HI SR26

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

Requests expansion of TRIPRA to include coverage for natural disasters in addition to terrorist attacks, citing the similar economic impact of both types of catastrophic events.

Notes that TRIPRA requires insurers to pay 15% of residual losses after reaching a threshold equal to 20% of their previous year's earned premiums, while the federal government covers the remaining 85%, up to a $100 billion annual cap.

Emphasizes that without federal reinsurance, insurers would exclude terrorism coverage from commercial policies and citizens would be unable to obtain affordable coverage necessary to operate businesses and maintain economic stability.

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