IL SR1124

Urges Congress and the President to reauthorize the Terrorism Risk Insurance Program (TRIPRA) established under the Terrorism Risk Insurance Program Reauthorization Act of 2007.

Notes that the September 11, 2001 terrorist attack produced $32.5 billion in insured losses, the second most costly insurance event in U.S. history, causing insurers to exclude terrorism coverage from commercial policies.

States that TRIPRA provides federal reinsurance to insurers after industry-wide terrorism losses exceed $100 million, with the federal government paying 85% of residual losses after an insurer reaches its threshold, capped at $100 billion in aggregate insured losses.

Argues that without TRIPRA's federal reinsurance, citizens and businesses nationwide would be unable to obtain affordable terrorism insurance coverage, restricting insurers' ability to provide sufficient coverage to support the economy.

Directs that copies of the resolution be sent to the President, Congress, and Illinois's congressional delegation.