MI SR0181

Urges Congress to reauthorize the Terrorism Risk Insurance Program (TRIPRA), which is set to expire in December 2014, to provide federal reinsurance backing for insurers covering terrorism-related losses.

Notes that the September 11, 2001 attacks resulted in $32.5 billion in insured losses and caused insurers to exclude terrorism coverage from commercial policies, creating economic paralysis in construction, tourism, and real estate sectors.

Identifies TRIPRA as critical for market stability, under which the federal government provides reinsurance after industrywide terrorism losses exceed $100 million and individual insurers exceed 20 percent of their previous year's earned premiums.

States that without federal reinsurance, terrorism insurance would become unavailable or unaffordable for businesses nationwide, restricting economic recovery capacity following terrorist attacks.

Directs copies of the resolution be sent to the President of the United States Senate, Speaker of the House, and Michigan's congressional delegation.