Terrorism Risk Insurance Program Reauthorization Act of 2019

II Calendar No. 313 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 DECEMBER 3, 2019 Reported by Mr. CRAPO, without amendment A BILL 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 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Terrorism Risk Insur- 4 ance Program Reauthorization Act of 2019’’. 5 VerDate Sep 11 2014 21:54 Dec 03, 2019 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S2877.RS S2877 kjohnson on DSK79L0C42 with BILLS 2 •S 2877 RS SEC. 2. 7-YEAR EXTENSION OF TERRORISM RISK INSUR- 1 ANCE PROGRAM. 2 (a) TERMINATION DATE.—Section 108(a) of the Ter- 3 rorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) 4 is amended by striking ‘‘2020’’ and inserting ‘‘2027’’. 5 (b) TIMING OF MANDATORY RECOUPMENT.—Section 6 103(e)(7)(E)(i) of the Terrorism Risk Insurance Act of 7 2002 (15 U.S.C. 6701 note) is amended— 8 (1) in subclause (I)— 9 (A) by striking ‘‘2017’’ and inserting 10 ‘‘2022’’; and 11 (B) by striking ‘‘2019’’ and inserting 12 ‘‘2024’’; 13 (2) in subclause (II)— 14 (A) by striking ‘‘2018’’ and inserting 15 ‘‘2023’’; 16 (B) by striking ‘‘2024’’ and inserting 17 ‘‘2029’’; and 18 (C) by striking ‘‘2019’’ and inserting 19 ‘‘2024’’; and 20 (3) in subclause (III)— 21 (A) by striking ‘‘2024’’ and inserting 22 ‘‘2029’’; and 23 (B) by striking ‘‘2019’’ and inserting 24 ‘‘2024’’. 25 VerDate Sep 11 2014 21:54 Dec 03, 2019 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S2877.RS S2877 kjohnson on DSK79L0C42 with BILLS 3 •S 2877 RS (c) ONGOING REPORTS REGARDING MARKET CONDI- 1 TIONS FOR TERRORISM RISK INSURANCE.—Paragraph 2 (2) of section 104(h) of the Terrorism Risk Insurance Act 3 of 2002 (15 U.S.C. 6701 note) is amended— 4 (1) by redesignating subparagraphs (B) 5 through (E) as subparagraphs (C) through (F), re- 6 spectively; and 7 (2) by inserting after subparagraph (A) the fol- 8 lowing new subparagraph: 9 ‘‘(B) an evaluation of the availability and 10 affordability of terrorism risk insurance, which 11 shall include an analysis of such availability and 12 affordability specifically for places of worship;’’. 13 (d) STUDY AND REPORT ON CYBER TERRORISM.— 14 Not later than the expiration of the 180-day period begin- 15 ning on the date of the enactment of this Act, the Comp- 16 troller General of the United States shall conduct a study 17 and report to the Committee on Financial Services of the 18 House of Representatives and the Committee on Banking, 19 Housing, and Urban Affairs of the Senate, which shall— 20 (1) analyze and address— 21 (A) overall vulnerabilities and potential 22 costs of cyber attacks to the United States pub- 23 lic and private infrastructure that could result 24 in physical or digital damage; 25 VerDate Sep 11 2014 21:54 Dec 03, 2019 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S2877.RS S2877 kjohnson on DSK79L0C42 with BILLS 4 •S 2877 RS (B) whether State-defined cyber liability 1 under a property and casualty line of insurance 2 is adequate coverage for an act of cyber ter- 3 rorism; 4 (C) whether such risks can be adequately 5 priced by the private market; and 6 (D) whether the current risk-share system 7 under the Terrorism Risk Insurance Act of 8 2002 (15 U.S.C. 6701 note) is appropriate for 9 a cyber terrorism event; and 10 (2) set forth recommendations on how Congress 11 could amend the Terrorism Risk Insurance Act of 12 2002 (15 U.S.C. 6701 note) to meet the next gen- 13 eration of cyber threats. 14 VerDate Sep 11 2014 21:54 Dec 03, 2019 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\S2877.RS S2877 kjohnson on DSK79L0C42 with BILLS VerDate Sep 11 2014 21:54 Dec 03, 2019 Jkt 099200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\S2877.RS S2877 kjohnson on DSK79L0C42 with BILLS Calendar No. 313 116TH CONGRESS 1ST SESSION S. 2877 A BILL To reauthorize the Terrorism Risk Insurance Act of 2002, and for other purposes. DECEMBER 3, 2019 Reported without amendment VerDate Sep 11 2014 21:54 Dec 03, 2019 Jkt 099200 PO 00000 Frm 00006 Fmt 6651 Sfmt 6651 E:\BILLS\S2877.RS S2877 kjohnson on DSK79L0C42 with BILLS