[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 26 Enrolled Bill (ENR)]
H.R.26
One Hundred Fourteenth Congress
of the
United States of America
AT THE FIRST SESSION
Begun and held at the City of Washington on Tuesday,
the sixth day of January, two thousand and fifteen
An Act
To extend the termination date of the Terrorism Insurance Program
established under the Terrorism Risk Insurance Act of 2002, and for
other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

f51b5266fbd34e0f594232aed7243417c40987f7a0dd0f043d5fe0e4d954b57b

(a) Short Title.--This Act may be cited as the ``Terrorism Risk
Insurance Program Reauthorization Act of 2015''.
(b) Table of Contents.--The table of contents for this Act is as
follows:

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b147b647e63a2494d4666c7ca3fa46d5cdaabe1adca425868eb11d206051f08e

TITLE I

-EXTENSION OF TERRORISM INSURANCE PROGRAM

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TITLE II

-NATIONAL ASSOCIATION OF REGISTERED AGENTS AND BROKERS REFORM

Section 108(a) of the Terrorism Risk Insurance Act of 2002 (15
U.S.C. 6701 note) is amended by striking ``December 31, 2014'' and
inserting ``December 31, 2020''.

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Section 103(e)(1)(A) of the Terrorism Risk Insurance Act of 2002
(15 U.S.C. 6701 note) is amended by inserting ``and beginning on
January 1, 2016, shall decrease by 1 percentage point per calendar year
until equal to 80 percent'' after ``85 percent''.

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Subparagraph (B) of section 103(e)(1) (15 U.S.C. 6701 note) is
amended in the matter preceding clause (i)--
(1) by striking ``a certified act'' and inserting ``certified
acts'';
(2) by striking ``such certified act'' and inserting ``such
certified acts''; and
(3) by striking ``exceed'' and all that follows through clause
(ii) and inserting the following: ``exceed--
``(i) $100,000,000, with respect to such insured losses
occurring in calendar year 2015;
``(ii) $120,000,000, with respect to such insured
losses occurring in calendar year 2016;
``(iii) $140,000,000, with respect to such insured
losses occurring in calendar year 2017;
``(iv) $160,000,000, with respect to such insured
losses occurring in calendar year 2018;
``(v) $180,000,000, with respect to such insured losses
occurring in calendar year 2019; and
``(vi) $200,000,000, with respect to such insured
losses occurring in calendar year 2020 and any calendar
year thereafter.''.

7323c4f8e5f24a1a1e72f5029569069f2ab2ee1b27b19c4f5197a92a8db38c1b

PROGRAM.
Section 103(e) of the Terrorism Risk Insurance Act of 2002 (15
U.S.C. 6701 note) is amended--
(1) by amending paragraph (6) to read as follows:
``(6) Insurance marketplace aggregate retention amount.--
``(A) In general.--For purposes of paragraph (7), the
insurance marketplace aggregate retention amount shall be the
lesser of--
``(i) $27,500,000,000, as such amount is revised
pursuant to this paragraph; and
``(ii) the aggregate amount, for all insurers, of
insured losses during such calendar year.
``(B) Revision of insurance marketplace aggregate retention
amount.--
``(i) Phase-in.--Beginning in the calendar year of
enactment of the Terrorism Risk Insurance Program
Reauthorization Act of 2015, the amount set forth under
subparagraph (A)(i) shall increase by $2,000,000,000 per
calendar year until equal to $37,500,000,000.
``(ii) Further revision.--Beginning in the calendar
year that follows the calendar year in which the amount set
forth under subparagraph (A)(i) is equal to
$37,500,000,000, the amount under subparagraph (A)(i) shall
be revised to be the amount equal to the annual average of
the sum of insurer deductibles for all insurers
participating in the Program for the prior 3 calendar
years, as such sum is determined by the Secretary under
subparagraph (C).
``(C) Rulemaking.--Not later than 3 years after the date of
enactment of the Terrorism Risk Insurance Program
Reauthorization Act of 2015, the Secretary shall--
``(i) issue final rules for determining the amount of
the sum described under subparagraph (B)(ii); and
``(ii) provide a timeline for public notification of
such determination.''; and
(2) in paragraph (7)--
(A) in subparagraph (A)--
(i) in the matter preceding clause (i), by striking
``for each of the periods referred to in subparagraphs (A)
through (E) of paragraph (6)''; and
(ii) in clause (i), by striking ``for such period'';
(B) by striking subparagraph (B) and inserting the
following:
``(B) [Reserved.]'';
(C) in subparagraph (C)--
(i) by striking ``occurring during any of the periods
referred to in any of subparagraphs (A) through (E) of
paragraph (6), terrorism loss risk-spreading premiums in an
amount equal to 133 percent'' and inserting ``, terrorism
loss risk-spreading premiums in an amount equal to 140
percent''; and
(ii) by inserting ``as calculated under subparagraph
(A)'' after ``mandatory recoupment amount''; and
(D) in subparagraph (E)(i)--
(i) in subclause (I)--
(I) by striking ``2010'' and inserting ``2017'';
and
(II) by striking ``2012'' and inserting ``2019'';
(ii) in subclause (II)--
(I) by striking ``2011'' and inserting ``2018'';
(II) by striking ``2012'' and inserting ``2019'';
and
(III) by striking ``2017'' and inserting ``2024'';
and
(iii) in subclause (III)--
(I) by striking ``2012'' and inserting ``2019'';
and
(II) by striking ``2017'' and inserting ``2024''.

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SECRETARY OF HOMELAND SECURITY.
Paragraph (1)(A) of section 102 (15 U.S.C. 6701 note) is amended in
the matter preceding clause (i), by striking ``concurrence with the
Secretary of State'' and inserting ``consultation with the Secretary of
Homeland Security''.

3cd16fd95e580911841457f12815db0e42eeb2fc50a32af5af4bbb76b505dfd4

The Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is
amended--
(1) in section 102--
(A) in paragraph (3)--
(i) by redesignating subparagraphs (A), (B), and (C) as
clauses (i), (ii), and (iii), respectively;
(ii) in the matter preceding clause (i) (as so
redesignated), by striking ``An entity has'' and inserting
the following:
``(A) In general.--An entity has''; and
(iii) by adding at the end the following new
subparagraph:
``(B) Rule of construction.--An entity, including any
affiliate thereof, does not have `control' over another entity,
if, as of the date of enactment of the Terrorism Risk Insurance
Program Reauthorization Act of 2015, the entity is acting as an
attorney-in-fact, as defined by the Secretary, for the other
entity and such other entity is a reciprocal insurer, provided
that the entity is not, for reasons other than the attorney-in-
fact relationship, defined as having `control' under
subparagraph (A).'';
(B) in paragraph (7)--
(i) by striking subparagraphs (A) through (F) and
inserting the following:
``(A) the value of an insurer's direct earned premiums
during the immediately preceding calendar year, multiplied by
20 percent; and'';
(ii) by redesignating subparagraph (G) as subparagraph
(B); and
(iii) in subparagraph (B), as so redesignated by clause
(ii)--
(I) by striking ``notwithstanding subparagraphs (A)
through (F), for the Transition Period or any Program
Year'' and inserting ``notwithstanding subparagraph
(A), for any calendar year''; and
(II) by striking ``Period or Program Year'' and
inserting ``calendar year'';
(C) by striking paragraph (11); and
(D) by redesignating paragraphs (12) through (16) as
paragraphs (11) through (15), respectively; and
(2) in section 103--
(A) in subsection (b)(2)--
(i) in subparagraph (B), by striking ``, purchase,'';
and
(ii) in subparagraph (C), by striking ``, purchase,'';
(B) in subsection (c), by striking ``Program Year'' and
inserting ``calendar year'';
(C) in subsection (e)--
(i) in paragraph (1)(A), as previously amended by
section 102--
(I) by striking ``the Transition Period and each
Program Year through Program Year 4 shall be equal to
90 percent, and during Program Year 5 and each Program
Year thereafter'' and inserting ``each calendar year'';
(II) by striking the comma after ``80 percent'';
and
(III) by striking ``such Transition Period or such
Program Year'' and inserting ``such calendar year'';
(ii) in paragraph (2)(A), by striking ``the period
beginning on the first day of the Transition Period and
ending on the last day of Program Year 1, or during any
Program Year thereafter'' and inserting ``a calendar
year''; and
(iii) in paragraph (3), by striking ``the period
beginning on the first day of the Transition Period and
ending on the last day of Program Year 1, or during any
other Program Year'' and inserting ``any calendar year'';
and
(D) in subsection (g)(2)--
(i) by striking ``the Transition Period or a Program
Year'' each place that term appears and inserting ``the
calendar year'';
(ii) by striking ``such period'' and inserting ``the
calendar year''; and
(iii) by striking ``that period'' and inserting ``the
calendar year''.

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(a) Definitions.--As used in this section--
(1) the term ``act of terrorism'' has the same meaning as in
section 102(1) of the Terrorism Risk Insurance Act of 2002 (15
U.S.C. 6701 note);
(2) the term ``certification process'' means the process by
which the Secretary determines whether to certify an act as an act
of terrorism under section 102(1) of the Terrorism Risk Insurance
Act of 2002 (15 U.S.C. 6701 note); and
(3) the term ``Secretary'' means the Secretary of the Treasury.
(b) Study.--Not later than 9 months after the date of enactment of
this Act, the Secretary shall conduct and complete a study on the
certification process.
(c) Required Content.--The study required under subsection (a)
shall include an examination and analysis of--
(1) the establishment of a reasonable timeline by which the
Secretary must make an accurate determination on whether to certify
an act as an act of terrorism;
(2) the impact that the length of any timeline proposed to be
established under paragraph (1) may have on the insurance industry,
policyholders, consumers, and taxpayers as a whole;
(3) the factors the Secretary would evaluate and monitor during
the certification process, including the ability of the Secretary
to obtain the required information regarding the amount of
projected and incurred losses resulting from an act which the
Secretary would need in determining whether to certify the act as
an act of terrorism;
(4) the appropriateness, efficiency, and effectiveness of the
consultation process required under section 102(1)(A) of the
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) and any
recommendations on changes to the consultation process; and
(5) the ability of the Secretary to provide guidance and
updates to the public regarding any act that may reasonably be
certified as an act of terrorism.
(d) Report.--Upon completion of the study required under subsection
(a), the Secretary shall submit a report on the results of such study
to the Committee on Banking, Housing, and Urban Affairs of the Senate
and the Committee on Financial Services of the House of
Representatives.
(e) Rulemaking.--Section 102(1) of the Terrorism Risk Insurance Act
of 2002 (15 U.S.C. 6701 note) is amended--
(1) by redesignating subparagraph (D) as subparagraph (E); and
(2) by inserting after subparagraph (C) the following:
``(D) Timing of certification.--Not later than 9 months
after the report required under section 107 of the Terrorism
Risk Insurance Program Reauthorization Act of 2015 is submitted
to the appropriate committees of Congress, the Secretary shall
issue final rules governing the certification process,
including establishing a timeline for which an act is eligible
for certification by the Secretary on whether an act is an act
of terrorism under this paragraph.''.

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(a) Study.--Not later than 2 years after the date of enactment of
this Act, the Comptroller General of the United States shall complete a
study on the viability and effects of the Federal Government--
(1) assessing and collecting upfront premiums on insurers that
participate in the Terrorism Insurance Program established under
the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note)
(hereafter in this section referred to as the ``Program''), which
shall include a comparison of practices in international markets to
assess and collect premiums either before or after terrorism losses
are incurred; and
(2) creating a capital reserve fund under the Program and
requiring insurers participating in the Program to dedicate capital
specifically for terrorism losses before such losses are incurred,
which shall include a comparison of practices in international
markets to establish reserve funds.
(b) Required Content.--The study required under subsection (a)
shall examine, but shall not be limited to, the following issues:
(1) Upfront premiums.--With respect to upfront premiums
described in subsection (a)(1)--
(A) how the Federal Government could determine the price of
such upfront premiums on insurers that participate in the
Program;
(B) how the Federal Government could collect and manage
such upfront premiums;
(C) how the Federal Government could ensure that such
upfront premiums are not spent for purposes other than claims
through the Program;
(D) how the assessment and collection of such upfront
premiums could affect take-up rates for terrorism risk coverage
in different regions and industries and how it could impact
small businesses and consumers in both metropolitan and non-
metropolitan areas;
(E) the effect of collecting such upfront premiums on
insurers both large and small;
(F) the effect of collecting such upfront premiums on the
private market for terrorism risk reinsurance; and
(G) the size of any Federal Government subsidy insurers may
receive through their participation in the Program, taking into
account the Program's current post-event recoupment structure.
(2) Capital reserve fund.--With respect to the capital reserve
fund described in subsection (a)(2)--
(A) how the creation of a capital reserve fund would affect
the Federal Government's fiscal exposure under the Terrorism
Risk Insurance Program and the ability of the Program to meet
its statutory purposes;
(B) how a capital reserve fund would impact insurers and
reinsurers, including liquidity, insurance pricing, and
capacity to provide terrorism risk coverage;
(C) the feasibility of segregating funds attributable to
terrorism risk from funds attributable to other insurance
lines;
(D) how a capital reserve fund would be viewed and treated
under current Financial Accounting Standards Board accounting
rules and the tax laws; and
(E) how a capital reserve fund would affect the States'
ability to regulate insurers participating in the Program.
(3) International practices.--With respect to international
markets referred to in paragraphs (1) and (2) of subsection (a),
how other countries, if any--
(A) have established terrorism insurance structures;
(B) charge premiums or otherwise collect funds to pay for
the costs of terrorism insurance structures, including risk and
administrative costs; and
(C) have established capital reserve funds to pay for the
costs of terrorism insurance structures.
(c) Report.--Upon completion of the study required under subsection
(a), the Comptroller General shall submit a report on the results of
such study to the Committee on Banking, Housing, and Urban Affairs of
the Senate and the Committee on Financial Services of the House of
Representatives.
(d) Public Availability.--The study and report required under this
section shall be made available to the public in electronic form and
shall be published on the website of the Government Accountability
Office.

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SYSTEM.
(a) In General.--The first undesignated paragraph of section 10 of
the Federal Reserve Act (12 U.S.C. 241) is amended by inserting after
the second sentence the following: ``In selecting members of the Board,
the President shall appoint at least 1 member with demonstrated primary
experience working in or supervising community banks having less than
$10,000,000,000 in total assets.''.
(b) Effective Date.--The amendment made by this section shall take
effect on the date of enactment of this Act and apply to appointments
made on and after that effective date, excluding any nomination pending
in the Senate on that date.

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(a) Finding; Rule of Construction.--
(1) Finding.--Congress finds that it is desirable to encourage
the growth of nongovernmental, private market reinsurance capacity
for protection against losses arising from acts of terrorism.
(2) Rule of construction.--Nothing in this Act, any amendment
made by this Act, or the Terrorism Risk Insurance Act of 2002 (15
U.S.C. 6701 note) shall prohibit insurers from developing risk-
sharing mechanisms to voluntarily reinsure terrorism losses between
and among themselves.
(b) Advisory Committee on Risk-Sharing Mechanisms.--
(1) Establishment.--The Secretary of the Treasury shall
establish and appoint an advisory committee to be known as the
``Advisory Committee on Risk-Sharing Mechanisms'' (referred to in
this subsection as the ``Advisory Committee'').
(2) Duties.--The Advisory Committee shall provide advice,
recommendations, and encouragement with respect to the creation and
development of the nongovernmental risk-sharing mechanisms
described under subsection (a).
(3) Membership.--The Advisory Committee shall be composed of 9
members who are directors, officers, or other employees of
insurers, reinsurers, or capital market participants that are
participating or that desire to participate in the nongovernmental
risk-sharing mechanisms described under subsection (a), and who are
representative of the affected sectors of the insurance industry,
including commercial property insurance, commercial casualty
insurance, reinsurance, and alternative risk transfer industries.

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Section 104 (15 U.S.C. 6701 note) is amended by adding at the end
the following new subsection:
``(h) Reporting of Terrorism Insurance Data.--
``(1) Authority.--During the calendar year beginning on January
1, 2016, and in each calendar year thereafter, the Secretary shall
require insurers participating in the Program to submit to the
Secretary such information regarding insurance coverage for
terrorism losses of such insurers as the Secretary considers
appropriate to analyze the effectiveness of the Program, which
shall include information regarding--
``(A) lines of insurance with exposure to such losses;
``(B) premiums earned on such coverage;
``(C) geographical location of exposures;
``(D) pricing of such coverage;
``(E) the take-up rate for such coverage;
``(F) the amount of private reinsurance for acts of
terrorism purchased; and
``(G) such other matters as the Secretary considers
appropriate.
``(2) Reports.--Not later than June 30, 2016, and every other
June 30 thereafter, the Secretary shall submit a report to the
Committee on Financial Services of the House of Representatives and
the Committee on Banking, Housing, and Urban Affairs of the Senate
that includes--
``(A) an analysis of the overall effectiveness of the
Program;
``(B) an evaluation of any changes or trends in the data
collected under paragraph (1);
``(C) an evaluation of whether any aspects of the Program
have the effect of discouraging or impeding insurers from
providing commercial property casualty insurance coverage or
coverage for acts of terrorism;
``(D) an evaluation of the impact of the Program on
workers' compensation insurers; and
``(E) in the case of the data reported in paragraph (1)(B),
an updated estimate of the total amount earned since January 1,
2003.
``(3) Protection of data.--To the extent possible, the
Secretary shall contract with an insurance statistical aggregator
to collect the information described in paragraph (1), which shall
keep any nonpublic information confidential and provide it to the
Secretary in an aggregate form or in such other form or manner that
does not permit identification of the insurer submitting such
information.
``(4) Advance coordination.--Before collecting any data or
information under paragraph (1) from an insurer, or affiliate of an
insurer, the Secretary shall coordinate with the appropriate State
insurance regulatory authorities and any relevant government agency
or publicly available sources to determine if the information to be
collected is available from, and may be obtained in a timely manner
by, individually or collectively, such entities. If the Secretary
determines that such data or information is available, and may be
obtained in a timely matter, from such entities, the Secretary
shall obtain the data or information from such entities. If the
Secretary determines that such data or information is not so
available, the Secretary may collect such data or information from
an insurer and affiliates.
``(5) Confidentiality.--
``(A) Retention of privilege.--The submission of any non-
publicly available data and information to the Secretary and
the sharing of any non-publicly available data with or by the
Secretary among other Federal agencies, the State insurance
regulatory authorities, or any other entities under this
subsection shall not constitute a waiver of, or otherwise
affect, any privilege arising under Federal or State law
(including the rules of any Federal or State court) to which
the data or information is otherwise subject.
``(B) Continued application of prior confidentiality
agreements.--Any requirement under Federal or State law to the
extent otherwise applicable, or any requirement pursuant to a
written agreement in effect between the original source of any
non-publicly available data or information and the source of
such data or information to the Secretary, regarding the
privacy or confidentiality of any data or information in the
possession of the source to the Secretary, shall continue to
apply to such data or information after the data or information
has been provided pursuant to this subsection.
``(C) Information-sharing agreement.--Any data or
information obtained by the Secretary under this subsection may
be made available to State insurance regulatory authorities,
individually or collectively through an information-sharing
agreement that--
``(i) shall comply with applicable Federal law; and
``(ii) shall not constitute a waiver of, or otherwise
affect, any privilege under Federal or State law (including
any privilege referred to in subparagraph (A) and the rules
of any Federal or State court) to which the data or
information is otherwise subject.
``(D) Agency disclosure requirements.--Section 552 of title
5, United States Code, including any exceptions thereunder,
shall apply to any data or information submitted under this
subsection to the Secretary by an insurer or affiliate of an
insurer.''.

3b152be4fbc5264e3c588d3414383da9dadfea16ecb827738a721e1557ca0091

Section 108 (15 U.S.C. 6701 note) is amended by adding at the end
the following new subsection:
``(h) Study of Small Insurer Market Competitiveness.--
``(1) In general.--Not later than June 30, 2017, and every
other June 30 thereafter, the Secretary shall conduct a study of
small insurers (as such term is defined by regulation by the
Secretary) participating in the Program, and identify any
competitive challenges small insurers face in the terrorism risk
insurance marketplace, including--
``(A) changes to the market share, premium volume, and
policyholder surplus of small insurers relative to large
insurers;
``(B) how the property and casualty insurance market for
terrorism risk differs between small and large insurers, and
whether such a difference exists within other perils;
``(C) the impact of the Program's mandatory availability
requirement under section 103(c) on small insurers;
``(D) the effect of increasing the trigger amount for the
Program under section 103(e)(1)(B) on small insurers;
``(E) the availability and cost of private reinsurance for
small insurers; and
``(F) the impact that State workers compensation laws have
on small insurers and workers compensation carriers in the
terrorism risk insurance marketplace.
``(2) Report.--The Secretary shall submit a report to the
Congress setting forth the findings and conclusions of each study
required under paragraph (1).''.

cff70d64bd94d532cfdb2c8b932c672ab9cffc93b12911cf1b94901076b74813

This title may be cited as the ``National Association of Registered
Agents and Brokers Reform Act of 2015''.

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fbe3fc9450c346b86c89c84b9e74deceff24ef11bf3c3e411b469592522b6481

This title may be cited as the ``Business Risk Mitigation and Price
Stabilization Act of 2015''.

2b196738866621f555afc74070b933b6a913a8406c849123ec6ffd79c6fff794

TITLE III

-BUSINESS RISK MITIGATION AND PRICE STABILIZATION

(a) Commodity Exchange Act Amendment.--Section 4s(e) of the
Commodity Exchange Act (7 U.S.C. 6s(e)), as added by section 731 of the
Dodd-Frank Wall Street Reform and Consumer Protection Act, is amended
by adding at the end the following new paragraph:
``(4) Applicability with respect to counterparties.--The
requirements of paragraphs (2)(A)(ii) and (2)(B)(ii), including the
initial and variation margin requirements imposed by rules adopted
pursuant to paragraphs (2)(A)(ii) and (2)(B)(ii), shall not apply
to a swap in which a counterparty qualifies for an exception under
section 2(h)(7)(A), or an exemption issued under section 4(c)(1)
from the requirements of section 2(h)(1)(A) for cooperative
entities as defined in such exemption, or satisfies the criteria in
section 2(h)(7)(D).''.
(b) Securities Exchange Act Amendment.--Section 15F(e) of the
Securities Exchange Act of 1934 (15 U.S.C. 78o-10(e)), as added by
section 764(a) of the Dodd-Frank Wall Street Reform and Consumer
Protection Act, is amended by adding at the end the following new
paragraph:
``(4) Applicability with respect to counterparties.--The
requirements of paragraphs (2)(A)(ii) and (2)(B)(ii) shall not
apply to a security-based swap in which a counterparty qualifies
for an exception under section 3C(g)(1) or satisfies the criteria
in section 3C(g)(4).''.

4904c52b1f177b983e0e11a7080f46b515c0df291e52b6411dfde53f5524ab1f

The amendments made by this title to the Commodity Exchange Act
shall be implemented--
(1) without regard to--
(A) chapter 35 of title 44, United States Code; and
(B) the notice and comment provisions of section 553 of
title 5, United States Code;
(2) through the promulgation of an interim final rule, pursuant
to which public comment will be sought before a final rule is
issued; and
(3) such that paragraph (1) shall apply solely to changes to
rules and regulations, or proposed rules and regulations, that are
limited to and directly a consequence of such amendments.
Speaker of the House of Representatives.
Vice President of the United States and
President of the Senate.

9f80573bcbe3cad11d8cfe078cf6b9164d8152625c8a1907c8d30addae58a195

Terrorism Risk Insurance Program Reauthorization Act of 2015

Other Sections

TITLE I

TITLE II

TITLE III

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