HI HCR60

Urges Congress and the President to reauthorize the Terrorism Risk Insurance Program (TRIPRA), which provides federal reinsurance to insurers after certified terrorism events exceed $100,000,000 in claims.

Notes that the September 11, 2001 terrorist attack resulted in approximately $32,500,000,000 in insured losses, the second most costly insurance event in U.S. history, and caused insurers to exclude terrorism coverage from commercial policies.

Requests expansion of the reauthorized program to include coverage for natural disasters, particularly those affecting military bases and surrounding commercial and residential infrastructure.

Explains that TRIPRA operates through a cost-sharing arrangement where individual insurers pay 15 percent of residual losses after reaching a threshold of 20 percent of previous year earned premiums, while the federal government pays 85 percent, with an annual cap of $100,000,000,000 in aggregate insured losses.

Directs transmission of certified copies to the President, Speaker of the House, Senate Majority Leader, and Hawaii's congressional delegation.