H.R. 7128 — what changed

Section 102(1) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended—

“(I) with respect to an act that occurred in a year before 2029, $5,000,000; and

“(II) with respect to an act that occurred in 2029, or any year thereafter, $10,000,000; or”

changed “(iii) the Secretary did not issue to the public a final determination to certify such act as an act of terrorism before the expiration of the 90-day applicable period following the publication of a notice described in the Federal Register under subparagraph (D)(i).”(D)(ii).”

changed “(D) Notice requirementsReview and determinations

changed “(i) In general—The Secretary shall, not later than 30 days after beginning the process of determining whether to certify an act as an act of terrorism, publish a notice in the Federal Register that informs the public that the Secretary is in the process of determining whether to certify the act as an act Notice of terrorism.review

changed “(ii) Additional notice permitted—The Secretary may, as the “(I) In general—The Secretary determines appropriate, notify shall, not later than 30 days after beginning the public, through publication process of determining whether to certify an act as an act of terrorism, publish a notice in the Federal Register, or otherwise, Register that an act is not being evaluated by informs the public that the Secretary to determine is in the process of determining whether it should be certified to certify the act as an act of terrorism.”terrorism.

added “(II) Additional notice permitted—The Secretary may, as the Secretary determines appropriate, notify the public, through publication in the Federal Register, or otherwise, that an act is not being evaluated by the Secretary to determine whether it should be certified as an act of terrorism.

added “(ii) Period of review

added “(I) In general—Except as described in subclause (II), the Secretary shall conclude any process of determining whether to certify an act as an act of terrorism not later than 90 days after publishing a notice in the Federal Register under clause (i)(I).

added “(II) Exception—If, during the 90-day period following the publication of a notice in the Federal Register under clause (i)(I), the Secretary determines there is insufficient information available at that time to determine if an act is eligible for certification as an act of terrorism, the Secretary may, before the end of such 90-day period, extend the process of determining whether to certify an act as an act of terrorism for a period not to exceed 365 days following the date on which the damage attributable to such act occurred, as determined by the Secretary, and shall notify the public of any such extension.

added “(iii) Issuance of final determination—If the Secretary decides to certify an act as an act of terrorism, the Secretary shall, before the expiration of the period applicable under clause (ii), issue to the public a final determination that certifies such act as an act of terrorism and such determination shall be irrevocable.

added “(iv) Rule of construction—Nothing in this subparagraph may be construed to require to the Secretary to issue a final determination under clause (iii) about any act that the Secretary does not certify as an act of terrorism.”

added Section 104(h)(2) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended—

added “(B) a list of each act with respect to which the Secretary published a notice in the Federal Register under section 102(1)(D)(i) during the preceding calendar year, that includes—

added “(i) any final determination issued by the Secretary under section 102(1)(D)(iii) with respect to such act; or

added “(ii) a concise explanation of why the Secretary did not issue a final determination under section 102(1)(D)(iii) with respect to such act;”