legislation: 107-s-1743

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
107-s-1743 107 s 1743 National Terrorism Reinsurance Fund Act Finance and Financial Sector 2001-11-29 2002-06-17 Sponsor introductory remarks on measure. (CR S5626-5627) Senate Sen. Hollings, Ernest F. [D-SC] SC D H000725 2 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). 2025-08-19T17:31:24Z https://www.congress.gov/bill/107th-congress/senate-bill/1743

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