, through December 31, 2008).
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