Definition: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Terrorism Risk Insurance Program
Extension Act of 2004''.

SEC. 2. PROGRAM YEARS.

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.
''(G) Final program year.--The term 'Final Program
Year' means the period beginning on January, 1, 2008
and ending on December 31, 2008.''.

SEC. 3. APPLICABILITY OF PROGRAM TO FINAL PROGRAM YEAR.

Paragraph (5) of section 102 of the Terrorism Risk Insurance Act of
2002 (15 U.S.C. 6701 note) is amended--
(1) by redesignating subparagraphs (A) and (B) as clauses
(i) and (ii) and realigning such paragraphs, as so
redesignated, so as to be indented 6 ems from the left margin;
(2) by striking all of the matter that precedes
subparagraph (A) and inserting the following:
''(5) Insured loss.--
''(A) In general.--The term 'insured loss' means
any loss resulting from an act of terrorism (including
an act of war, in the case of workers' compensation)
that is covered by primary or excess property and
casualty insurance issued by an insurer if such loss--
''; and
(3) by adding at the end the following new subparagraph:
''(B) Final program year.--With respect to the
Final Program Year, such term means only such losses as
are described in subparagraph (A) that are covered by
primary or excess property and casualty insurance
that--
''(i) is issued before January 1, 2008; and
''(ii) expires not later than December 31,
2008.''.

SEC. 4. 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 striking subparagraph (D) and inserting the
following new subparagraph:
''(D) for Program Years 3, 4, and 5, the value of
an insurer's direct earned premiums over the calendar
year immediately preceding such Program Year,
multiplied by 15 percent;'';
(2) in subparagraph (E)--
(A) by striking ''or Program Year 3'' and inserting
''Program Year 3, Program Year 4, or Program Year 5'';
and
(B) by striking the period at the end and inserting
''; and''; and
(3) by adding at the end the following new subparagraph:
''(F) 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
paragraph (5)(B) as of the occurrence of the act of
terrorism during such Year that results in insured
losses, as determined by the Secretary, multiplied by
15 percent.''.

SEC. 5. 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 period beginning on the
first day of the Transition Period and ending on the last day of
Program Year 5, 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.

SEC. 6. 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''; and
(3) in paragraph (6)(C), by striking ''Program Year 3'' and
inserting ''each of Program Year 3, Program Year 4, Program
Year 5, and the Final Program Year''.

SEC. 7. COVERAGE OF GROUP LIFE INSURANCE.

(a) In General.--Section 102(5) 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 insurance'' after
''property and casualty insurance''.
(b) Technical and Conforming Amendments.--The Terrorism Risk
Insurance Act of 2002 (15 U.S.C. 6701 note) is amended--
(1) in section 102(1)(B)(ii), by inserting ''and group life
insurance'' after ''property and casualty insurance'';
(2) in section102(4), by inserting ''or group life
insurance'' after ''property and casualty insurance'';
(3) in section 102(6)(B), by inserting ''or group life
insurance coverage'' after ''property and casualty insurance
coverage'';
(4) in section 102(12)(B)(v), by striking ''including group
life insurance'' and inserting ''(except that this exclusion
from the definition under this paragraph shall not be construed
as affecting the inclusion of group life insurance coverage
within the Program under this title)'';
(5) in section 103(e)(8)(A)(i), by inserting ''and group
life insurance policies'' after ''property and casualty
insurance policies'';
(6) in subparagraphs (A)(iii) and (C) of section 103(e)(8),
by inserting '', or group life insurance coverage, as the case
may be,'' after ''property and casualty insurance coverage'';
(7) in section 103--
(A) by striking subsection (h); and
(B) by redesignating subsection (i) as subsection
(h); and
(8) in paragraph (1) of section 108(d), by inserting ''and
the group life insurance industry'' after ''property and
casualty insurance industry'' .

SEC. 8. TERMINATION OF PROGRAM.

Section 108 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C.
6701 note) is amended--
(1) in subsection (a), striking ''December 31, 2005'' and
inserting ''December 31, 2008''; and
(2) in subsection (d), 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.''.
Output:
Terrorism Risk Insurance Program Extension Act of 2004 - Amends the Terrorism Risk Insurance Act of 2002 to extend the terrorism risk insurance program through December 31, 2008.

Restricts "insured loss" with respect to the Final Program Year to certain losses covered by property and casualty insurance issued before January 1, 2008, and expiring not later than December 31, 2008.

Sets forth an insurer deductible that is the value of an insurer's direct earned premiums multiplied by 15 percent for Program Years 3, 4, and 5, and for the Final Program Year.

Redefines "insured loss" to include group life insurance coverage.