S. 4395: Terrorism Risk Insurance Program Reauthorization Act of 2026
This bill, known as the Terrorism Risk Insurance Program Reauthorization Act of 2026, aims to extend the existing Terrorism Risk Insurance Program for an additional seven years. The key points of the bill include:
Extension of the Program
The bill proposes to amend the existing Terrorism Risk Insurance Act of 2002 by changing the termination date of the program from 2027 to 2034, effectively allowing the program to operate for another seven years.
Changes to Recoupment Timing
The bill also includes amendments to alter the timing of mandatory recoupment of losses under the program. Specifically, it modifies various deadlines associated with recoupment, moving some dates forward to later years (2029 and 2031) and extending others to ensure that the program can be sustained through 2034. The amendments include:
- Modifying the mandatory recoupment deadlines from 2022 to 2029.
- Adjusting additional recoupment deadlines from 2023 to 2030 and from 2024 to 2031.
- Extending other recoupment timelines to 2036, allowing for greater flexibility in managing financial risks associated with terrorism.
Purpose of the Program
The Terrorism Risk Insurance Program was established to provide a federal backstop for insurance claims related to acts of terrorism. This means that when a terrorist attack occurs, the federal government helps cover costs that exceed a certain threshold, ensuring that insurance companies remain solvent and can continue to offer coverage against terrorism-related losses.
Impact on Stakeholders
The reauthorization is designed to provide stability to the insurance market, ensuring that businesses can obtain coverage for terrorism-related risks. This is critical for various sectors, particularly those that could be directly impacted by terrorism, such as commercial real estate, hospitality, and public gatherings.
Conclusion of Changes
Overall, the bill seeks to enhance the resilience of the insurance market regarding terrorism. By reauthorizing the program and adjusting financial recoupment timelines, the bill aims to continue fostering economic stability in the face of potential terrorism-related risks.
Relevant Companies
- ALL - Allstate Corporation; their insurance products include coverage related to terrorism risks.
- CB - Chubb Limited; a major player in the insurance market that provides various types of property and casualty insurance, including terrorism coverage.
- TRV - The Travelers Companies, Inc.; offers a range of insurance products, including terrorism insurance, which could be impacted by changes to the program.
This is an AI-generated summary of the bill text. There may be mistakes.
Sponsors
43 bill sponsors
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TrackDavid McCormick
Sponsor
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TrackAngela Alsobrooks
Co-Sponsor
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TrackTammy Baldwin
Co-Sponsor
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TrackJim Banks
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TrackRichard Blumenthal
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TrackLisa Blunt Rochester
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TrackJohn Boozman
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TrackKatie Boyd Britt
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TrackTed Budd
Co-Sponsor
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TrackShelley Moore Capito
Co-Sponsor
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TrackCatherine Cortez Masto
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TrackKevin Cramer
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TrackMike Crapo
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TrackSteve Daines
Co-Sponsor
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TrackDeb Fischer
Co-Sponsor
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TrackRuben Gallego
Co-Sponsor
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TrackKirsten E. Gillibrand
Co-Sponsor
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TrackBill Hagerty
Co-Sponsor
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TrackMazie K. Hirono
Co-Sponsor
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TrackTim Kaine
Co-Sponsor
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TrackJohn Kennedy
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TrackAndy Kim
Co-Sponsor
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TrackAngus S. King Jr.
Co-Sponsor
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TrackBen Ray Lujan
Co-Sponsor
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TrackCynthia M. Lummis
Co-Sponsor
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TrackJerry Moran
Co-Sponsor
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TrackBernie Moreno
Co-Sponsor
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TrackAlex Padilla
Co-Sponsor
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TrackPete Ricketts
Co-Sponsor
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TrackJames E. Risch
Co-Sponsor
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TrackJacky Rosen
Co-Sponsor
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TrackMike Rounds
Co-Sponsor
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TrackBrian Schatz
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TrackCharles E. Schumer
Co-Sponsor
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TrackTim Scott
Co-Sponsor
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TrackJeanne Shaheen
Co-Sponsor
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TrackTim Sheehy
Co-Sponsor
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TrackTina Smith
Co-Sponsor
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TrackThom Tillis
Co-Sponsor
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TrackChris Van Hollen
Co-Sponsor
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TrackMark R. Warner
Co-Sponsor
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TrackRaphael G. Warnock
Co-Sponsor
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TrackTodd Young
Co-Sponsor
Actions
10 actions
| Date | Action |
|---|---|
| Oct. 05, 2026 | Held at the desk. |
| Oct. 05, 2026 | Message on Senate action sent to the House. |
| Oct. 05, 2026 | Received in the House. |
| Sep. 28, 2026 | Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent. (consideration: CR S5122-5123; text: CR S5123) |
| Sep. 28, 2026 | Passed Senate without amendment by Unanimous Consent. (consideration: CR S5122-5123; text: CR S5123) |
| Sep. 22, 2026 | Committee on Banking, Housing, and Urban Affairs. Reported by Senator Scott SC, without amendment. Without written report. |
| Sep. 22, 2026 | Placed on Senate Legislative Calendar under General Orders. Calendar No. 672. |
| Sep. 17, 2026 | Committee on Banking, Housing, and Urban Affairs. Ordered to be reported without amendment favorably. |
| Apr. 27, 2026 | Introduced in Senate |
| Apr. 27, 2026 | Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. |
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