S.1743 - National Terrorism Reinsurance Fund Act107th Congress (2001-2002)
|Sponsor:||Sen. Hollings, Ernest F. [D-SC] (Introduced 11/29/2001)|
|Committees:||Senate - Commerce, Science, and Transportation|
|Latest Action:||06/17/2002 Sponsor introductory remarks on measure. (CR S5626-5627) (All Actions)|
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: S.1743 — 107th Congress (2001-2002)All Bill Information (Except Text)
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.
Introduced in Senate (11/29/2001)
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).