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S. 467: Terrorism Risk Insurance Extension Act of 2005

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S. 467: Terrorism Risk Insurance Extension Act of 2005

109th Congress · introduced 2005-02-18 · Finance and Financial Sector · Latest: Became Public Law No: 109-144.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2005-02-18 · official record
  2. Who proposed it: Sen. Dodd, Christopher J. [D-CT] · what a sponsor is
  3. What happened next: 1 recorded vote in our records. Latest: House roll call 612 (2005): On Motion to Suspend the Rules and Pass, as Amended, S467 (2005-12-07), Passed. See all
  4. Where it stands now: Became Public Law No: 109-144. (final step reached)
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Terrorism Risk Insurance Extension Act of 2005

Plain summary

Terrorism Risk Insurance Extension Act of 2005 - Amends the Terrorism Risk Insurance Act of 2002 to extend the terrorism risk insurance program from 2005 through 2007. Raises the property and casualty insurance loss threshold that qualifies for certification by the Secretary of the Treasury as an act of terrorism with respect to Program Year 4 and Program Year 5. Defines Program Year 5 as ending on December 31, 2007. Excludes from covered lines of insurance: (1) commercial automobile insurance; (2) burglary and theft insurance; (3) surety insurance; (4) professional liability insurance; and (5) farm owners multiple peril insurance. Prescribes formulae for insurer deductibles for Program Years 4 and 5. Sets the federal share of insured loss compensation for Program Year 5 at 85% (Year 4 is currently 90%) of the amount of insured losses exceeding the applicable insurer deductible. Specifies for Program Years 4 and 5 increasing maximum aggregate retention amounts in the formula for mandatory recoupment of the federal share of insured loss compensation paid. States that procedures and requirements for advance approval of settlements established by the Secretary are applicable to any cause of action for damages in connection with a determination by the Secretary that an act of terrorism has occurred. Directs the President's Working Group on Financial Markets to analyze and report to certain congressional committees on the long-term availability and affordability of insurance for terrorism risk, including: (1) group life coverage; and (2) coverage for chemical, nuclear, biological, and radiological events.

Congressional Research Service summary (Passed Senate amended), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Terrorism Risk Insurance Extension Act of 2005

Source: Congressional Research Service summary (Passed Senate amended)

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The strongest published arguments

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Dodd, Christopher J. [D-CT] · 33 cosponsors

Cost estimate: CBO cost estimate: S. 467, Terrorism Risk Insurance Extension Act of 2005 (2005-12-14); CBO cost estimate: S. 467, Terrorism Risk Insurance Extension Act of 2005 (2005-12-14); CBO cost estimate: S. 467, Terrorism Risk Insurance Extension Act of 2005 (2006-01-04); CBO cost estimate: S. 467, Terrorism Risk Insurance Extension Act of 2005 (2006-01-04)

Cosponsors on this site

Charles E. Schumer (D-NY), Jack Reed (D-RI), Richard J. Durbin (D-IL), Patty Murray (D-WA)

Recorded votes

Sources

Record fed-us-cong109-s467 · catalog fed-us-congress-bills-cong109 · updated 2026-11-15 by psicol fed-bills-cong109