Bill Summary & Status for the 107th Congress
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H.R.3210
Sponsor: Rep Oxley, Michael G. [OH-4] (introduced
11/1/2001)
Related Bills: H.RES.297, H.RES.607, H.R.3357, S.2600
Latest
Major Action: 11/26/2002 Became Public Law No: 107-297.
Title: To ensure the continued financial capacity of insurers to
provide coverage for risks from terrorism.
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Summary
TITLE(S): (italics indicate a title for a
portion of a bill)
- POPULAR TITLE(S):
Terrorism Insurance bill (identified by
CRS)
Insurers Risks From Terrorism bill (identified by CRS)
- SHORT TITLE(S) AS INTRODUCED:
Terrorism Risk Protection Act
- SHORT TITLE(S) AS REPORTED TO HOUSE:
Terrorism Risk Protection
Act
- SHORT TITLE(S) AS PASSED HOUSE:
Terrorism Risk Protection
Act
- SHORT TITLE(S) AS PASSED SENATE:
Terrorism Risk Insurance Act of
2002
- SHORT TITLE(S) AS ENACTED:
Terrorism Risk Insurance Act of 2002
- OFFICIAL TITLE AS INTRODUCED:
To ensure the continued financial
capacity of insurers to provide coverage for risks from terrorism.
STATUS: (color indicates Senate actions)
See also: Related House
Committee Documents
- 11/1/2001:
- Referred to the Committee on Financial Services, and in addition to the
Committees on Ways and Means, and the Budget, for a period to be subsequently
determined by the Speaker, in each case for consideration of such provisions
as fall within the jurisdiction of the committee concerned.
- 11/1/2001:
- Referred to House Financial Services
- 11/7/2001:
- Committee Consideration and Mark-up Session Held.
- 11/7/2001:
- Ordered to be Reported (Amended) by Voice Vote.
- 11/1/2001:
- Referred to House Ways and Means
- 11/16/2001:
- Committee Consideration and Mark-up Session Held.
- 11/16/2001:
- Ordered to be Reported in the Nature of a Substitute (Amended) by Voice
Vote.
- 11/1/2001:
- Referred to House Budget
- 11/19/2001 6:03pm:
- Reported (Amended) by the Committee on Financial Services. H. Rept. 107-300,
Part I.
- 11/19/2001 6:04pm:
- House Committee on The Budget Granted an extension for further
consideration ending not later than Nov. 26, 2001.
- 11/19/2001:
- Referred sequentially to the House Committee on the Judiciary for a period
ending not later than Nov. 26, 2001 for consideration of such provisions of
the bill and amendment as fall within the jurisdiction of that committee
pursuant to clause 1(k), rule X.
- 11/19/2001 6:08pm:
- Reported (Amended) by the Committee on Ways and Means. H. Rept. 107-300,
Part II.
- 11/26/2001 4:13pm:
- Committee on The Budget discharged.
- 11/26/2001 4:14pm:
- Committee on Judiciary discharged.
- 11/26/2001 4:15pm:
- Placed on the Union Calendar, Calendar No. 181.
- 11/28/2001 9:59pm:
- Rules Committee Resolution H. Res. 297
Reported to House. Rule provides for consideration of H.R. 3210
with 1 hour of general debate. Previous question shall be considered as
ordered without intervening motions except motion to recommit with or without
instructions. In lieu of the amendments recommended by the Committee on
Financial Services and the Committee on Ways and Means, an amendment in the
nature of a substitute consisting of the text of H.R. 3357
shall be considered as adopted. Measure will be considered read. A specified
amendment is in order. The amendment in the nature of a substitute printed in
the report of the Committee on Rules accompanying this resolution, if offered
by Mr. LaFalce or his designee, shall be considered as read and debatable for
one hour.
- 11/29/2001 12:54pm:
- Rule H.
Res. 297 passed House.
- 11/29/2001 12:54pm:
- Considered under the provisions of rule H. Res.
297. (consideration: CR H8572-8630;
text of measure as reported in House: CR H8589-8592)
- 11/29/2001 12:55pm:
- H.AMDT.411
Amendment in the nature of a substitute reported by the House Committee on
Rules. (consideration: H8593-8598;
text: CR H8593-8598)
An amendment consisting of the text of H.R. 3357
and made in order as a complete new text.
- 11/29/2001 12:56pm:
- H.AMDT.411 On
agreeing to the Rules amendment (A001) Agreed to without objection.
- 11/29/2001 2:05pm:
- H.AMDT.412
Amendment (A002) in the nature of a substitute offered by Mr. LaFalce.
(consideration: CR H8613-8617;
text: CR H8613-8617)
Amendment in the nature of a substitute sought to include an insurance
industry deductible of $5 billion, require terrorism coverage as part of
commercial property and casualty insurance, and specify no limits on tort
actions or recoveries.
- 11/29/2001 3:40pm:
- H.AMDT.412 On
agreeing to the LaFalce amendment (A002) Failed by the Yeas and Nays: 197 -
222 (Roll
no. 462).
- 11/29/2001 3:40pm:
- The previous question was ordered pursuant to the rule.
- 11/29/2001 3:43pm:
- Mr. LaFalce moved to recommit with instructions to Financial Services.
- 11/29/2001 3:43pm:
- Floor summary: DEBATE - The House proceeded with 10 minutes of debate,
equally divided and controlled, on the LaFalce motion to recommit with
instructions. The instructions contained in the motion seek to strike section
15 of the base bill, which is related to litigation management and, also to
insert new provisions which prevent commercial insurers from utilizing
"pass-through" methods which would result in certain costs being passed on to
customers.
- 11/29/2001 3:56pm:
- The previous question on the motion to recommit with instructions was
ordered without objection.
- 11/29/2001 4:16pm:
- On motion to recommit with instructions Failed by recorded vote: 173 - 243
(Roll
no. 463).
- 11/29/2001 4:35pm:
- On passage Passed by recorded vote: 227 - 193 (Roll
no. 464).
- 11/29/2001 4:36pm:
- Motion to reconsider laid on the table Agreed to without objection.
- 11/30/2001:
- Received in the Senate. Read the first time. Placed on Senate Legislative
Calendar under Read the First Time.
- 12/3/2001:
- Read the second time. Placed on Senate Legislative Calendar under General
Orders. Calendar No. 252.
- 7/25/2002:
- Measure laid before Senate by unanimous consent.
- 7/25/2002:
- Senate struck all after the Enacting Clause and substituted the language
of S. 2600
amended.
- 7/25/2002:
- Passed Senate with an amendment by Unanimous Consent.
- 7/25/2002:
- Senate insists on its amendment, asks for a conference, appoints conferees
Sarbanes; Dodd; Reed; Schumer; Gramm; Shelby; Enzi.
- 7/25/2002:
- See also S.
2600.
- 7/25/2002:
- Message on Senate action sent to the House.
- 7/27/2002 12:23am:
- Mr. Oxley asked unanimous consent that the House disagree to the Senate
amendment, and agree to a conference.
- 7/27/2002 12:23am:
- On motion that the House disagree to the Senate amendment, and agree to a
conference Agreed to without objection. (consideration: CR 7/26/2002 H5962, H5969)
- 7/27/2002 12:23am:
- The Speaker appointed conferees - from the Committee on Financial Services
for consideration of the House bill and the Senate amendment thereto, and
modifications committed to conference: Oxley, Baker, Ney, Kelly, Shays,
Fossella, Ferguson, LaFalce, Kanjorski, Bentsen, Maloney (CT), and Hooley.
- 7/27/2002 12:23am:
- The Speaker appointed conferees - from the Committee on the Judiciary for
consideration of sec. 15 of the House bill and secs. 10 and 11 of the Senate
amendment thereto, and modifications committed to conference: Sensenbrenner,
Goodlatte, and Conyers.
- 7/27/2002 12:23am:
- Motion to reconsider laid on the table Agreed to without objection.
- 9/10/2002 10:19am:
- Mr. Fossella asked unanimous consent that the House instruct conferees.
(consideration: CR H6133-6137)
- 9/10/2002 10:20am:
- DEBATE - The House proceeded with one hour of debate on the motion to
instruct conferees on H.R. 3210.
The instructions contained in the motion seek to require the managers on the
part of the House to agree to the provisions contained in section 11 of the
Senate amendment, relating to satisfaction of judgements from frozen assets of
terrorists, terrorist organizations, and state sponsors of terrorism.
- 9/10/2002 11:36am:
- On motion that the House instruct conferees Agreed to by the Yeas and
Nays: 373 - 0 (Roll
no. 379). (consideration: CR H6138-6139)
- 9/10/2002 11:36am:
- Motion to reconsider laid on the table Agreed to without objection.
- 11/13/2002 10:00pm:
- Conference report H. Rept. 107-779
filed. (text of conference report: CR H8722-8728)
- 11/13/2002 11:12pm:
- Rules Committee Resolution H. Res. 607
Reported to House. Rule provides for consideration of the conference report to
H.R.
3210.
- 11/14/2002:
- Conference papers: Senate report and manager's statement and message on
House action held at the desk in Senate.
- 11/14/2002 2:09pm:
- Rule H.
Res. 607 passed House.
- 11/14/2002 8:54pm:
- Mr. Oxley brought up conference report H. Rept. 107-779
for consideration under the provisions of H. Res.
607. (consideration: CR H8802-8809)
- 11/14/2002 9:41pm:
- The previous question was ordered without objection.
- 11/14/2002 9:42pm:
- On agreeing to the conference report Agreed to by voice vote.
- 11/14/2002 9:42pm:
- Motions to reconsider laid on the table Agreed to without objection.
- 11/19/2002:
- Cloture motion on the conference report to accompany H.R. 3210
presented in Senate.
- 11/19/2002:
- Conference report considered in Senate by Unanimous Consent.
(consideration: CR S11524-11530)
- 11/19/2002:
- Cloture on the conference report to accompany H.R. 3210
invoked in Senate by Yea-Nay Vote. 85 - 12. Record
Vote Number: 251.
- 11/19/2002:
- Senate agreed to conference report by Yea-Nay Vote. 86 - 11. Record
Vote Number: 252.
- 11/19/2002:
- Cleared for White House.
- 11/20/2002:
- Message on Senate action sent to the House.
- 11/22/2002:
- Presented to President.
- 11/26/2002:
- Signed by President.
- 11/26/2002:
- Became Public Law No: 107-297.
COMMITTEE(S):
RELATED BILL DETAILS: (additional
related bills may be indentified in Status)
Bill: |
Relationship: |
H.RES.297 |
Rule related to H.R.3210 in House |
H.RES.607 |
Rule related to H.R.3210 in House |
H.R.3357 |
Related bill identified by CRS |
S.2600 |
Related bill identified by Senate |
S.2600 |
Related bill as identified by the House Clerk's office |
S.2600 |
Text from this bill was inserted in
H.R.3210 |
AMENDMENT(S):
1. H.AMDT.411 to
H.R.3210
An amendment consisting of the text of H.R. 3357 and made in order as a
complete new text.
Sponsor: House Rules
Committees:
House Rules
Latest Major Action: 11/29/2001 House amendment
agreed to. Status: On agreeing to the Rules amendment (A001) Agreed to without
objection.
2. H.AMDT.412 to
H.R.3210
Amendment in the nature of a substitute sought to include an insurance
industry deductible of $5 billion, require terrorism coverage as part of
commercial property and casualty insurance, and specify no limits on tort
actions or recoveries.
Sponsor: Rep LaFalce, John J. [NY-29]
Latest Major Action: 11/29/2001 House amendment not agreed to.
Status: On agreeing to the LaFalce amendment (A002) Failed by the Yeas and
Nays: 197 - 222 (Roll no. 462).
3. S.AMDT.2672
to H.R.3210
Purpose will be available when the amendment is proposed for consideration.
See Congressional Record for text.
Sponsor: Sen Hollings, Ernest F.
[SC]
Latest Major Action: 12/18/2001 Senate amendment submitted
4. S.AMDT.2687
to H.R.3210
Purpose will be available when the amendment is proposed for consideration.
See Congressional Record for text.
Sponsor: Sen Hollings, Ernest F.
[SC]
Latest Major Action: 12/19/2001 Senate amendment
submitted
COSPONSORS(35), ALPHABETICAL [followed by Cosponsors
withdrawn]: (Sort: by date)
Rep Bachus, Spencer - 11/1/2001 [AL-6] |
Rep Baker, Richard H. - 11/1/2001 [LA-6] |
Rep Barr, Bob - 11/1/2001 [GA-7] |
Rep Bentsen, Ken - 11/1/2001 [TX-25] |
Rep Bereuter, Doug - 11/13/2001 [NE-1] |
Rep Biggert, Judy - 11/1/2001 [IL-13] |
Rep Cantor, Eric - 11/1/2001 [VA-7] |
Rep Ferguson, Mike - 11/1/2001 [NJ-7] |
Rep Foley, Mark - 11/1/2001 [FL-16] |
Rep Fossella, Vito - 11/1/2001 [NY-13] |
Rep Gillmor, Paul E. - 11/1/2001 [OH-5] |
Rep Green, Mark - 11/1/2001 [WI-8] |
Rep Grucci, Felix J., Jr. - 11/1/2001 [NY-1] |
Rep Hart, Melissa A. - 11/9/2001 [PA-4] |
Rep Issa, Darrell E. - 11/1/2001 [CA-48] |
Rep Jones, Walter B., Jr. - 11/1/2001 [NC-3] |
Rep Kelly, Sue W. - 11/1/2001 [NY-19] |
Rep LaTourette, Steve C. - 11/13/2001 [OH-19] |
Rep Leach, James A. - 11/9/2001 [IA-1] |
Rep Lucas, Frank D. - 11/1/2001 [OK-6] |
Rep Maloney, James H. - 11/1/2001 [CT-5] |
Rep Miller, Gary G. - 11/1/2001 [CA-41] |
Rep Ney, Robert W. - 11/1/2001 [OH-18] |
Rep Ose, Doug - 11/1/2001 [CA-3] |
Rep Pomeroy, Earl - 11/1/2001 [ND] |
Rep Pryce, Deborah - 11/13/2001 [OH-15] |
Rep Riley, Bob - 11/1/2001 [AL-3] |
Rep Rogers, Mike - 11/1/2001 [MI-8] |
Rep Roukema, Marge - 11/1/2001 [NJ-5] |
Rep Royce, Edward R. - 11/1/2001 [CA-39] |
Rep Ryun, Jim - 11/1/2001 [KS-2] |
Rep Shadegg, John B. - 11/1/2001 [AZ-4] |
Rep Shays, Christopher - 11/1/2001 [CT-4] |
Rep Tiberi, Patrick J. - 11/1/2001 [OH-12] |
Rep Weldon, Dave - 11/1/2001 [FL-15] |
SUMMARY AS OF:
11/13/2002--Conference report filed in
House. (There are 5 other
summaries)
Terrorism Risk Insurance Act of 2002 - Title I: Terrorism Insurance
Program - (Sec. 103) Establishes a three-year Terrorism Insurance Program in
the Department of the Treasury, administered by the Secretary of the Treasury,
to pay the Federal share of compensation for insured losses resulting from acts
of terrorism.
Cites conditions for Federal payments. Mandates insurer participation in the
Program.
Sets forth a transition period followed by an initial Program period (January
1, 2003, to December 31, 2005) during which insurers must make available: (1)
coverage for insured losses in all property and casualty insurance policies; and
(2) property and casualty insurance for insured losses that does not differ
materially from coverage limitations applicable to losses from events other than
acts of terrorism.
Directs the Secretary to promulgate regulations that apply this title to
State residual market insurance entities and State workers' compensation funds.
States that the Federal share of compensation for insured losses of an
insurer shall be 90 percent of the portion of such losses exceeding the insurer
deductible required to be paid during the Program Year.
Prohibits duplicative compensation for insurance losses under any other
Federal program.
Caps at $100 billion the annual aggregate insured losses for which either the
Secretary or an insurer that has met its insurer deductible shall be liable.
Directs the Secretary to determine the pro rata share of insured losses to be
paid by each insurer that incurs insured losses under the Program.
Requires the Secretary to notify Congress if estimated or actual aggregate
annual insured losses during the Program exceed $100 billion. States that
Congress shall determine payment procedures and the source of payments for
excess insured losses.
Grants the Secretary sole discretion to determine the time at which claims
for insured losses or acts of terrorism become final. States that such
determination is final (unless expressly provided) and not subject to judicial
review.
Prescribes formulae and other requirements for the: (1) insurance marketplace
aggregate retention amount; (2) mandatory recoupment amount of the Federal
share; and (3) policyholder premium surcharge for terrorism loss risk-spreading
premiums (including certain adjustments for urban and smaller commercial and
rural areas and different lines of insurance).
Authorizes the Secretary to apply this title to other types of captive
insurers and self-insurance arrangements by municipalities and other entities
(such as workers' compensation self-insurance programs and State workers'
compensation reinsurance pools), but only if such application is determined
before the occurrence of an act of terrorism in which the entity incurs an
insured loss and all provisions of this title are applied comparably to such
entities.
Provides that this title neither prevents nor limits insurers from obtaining
reinsurance coverage for insurer deductibles or insured losses, nor does
obtaining such coverage affect the calculation of deductibles or retentions.
Prohibits the combined amount of Federal financial assistance and reinsurance
proceeds from exceeding the aggregate amount of the insurer's insured losses for
specified periods.
Directs the Secretary to study: (1) whether adequate and affordable
catastrophe reinsurance for acts of terrorism is available to issuers of group
life insurance, and the extent to which the threat of terrorism reduces the
availability of group life insurance for consumers; and (2) the potential
effects of acts of terrorism on the availability of life insurance and other
lines of insurance coverage, including personal lines.
(Sec. 104) Cites the powers and authorities granted to the Secretary for
Program implementation, including authority to assess a civil monetary penalty
against any insurer for violation of this title.
Makes appropriations for Federal payments and administration expenses under
the Program.
(Sec. 105) Preempts and nullifies any pre-existing terrorism exclusion clause
in a property and casualty insurance contract (including a State-approved
contract) to the extent that it excludes losses that would otherwise be insured
losses. Allows reinstatement of such exclusion, however, upon an affirmative
written authorization from the insured, or upon the insured's failure to pay an
increased premium for terrorism coverage despite due notice from the insurer.
(Sec. 106) Preserves the jurisdiction or regulatory authority of the State
insurance commissioner (or any State agency or office performing like functions
over any insurer), except as specifically provided in this title.
(Sec. 107) Declares that a Federal cause of action is the exclusive cause of
action and remedy for claims for property damage, personal injury, or death
arising out of, or resulting from an act of terrorism (thus preempting a State
cause of action).
(Sec. 108) Sunsets the Program on December 31, 2005.
Directs the Secretary to study and report to Congress on: (1) Program
effectiveness and the likely capacity of the property and casualty insurance
industry to offer terrorism risk insurance after Program termination; and (2)
the availability and affordability of such insurance for various policyholders,
including railroads, trucking, and public transit.
Title II: Treatment of Terrorist Assets - (Sec. 201) Subjects to
execution or attachment in aid of execution the blocked assets of terrorists
(including terrorist organizations and state sponsors of terrorism) in order to
satisfy a judgment on a claim based upon an act of terrorism, to the extent that
the parties have been adjudged liable for compensatory damages.
Permits a Presidential waiver (with certain exceptions) of such attachment
against property subject to the Vienna Convention on Diplomatic Relations, or
the Vienna Convention on Consular Relations, after the President determines on
an asset-by-asset basis that it is necessary in the national security interest.
Amends the Victims of Trafficking and Violence Protection Act of 2000 to: (1)
revise the time frame under which certain claimants who filed suit are
considered eligible for payment in connection with certain anti-terrorism
judgments against Iran or Cuba; (2) prescribe guidelines for the distribution of
account balances and proceeds inadequate to satisfy the full amount of
compensatory awards against Iran; and (3) authorize the Secretary to promulgate
guidelines for establishing claims of a right to payment.
Title III: Federal Reserve Board Provisions - (Sec. 301) Amends the
Federal Reserve Act to state that certain actions that currently require the
affirmative vote of five members of the Board of Governors of the Federal
Reserve System may nevertheless be taken upon the unanimous vote of all members
then in office if fewer than five.
Authorizes the Board to take action upon the unanimous vote of all available
members then in office with respect to discounts for individuals, partnerships,
and corporations, if at least two members are available, all available members
participate in the action and unanimously determine that: (1) unusual and
exigent circumstances exist and the borrower is unable to secure adequate credit
accommodations from other sources; (2) action on the matter is necessary to
prevent, correct, or mitigate serious harm to the economy or the stability of
the financial system of the United States; (3) the other Board members have not
been able to be contacted and action is required before the number of Board
members otherwise required to vote on the matter can be contacted; and (4) any
credit extended by a Federal reserve bank pursuant to such action is payable
upon demand of the Board.
Mandates Board documentation of such determinations.