S 1743
107th Congress
Senate
Finance and Financial Sector
Administrative remedies
Auditing
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Casualty insurance
Collection of accounts
Commerce
Congress
Congressional investigations
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Corporate corruption
Corporation directors
Crime and Law Enforcement
EBB Terrorism
Economics and Public Finance
Embezzlement
Federal advisory bodies
Federal preemption
Government Operations and Politics
Government lending
National Terrorism Reinsurance Fund Act
Introduced: November 29, 2001
See on congress.gov
Everywhere this bill has been
4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 17, 2002
Sponsor introductory remarks on measure. (CR S5626-5627)
Nov 29, 2001
Read twice and referred to the Committee on Commerce, Science, and Transportation. (text of measure as introduced: CR S12163-12166)
Nov 29, 2001
Sponsor introductory remarks on measure. (CR S12163)
Nov 29, 2001
Introduced in Senate
Plain-English summary
National Terrorism Reinsurance Fund Act - Directs the Secretary of Commerce to establish: (1) a reinsurance program for participating insurers for losses due to acts of terrorism; (2) a National Terrorism Reinsurance Fund (including minimum underwriting standards for participating insurers); and (3) a special committee to monitor terrorism insurance rates.
Prescribes guidelines under which the Fund shall provide reinsurance for losses resulting from acts of terrorism covered by reinsurance contracts between the Fund and participating insurers.
Requires the Secretary to determine if a loss is attributable to terrorism.
Mandates: (1) coverage by property and casualty insurers for acts of terrorism; and (2) State credit for reinsurance obtained by an insurer from the Fund.
Exempts the Fund from State, Federal and local taxes; and State laws pertaining to the insurance industry (other than State unfair trade practice laws).
What's happening now
Sponsor introductory remarks on measure. (CR S5626-5627)
Committees of jurisdiction
1
Cosponsors
1