Terrorism Risk Insurance Program Reauthorization Act of 2014
Codification

Long title	To extend the termination date of the Terrorism Insurance Program established under the Terrorism Risk Insurance Act of 2002, and for other purposes.
Announced in	the 113th United States Congress
Sponsored by	Sen. Charles E. Schumer (D, NY)
Number of co-sponsors	8
U.S.C. sections affected	15 U.S.C. § 6701
Legislative history
Introduced in the Senate as S. 2244 by Sen. Charles E. Schumer (D, NY) on April 10, 2014 Committee consideration by United States Senate Committee on Banking, Housing, and Urban Affairs

The Terrorism Risk Insurance Program Reauthorization Act of 2014 (S. 2244) or ACRONYM, is/was a bill/law introduced/passed to the 113th United States Congress

Background

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Provisions of the bill

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This summary is based largely on the summary provided by the Congressional Research Service, a public domain source.^[1]

The Terrorism Risk Insurance Program Reauthorization Act of 2014 would amend the Terrorism Risk Insurance Act of 2002 to extend the Terrorism Insurance Program through December 31, 2021.^[1]

The bill would decrease the federal share of the compensation for insured losses of an insurer during each Program year after enactment of this Act by 1% until that share equals 80% of that portion of the amount of such insured losses that exceeds the applicable insurer deductible for such Program year.^[1]

The bill would increase the insurance marketplace aggregate retention amount under such Program (currently $27.5 billion) by $2 billion per calendar year after enactment of this Act until such amount equals $37.5 billion.^[1]

Congressional Budget Office report

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This summary is based largely on the summary provided by the Congressional Budget Office, a public domain source.

Procedural history

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Who proposed it, co-sponsors, dates of introduction, sent to committee(s), alterations, voting history, other chamber's actions, conference committee, final passage, signed or veto by president.