1. Short title
This Act may be cited as the “Fostering Resilience to Terrorism Act of 2013”.
Fostering Resilience to Terrorism Act of 2013
A BILL
To extend the Terrorism Risk Insurance Program of the Department of the Treasury for 10 years, and for other purposes.
2. Certification of acts of terrorism
Section 102(1) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended—
in subparagraph (A), in the matter preceding clause (i), by striking “Secretary, in concurrence with” and inserting the following: “Secretary of Homeland Security, in concurrence with the Secretary of the Treasury,”;
in subparagraph (B), in the matter preceding clause (i), by striking “Secretary” and inserting “Secretary of Homeland Security”; and
in subparagraph (D), by striking “Secretary” and inserting “Secretary of Homeland Security”.
3. 10-year extension of Terrorism Risk Insurance Program
Program years— Subparagraph (G) of section 102(11) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by striking “2014” and inserting “2024”.
Timing of mandatory recoupment— Subclause (III) of section 103(e)(7)(E)(i) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by striking “2017” and inserting “2024”.
Termination date— Subsection (a) of section 108 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by striking “2014” and inserting “2024”.
Ongoing reports regarding market conditions for terrorism risk insurance— Paragraph (2) of section 108(e) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by striking “and 2013” and inserting “2013, 2017, 2020, and 2023”.
4. Homeland security enhancements
Provision of information to insureds— Section 103 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by adding at the end the following new subsection:
“(j) Provision of homeland security information and best practices to insureds—The Secretary of Homeland Security shall provide to insureds under the Program, through the Secretary of the Treasury—
“(1) timely homeland security information, including terrorism risk information, at the appropriate classification level; and
“(2) information on best practices to foster resilience to an act of terrorism.”
Research on program participation and best practices— The Secretary of Homeland Security shall conduct research to determine the extent to which insureds participating in the Terrorism Risk Insurance Program under title I of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note)—in particular, insureds in critical infrastructure sectors as identified by such Secretary—incorporate information provided under section 103(j)(2) of such Act into business operations. Not later than the expiration of the 12-month period that begins upon the Secretary of Homeland Security commencing the provision of information pursuant to such section 103(j)(2), such Secretary shall submit a report regarding the findings of the research conducted under this subsection to the Committees on Homeland Security and Financial Services of the House of Representatives and the Committees on Homeland Security and Governmental Affairs and Banking, Housing, and Urban Affairs of the Senate.