Govwatch

Introduced

In Committee

3

Passed One Chamber

4

Passed Both

5

Signed into Law

Sponsor

David McCormick

Republican · PA · Senator

Votes with party: 76.1% (832 recorded votes)

Full profile: /officials/M001243

Source: Congress.gov · FEC

Cosponsors (30)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

2026-04-27

Source: Congress.gov

Committee Activity

Currently in

Senate Committee on Banking, Housing, and Urban AffairsReferred To · 2026-04-27

Previously

Banking, Housing, and Urban Affairs CommitteeReferred To · 2026-04-27

Plain-English Summary

The federal government would continue a program that helps insurance companies cover losses from terrorist attacks, protecting both insurers and the businesses and property owners they insure from catastrophic financial damage. Without this program, insurance companies might refuse to cover terrorism-related risks or charge extremely high premiums, making it harder and more expensive for buildings, businesses, and other properties to get insurance. The bill extends this temporary program, which has been in place since 2002, so that the insurance market can continue functioning smoothly in case of future terrorist incidents.

AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.

Subjects

Finance and Financial Sector

Full Bill Text

Verbatim text published on Congress.gov via GovInfo. Use Cmd+F / Ctrl+F to search within this excerpt.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 4395 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 4395 To reauthorize the Terrorism Risk Insurance Act of 2002, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES April 27, 2026 Mr. McCormick (for himself, Ms. Smith, Mr. Tillis, Mr. Gallego, Mr. Scott of South Carolina, Mr. Kim, Mr. Kennedy, Mr. Van Hollen, Mr. Ricketts, Ms. Cortez Masto, Mr. Cramer, Ms. Alsobrooks, Mr. Crapo, Mr. Warnock, Mr. Rounds, Ms. Blunt Rochester, Mrs. Britt, Mr. Warner, Mr. Hagerty, Mr. Schumer, Mr. Banks, Mr. Moreno, and Ms. Lummis) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs _______________________________________________________________________ A BILL To reauthorize the Terrorism Risk Insurance Act of 2002, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Terrorism Risk Insurance Program Reauthorization Act of 2026''. SEC. 2. 7-YEAR EXTENSION OF TERRORISM RISK INSURANCE PROGRAM. (a) Termination Date.--Section 108(a) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by striking ``2027'' and inserting ``2034''. (b) Timing of Mandatory Recoupment.--Section 103(e)(7)(E)(i) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended-- (1) in subclause (I)-- (A) by striking ``2022'' and inserting ``2029''; and (B) by striking ``2024'' and inserting ``2031''; (2) in subclause (II)-- (A) by striking ``2023'' and inserting ``2030''; (B) by striking ``2029'' and inserting ``2036''; and (C) by striking ``2024'' and inserting ``2031''; and (3) in subclause (III)-- (A) by striking ``2029'' and inserting ``2036''; and (B) by striking ``2024'' and inserting ``2031''. <all>

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