Number: RS21444
Title: The Terrorism Risk Insurance Act of 2002: A Summary of Provisions
Authors: Carolyn Cobb, Government and Finance Division 
Abstract: After the September 11, 2001, terrorist attacks on the United States, many businesses were not able to purchase insurance for risk of property loss due to future terrorist attacks. Congress recognized the importance of terrorism risk insurance for the health of the U.S. economy, and enacted the Terrorism Risk Insurance Act of 2002 to create a temporary program to share future insured terrorism losses with the property-casualty industry. The Act, P.L. 107-297, requires insurers to offer terrorism insurance to their commercial policyholders, preserves state regulation of insurance, and directs the Secretary of the Treasury to administer the program of sharing losses. This report provides a summary of the legislation as enacted.
Pages: 6
Date: May 28, 2004