Terrorism Risk Insurance Program Reauthorization Act of 2019

IIB 116TH CONGRESS 1ST SESSION H. R. 4634 IN THE SENATE OF THE UNITED STATES NOVEMBER 19, 2019 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To reauthorize the Terrorism Risk Insurance Act of 2002, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 VerDate Sep 11 2014 22:22 Nov 19, 2019 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H4634.RFS H4634 pamtmann on DSKBC07HB2PROD with BILLS 2 HR 4634 RFS SECTION 1. SHORT TITLE. 1 This Act may be cited as the ‘‘Terrorism Risk Insur- 2 ance Program Reauthorization Act of 2019’’. 3 SEC. 2. 7-YEAR EXTENSION OF TERRORISM RISK INSUR- 4 ANCE PROGRAM. 5 (a) TERMINATION DATE.—Section 108(a) of the Ter- 6 rorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) 7 is amended by striking ‘‘2020’’ and inserting ‘‘2027’’. 8 (b) TIMING OF MANDATORY RECOUPMENT.—Section 9 103(e)(7)(E)(i) of the Terrorism Risk Insurance Act of 10 2002 (15 U.S.C. 6701 note) is amended— 11 (1) in subclause (I)— 12 (A) by striking ‘‘2017’’ and inserting 13 ‘‘2022’’; and 14 (B) by striking ‘‘2019’’ and inserting 15 ‘‘2024’’; 16 (2) in subclause (II)— 17 (A) by striking ‘‘2018’’ and inserting 18 ‘‘2023’’; 19 (B) by striking ‘‘2019’’ and inserting 20 ‘‘2024’’; and 21 (C) by striking ‘‘2024’’ and inserting 22 ‘‘2029’’; and 23 (3) in subclause (III)— 24 (A) by striking ‘‘2019’’ and inserting 25 ‘‘2024’’; and 26 VerDate Sep 11 2014 22:22 Nov 19, 2019 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H4634.RFS H4634 pamtmann on DSKBC07HB2PROD with BILLS 3 HR 4634 RFS (B) by striking ‘‘2024’’ and inserting 1 ‘‘2029’’. 2 (c) ONGOING REPORTS REGARDING MARKET CONDI- 3 TIONS FOR TERRORISM RISK INSURANCE.—Paragraph 4 (2) of section 104(h) of the Terrorism Risk Insurance Act 5 of 2002 (15 U.S.C. 6701 note) is amended— 6 (1) by redesignating subparagraphs (B) 7 through (E) as subparagraphs (C) through (F), re- 8 spectively; and 9 (2) by inserting after subparagraph (A) the fol- 10 lowing new subparagraph: 11 ‘‘(B) an evaluation of the availability and 12 affordability of terrorism risk insurance, which 13 shall include an analysis of such availability and 14 affordability specifically for places of worship;’’. 15 (d) STUDY AND REPORT ON CYBER TERRORISM.— 16 Not later than the expiration of the 180-day period begin- 17 ning on the date of the enactment of this Act, the Comp- 18 troller General of the United States shall conduct a study 19 and report to the Committee on Financial Services of the 20 House of Representatives and the Committee on Banking, 21 Housing, and Urban Affairs of the Senate, which shall— 22 (1) analyze and address— 23 (A) overall vulnerabilities and potential 24 costs of cyber attacks to the United States pub- 25 VerDate Sep 11 2014 22:22 Nov 19, 2019 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H4634.RFS H4634 pamtmann on DSKBC07HB2PROD with BILLS 4 HR 4634 RFS lic and private infrastructure that could result 1 in physical or digital damage; 2 (B) whether State-defined cyber liability 3 under a property and casualty line of insurance 4 is adequate coverage for an act of cyber ter- 5 rorism; 6 (C) whether such risks can be adequately 7 priced by the private market; and 8 (D) whether the current risk-share system 9 under the Terrorism Risk Insurance Act of 10 2002 is appropriate for a cyber terrorism event; 11 and 12 (2) set forth recommendations on how the Con- 13 gress could amend such Act to meet the next genera- 14 tion of cyber threats. 15 SEC. 3. DETERMINATION OF BUDGETARY EFFECTS. 16 The budgetary effects of this Act, for the purpose of 17 complying with the Statutory Pay-As-You-Go-Act of 2010, 18 shall be determined by reference to the latest statement 19 titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this 20 Act, submitted for printing in the Congressional Record 21 by the Chairman of the House Budget Committee, pro- 22 VerDate Sep 11 2014 22:22 Nov 19, 2019 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H4634.RFS H4634 pamtmann on DSKBC07HB2PROD with BILLS 5 HR 4634 RFS vided that such statement has been submitted prior to the 1 vote on passage. 2 Passed the House of Representatives November 18, 2019. Attest: CHERYL L. JOHNSON, Clerk. VerDate Sep 11 2014 22:22 Nov 19, 2019 Jkt 099200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H4634.RFS H4634 pamtmann on DSKBC07HB2PROD with BILLS