1. Short title
This Act may be cited as the “Terrorism Risk Insurance Program Reauthorization Act of 2019”.
Terrorism Risk Insurance Program Reauthorization Act of 2019
AN ACT
To reauthorize the Terrorism Risk Insurance Act of 2002, and for other purposes.
2. 7-year extension of Terrorism Risk Insurance Program
Termination date— Section 108(a) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by striking “2020” and inserting “2027”.
Timing of mandatory recoupment— Section 103(e)(7)(E)(i) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended—
in subclause (I)—
by striking “2017” and inserting “2022”; and
by striking “2019” and inserting “2024”;
in subclause (II)—
by striking “2018” and inserting “2023”;
by striking “2019” and inserting “2024”; and
by striking “2024” and inserting “2029”; and
in subclause (III)—
by striking “2019” and inserting “2024”; and
by striking “2024” and inserting “2029”.
Ongoing reports regarding market conditions for terrorism risk insurance— Paragraph (2) of section 104(h) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended—
by redesignating subparagraphs (B) through (E) as subparagraphs (C) through (F), respectively; and
by inserting after subparagraph (A) the following new subparagraph:
“(B) an evaluation of the availability and affordability of terrorism risk insurance, which shall include an analysis of such availability and affordability specifically for places of worship;”
Study and report on cyber terrorism— Not later than the expiration of the 180-day period beginning on the date of the enactment of this Act, the Comptroller General of the United States shall conduct a study and report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, which shall—
analyze and address—
overall vulnerabilities and potential costs of cyber attacks to the United States public and private infrastructure that could result in physical or digital damage;
whether State-defined cyber liability under a property and casualty line of insurance is adequate coverage for an act of cyber terrorism;
whether such risks can be adequately priced by the private market; and
whether the current risk-share system under the Terrorism Risk Insurance Act of 2002 is appropriate for a cyber terrorism event; and
set forth recommendations on how the Congress could amend such Act to meet the next generation of cyber threats.
3. Determination of budgetary effects
The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go-Act of 2010, shall be determined by reference to the latest statement titled “Budgetary Effects of PAYGO Legislation” for this Act, submitted for printing in the Congressional Record by the Chairman of the House Budget Committee, provided that such statement has been submitted prior to the vote on passage.