Bill Summary & Status for the 107th Congress

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S.1743
Sponsor: Sen Hollings, Ernest F. [SC] (introduced 11/29/2001)
Latest Major Action: 11/29/2001 Referred to Senate committee. Status: Read twice and referred to the Committee on Commerce, Science, and Transportation.
Title: A bill to create a temporary reinsurance mechanism to enhance the availability of terrorism insurance.
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TITLE(S):  (italics indicate a title for a portion of a bill)
STATUS: (color indicates Senate actions)
11/29/2001:
Read twice and referred to the Committee on Commerce, Science, and Transportation. (text of measure as introduced: CR S12163-12166)
11/29/2001:
S.AMDT.2172 Referred to the Committee on Commerce, Science, and Transportation.
6/17/2002:
Introductory remarks on measure. (CR S5626-5627)
COMMITTEE(S):
RELATED BILL DETAILS:

***NONE***

AMENDMENT(S):

1. S.AMDT.2172 to S.1743 Purpose will be available when the amendment is proposed for consideration. See Congressional Record for text.
Sponsor: Sen Hollings, Ernest F. [SC]
Committees: Senate Commerce, Science, and Transportation
Latest Major Action: 11/29/2001 Senate amendment referred to committee

COSPONSORS(2), ALPHABETICAL [followed by Cosponsors withdrawn]:     (Sort: by date)

Sen Boxer, Barbara - 11/29/2001 [CA] Sen Wyden, Ron - 11/29/2001 [OR]

SUMMARY AS OF:
11/29/2001--Introduced.

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).