HJR140 Alabama 2014 Session

Summary

Primary Sponsor

Greg Wren

Republican

Session

Regular Session 2014

Title

Terrorism reinsurance, U.S. Congress urged to reauthorize

Summary

Alabama urges the U.S. Congress to reauthorize the Terrorism Risk Insurance Program to keep terrorism insurance available and stable.

What This Bill Does

This resolution asks Congress and the President to renew the federal terrorism reinsurance program. It explains that TRIPRA provides shared reinsurance after large terrorist-related losses, with insurers paying a portion and the federal government paying most of the rest, up to a cap. Reauthorization is said to help keep insurance markets stable and deliver benefits to businesses, workers, consumers, and the overall economy after terrorist attacks.

Who It Affects

• Insurers and reinsurers would continue to have access to federal terrorism reinsurance, supporting their ability to offer coverage after big losses.
• Businesses, workers, consumers, and the broader economy would benefit from the continued stability and availability of terrorism insurance.

Key Provisions

• Urges the U.S. Congress and the President to reauthorize the Terrorism Risk Insurance Program (TRIPRA).
• Describes how TRIPRA works: after industry-wide losses exceed a threshold, the federal government provides reinsurance while insurers cover a share, up to a $100 billion annual cap.
• Notes the cost-recovery mechanism: policyholder surcharges are used to recoup benefits, with specific provisions about recoupment depending on total losses.
• Requires copies of the resolution to be sent to the President, the Speaker of the House, the President Pro Tempore of the Senate, and Alabama's congressional delegation.

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Resolutions, Legislative