HJR 140 Summary

• Urges the United States Congress and President to reauthorize the Terrorism Risk Insurance Program (TRIPRA).

• Notes that the September 1, 2001 terrorist attacks generated $32.5 billion in insured losses, the second most costly insurance event in U.S. history, and caused insurers to exclude terrorism coverage from commercial policies.

• Explains that TRIPRA provides federal reinsurance to insurers after industry-wide certified terrorism losses exceed $100 million and after individual insurers incur losses equal to 20 percent of their previous year earned premiums, with the government covering 85 percent of residual losses.

• Argues that federal reinsurance is essential for market stability, allowing businesses and consumers to obtain affordable terrorism coverage and preventing economic paralysis in construction, tourism, business travel, and real estate finance.

• Directs that copies be sent to the President, Speaker of the House, Senate President Pro Tempore, and Alabama's congressional delegation.