MO SCR31

Urges Congress and the President to reauthorize the Terrorism Risk Insurance Program (TRIPRA), which provides federal reinsurance for terrorism-related insurance losses

Federal government provides reinsurance after industry-wide certified terrorism losses exceed $100 million, with individual insurers receiving coverage after incurring losses equal to 20 percent of previous year earned premiums

Individual insurers pay 15 percent of residual losses while the federal government covers 85 percent, with an annual program cap of $100 billion in aggregate insured losses

Government must recoup 100 percent of program benefits through policyholder surcharges when aggregate losses are below $27.5 billion

Program is essential for market stability and allows citizens and businesses nationwide to obtain affordable terrorism insurance coverage