H.R. 4721 · 110th Congress
Terrorism Risk Insurance Improvement Act of 2007
- Stage
- In committee
- Sponsor
- Gary Ackerman
- Introduced
- 2007-12-17
- Latest action
- 2008-03-28 · Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
Summary
Terrorism Risk Insurance Improvement Act of 2007 - Amends the Terrorism Risk Insurance Act of 2002 to revise the definition of "insurer deductible" with respect to a situation where aggregate industry insured losses resulting from a certified act of terrorism exceed $1 billion for an insurer that sustains any of such losses.
Sets forth a calculation for the value of such an insurer's direct earned premiums over the calendar year immediately preceding the program year.