YourVoice.Now Summary
Corporate BenefitsTransparency & AccountabilityFederal backup on business terrorism claims would last through 2034 — smaller attacks drop out in 2029.
Corporate Benefits
Under this program the government pays part of insurers' losses after a major attack. The bill moves its end date from 2027 to 2034, seven more years.
If Treasury rules that an attack counts under the program, that ruling is final and cannot be reversed. Insurers and the businesses they cover know the answer will not change later.
Today an attack must cause more than $5 million in insured losses before the program applies. For attacks in 2029 and later that floor doubles to $10 million, so mid-size attacks would fall outside it.
Transparency & Accountability
Treasury must post a notice within 30 days of starting a review. It goes in the Federal Register, the government's daily record, so people know a review is underway before any result.
Treasury gets 90 days after that public notice to rule, and more time only when facts are missing. Any delay must end within a year of the damage, and silence past the deadline means the attack does not qualify.
Treasury's yearly report to Congress must list every attack it opened a review on. For each one it gives the ruling, or a short reason why no ruling came.
More about this bill
Most people would notice nothing here. This covers insurance that businesses buy, not the policy on your home or car. After the September 11th attacks, the government agreed to help cover part of insurers' losses from a major attack. That backup program is set to end in 2027. The bill would keep it running through 2034. Two changes would matter to companies that carry terrorism coverage. Starting in 2029, an attack would need to cause more than $10 million in insured damage before the program applies. The floor today is $5 million. The Treasury Department would also face a clock. It would have to post public notice within 30 days of starting a review. It would then have 90 days to rule, with more time only when facts are missing. Any delay would still end within a year of the damage. If Treasury never rules, the attack does not qualify.
Congressional Summary
This bill reauthorizes the Terrorism Risk Insurance Program through 2034. The program covers a portion of the losses incurred by private insurers for property and casualty insurance coverage for terrorism risk.The bill also increases the amount of property and casualty insurance losses required for certification under the program beginning in 2029 and provides statutory authority for Department of the Treasury public notification requirements regarding the determination process for whether an act qualifies as an act of terrorism under this program.
Legislative Subjects
Details
- Congress
- 119th
- Chamber
- House
- Status
- summarized
- Action
- Placed on the Union Calendar, Calendar No. 482.
- Action Date
- 2026-03-19
- Date Added
- 2026-04-19
- Source
- Congress.gov →
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