Sec. 104. Recoupment of Federal share of compensation under the program
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Section 103(e) of the Terrorism Risk Insurance Act of 2002 ( 15 U.S.C. 6701 note) is amended— by amending paragraph
(6)to read as follows: For purposes of paragraph (7), the insurance marketplace aggregate retention amount shall be the lesser of— $27,500,000,000, as such amount is revised pursuant to this paragraph; and the aggregate amount, for all insurers, of insured losses during such calendar year. Beginning in the calendar year that follows the date of enactment of the Terrorism Risk Insurance Program Reauthorization Act of 2014, the amount set forth under subparagraph (A)(i) shall increase by $2,000,000,000 per calendar year until equal to $37,500,000,000. Beginning in the calendar year that follows the calendar year in which the amount set forth under subparagraph (A)(i) is equal to $37,500,000,000, the amount under subparagraph (A)(i) shall be revised to be the amount equal to the annual average of the sum of insurer deductibles for all insurers participating in the Program for the prior 3 calendar years, as such sum is determined by the Secretary under subparagraph (C). Not later than 3 years after the date of enactment of the Terrorism Risk Insurance Program Reauthorization Act of 2014, the Secretary shall— issue final rules for determining the amount of the sum described under subparagraph (B)(ii); and provide a timeline for public notification of such determination. ; and in paragraph (7)— in subparagraph (A)— in the matter preceding clause (i), by striking for each of the periods referred to in subparagraphs
(A)through
(E)of paragraph
(6); and in clause (i), by striking for such period ; by striking subparagraph
(B)and inserting the following: [Reserved.] ; in subparagraph (C)— by striking occurring during any of the periods referred to in any of subparagraphs
(A)through
(E)of paragraph (6), terrorism loss risk-spreading premiums in an amount equal to 133 percent and inserting , terrorism loss risk-spreading premiums in an amount equal to 140 percent ; and by inserting as calculated under subparagraph
(A)after mandatory recoupment amount ; and in subparagraph (E)(i)— in subclause (I)— by striking 2010 and inserting 2017 ; and by striking 2012 and inserting 2019 ; in subclause (II)— by striking 2011 and inserting 2018 ; by striking 2012 and inserting 2019 ; and by striking 2017 and inserting 2024 ; and in subclause (III)— by striking 2012 and inserting 2019 ; and by striking 2017 and inserting 2024 .
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Sec. 104
Recoupment of Federal share of compensation under the program
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