Sec. 107. Improving the certification process
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As used in this section— the term act of terrorism has the same meaning as in section 102(1) of the Terrorism Risk Insurance Act of 2002 ( 15 U.S.C. 6701 note); the term certification process means the process by which the Secretary determines whether to certify an act as an act of terrorism under section 102(1) of the Terrorism Risk Insurance Act of 2002 ( 15 U.S.C. 6701 note); and the term Secretary means the Secretary of the Treasury. Not later than 9 months after the date of enactment of this Act, the Secretary shall conduct and complete a study on the certification process. The study required under subsection
(a)shall include an examination and analysis of— the establishment of a reasonable timeline by which the Secretary must make an accurate determination on whether to certify an act as an act of terrorism; the impact that the length of any timeline proposed to be established under paragraph
(1)may have on the insurance industry, policyholders, consumers, and taxpayers as a whole; the factors the Secretary would evaluate and monitor during the certification process, including the ability of the Secretary to obtain the required information regarding the amount of projected and incurred losses resulting from an act which the Secretary would need in determining whether to certify the act as an act of terrorism; the appropriateness, efficiency, and effectiveness of the consultation process required under section 102(1)(A) of the Terrorism Risk Insurance Act of 2002 ( 15 U.S.C. 6701 note) and any recommendations on changes to the consultation process; and the ability of the Secretary to provide guidance and updates to the public regarding any act that may reasonably be certified as an act of terrorism. Upon completion of the study required under subsection (a), the Secretary shall submit a report on the results of such study to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives. Section 102(1) of the Terrorism Risk Insurance Act of 2002 ( 15 U.S.C. 6701 note) is amended— by redesignating subparagraph
(D)as subparagraph (E); and by inserting after subparagraph
(C)the following: Not later than 9 months after the report required under section 107 of the Terrorism Risk Insurance Program Reauthorization Act of 2014 is submitted to the appropriate committees of Congress, the Secretary shall issue final rules governing the certification process, including establishing a timeline for which an act is eligible for certification by the Secretary on whether an act is an act of terrorism under this paragraph. .
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Sec. 107
Improving the certification process
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