S.2244 - Business Risk Mitigation and Price Stabilization Act of 2014

A bill to extend the termination date of the Terrorism Insurance Program established under the Terrorism Risk Insurance Act of 2002, and for other purposes. view all titles (9)

All Bill Titles

  • Short: Business Risk Mitigation and Price Stabilization Act of 2014 as passed house.
  • Short: National Association of Registered Agents and Brokers Reform Act of 2014 as passed house.
  • Short: Terrorism Risk Insurance Program Reauthorization Act of 2014 as passed house.
  • Short: National Association of Registered Agents and Brokers Reform Act of 2014 as passed senate.
  • Short: Terrorism Risk Insurance Program Reauthorization Act of 2014 as passed senate.
  • Short: Terrorism Risk Insurance Program Reauthorization Act of 2014 as reported to senate.
  • Official: A bill to extend the termination date of the Terrorism Insurance Program established under the Terrorism Risk Insurance Act of 2002, and for other purposes. as introduced.
  • Short: Terrorism Risk Insurance Program Reauthorization Act of 2014 as introduced.
  • Official: A bill to extend the termination date of the Terrorism Insurance Program established under the Terrorism Insurance Act of 2002, and for other purposes. as introduced.

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  • Past Seven Days: 3
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Introduced
 
Senate
Passed
 
House
Passed
 
President
Signs
 

 
04/10/14
 
07/17/14
 
12/10/14
 
 
 

 

Latest Vote

Result: Passed - December 10, 2014

Roll call number 557 in the House

Question: On Passage: S 2244 To extend the termination date of the Terrorism Insurance Program established under the Terrorism Risk Insurance Act of 2002, and for other purposes

 

Official Summary

Terrorism Risk Insurance Program Reauthorization Act of 2014 - (Sec. 2) Amends the Terrorism Risk Insurance Act of 2002 (TRIA) to extend the Terrorism Insurance Program through December 31, 2021, and to revise requirements for the Program. (Sec. 3) Requires the federal share of payments be

Official Summary

Terrorism Risk Insurance Program Reauthorization Act of 2014 -

(Sec. 2)

Amends the Terrorism Risk Insurance Act of 2002 (TRIA) to extend the Terrorism Insurance Program through December 31, 2021, and to revise requirements for the Program.

(Sec. 3)

Requires the federal share of payments beginning on January 1, 2016, for acts of terrorism, in general, to be reduced annually to 80% of insured losses.

(Sec. 4)

Revises requirements for mandatory recoupment (repayment) from insurers of federal financial assistance provided in connection with all acts of terrorism (or acts of war, in the case of workers compensation). Revises the formula for determining the insurance marketplace aggregate retention amount (recoupment threshold) indicating insured losses resulting from a certified act of terrorism which the insurance industry must cover before federal assistance becomes available. Maintains the current recoupment threshold, which is the lesser of $27.5 billion or the aggregate amount, for all insurers, of insured losses during the calendar year. Requires annual increases of $2 billion until $27.5 billion becomes $37.5 billion. Repeals the declaration that there shall be no mandatory recoupment (thus requiring recoupment) if uncompensated losses exceed the insurance marketplace aggregate retention amount.Increases from 133% to 135.5% of any mandatory recoupment amount the terrorism loss risk-spreading premium (surcharge) collected for repayment of federal financial assistance.

(Sec. 6)

Directs the Secretary of the Treasury to study the process for certifying an act of terrorism, particularly a reasonable timeline for determining accurately whether to certify an act as an act of terrorism, and the impact of the length of any timeline on the insurance industry, policyholders, consumers, and taxpayers as a whole. Directs the Secretary to issue final rules governing the certification process, including any such timeline, within nine months after reporting study results to the appropriate congressional committees.

(Sec. 7)

Directs the Comptroller General (GAO) to study the viability and effects of federal assessment and collection of upfront premiums from insurers that participate in the Program.

(Sec. 8)

Amends the Federal Reserve Act to require the President, in selecting members of the Board of Governors of the Federal Reserve System, to appoint at least one member with demonstrated primary experience working in or supervising community banks having less than $10 billion in total assets.

(Sec. 9)

Directs the Secretary to establish and appoint an Advisory Committee on Risk-Sharing Mechanisms to give advice, make recommendations, and encourage the creation of nongovernmental risk-sharing mechanisms to support private market reinsurance capacity for protection against losses arising from acts of terrorism. Title II: National Association of Registered Agents and Brokers Reform [sic] - National Association of Registered Agents and Brokers Reform Act of 2014 -

(Sec. 202)

Amends the Gramm-Leach-Bliley Act to repeal the contingent conditions under which the National Association of Registered Agents and Brokers (NARAB) shall not be established. Establishes the NARAB without contingent conditions as an independent nonprofit corporation to prescribe, on a multi-state basis, licensing and insurance producer qualification requirements and conditions. Prohibits the NARAB from merging with or into any other private or public entity. Requires the NARAB, without affecting state regulatory authority, to provide a mechanism for the adoption and multi-state application of requirements and conditions pertaining to:
(1) licensing, continuing education, and other qualifications of non-NARAB insurance producers;
(2) resident or nonresident insurance producer appointments;
(3) supervision and disciplining of such producers; and
(4) the setting of licensing fees for insurance producers. Makes any state-licensed insurance producer eligible to join the NARAB, except during a period of license suspension or revocation. Requires an individual insurance producer to undergo a criminal history record check by the Federal Bureau of Investigation (FBI). Requires the NARAB to submit to the FBI identification information obtained from the insurance producer, upon producer request, as well as a request of its own for the criminal history record check. Authorizes the NARAB to:
(1) establish membership criteria; and
(2) deny membership to an individual state-licensed insurance producer on the basis of the criminal history information obtained, or where the producer has been subject to certain disciplinary action. Prescribes procedures governing a criminal history record check, including the rights of applicants denied membership. Authorizes the NARAB to establish membership criteria, including separate classes of membership and membership criteria for business entities; but prohibits it from establishing criteria that unfairly limit the ability of a small insurance producer to become a member of the NARAB, including discriminatory membership fees. Authorizes the NARAB to establish separate categories of membership for insurance producers and for other persons or entities within each class, based on the types of licensing categories that exist under state laws. Prohibits the NARAB from establishing special categories of membership, including distinct membership criteria for members that are depository institutions or for their employees, agents, or affiliates. Prohibits the NARAB from adopting any qualification less protective to the public than that contained in the National Association of Insurance Commissioners (NAIC) Producer Licensing Model Act. Prescribes procedures for authorized information sharing pursuant to a request by a licensed insurance producer. Authorizes the NARAB to deny membership to any state-licensed insurance producer for failure to meet membership criteria. States that NARAB membership authorizes an insurance producer to engage in the business of insurance in any state for any lines of insurance specified in the producer's home state license, including claims adjustments and settlement, risk management, and specified insurance-related consulting activities. Makes NARAB membership equivalent to a nonresident insurance producer license for specified purposes. Empowers the NARAB to act as agent for any member for the purpose of remitting licensing fees to a state. Requires the NARAB to disclose to states, including state insurance regulators and the NAIC, on an ongoing basis, a list of the states in which each member is authorized to operate. Retains state regulatory jurisdiction regarding:
(1) consumer protection and market conduct, and
(2) state disciplinary authority. Requires the NARAB to establish, as a condition of membership, continuing education requirements comparable to the continuing education requirements under the licensing laws of a majority of the states. Prohibits the NARAB from offering continuing education courses for insurance producers. Grants the NARAB disciplinary enforcement powers. Requires the NARAB to:
(1) receive and investigate consumer complaints, and to maintain a toll-free telephone number; and
(2) refer any such complaint to the state insurance regulator. Prescribes information- sharing procedures and limitations with the NAIC or governmental entities. Authorizes the NARAB to establish:
(1) a central clearinghouse, or utilize NAIC as a central clearinghouse through which NARAB members may disclose their intent to operate in one or more states; and
(2) a national database for the collection of regulatory information concerning the activities of insurance producers. Establishes the NARAB board of directors, whose membership shall include state insurance commissioners. Sets forth terms and procedures for appointment of members by the President. Authorizes reappointment to successive terms. Prohibits compensation on account of Board membership. Declares that the NARAB shall not be deemed to be an insurer or insurance producer within the meaning of any state law, rule, regulation, or order regulating or taxing insurers, insurance producers, or other entities engaged in the business of insurance. Sets forth procedures for presidential oversight of the NARAB, including removal of the entire existing Board. Sets forth a limited preemption of state laws purporting to regulate insurance producers. Directs the NARAB to coordinate with the Financial Industry Regulatory Authority (FINRA) in order to ease administrative burdens that fall on NARAB members subject to regulation by FINRA. Authorizes any person aggrieved by a NARAB decision or action to commence a civil action in an appropriate federal district court. Prohibits federal funding of the NARAB. Sunsets this Act and any program or authorities established or granted under it or derived from it, two years after the NARAB approves its first member.

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