NC H1261

Urges the United States Congress and President to reauthorize the Terrorism Risk Insurance Program (TRIPRA)

Notes that the September 11, 2001 terrorist attack resulted in $32.5 billion in insured losses, the second most costly insurance event in U.S. history

Identifies that without federal terrorism reinsurance, insurers exclude terrorism coverage from commercial policies, limiting availability and affordability for businesses and consumers

States the current TRIPRA structure includes a $100 billion annual aggregate loss cap, requires insurers to cover 15% of residual losses after a threshold is met, and mandates 100% federal recoupment through policyholder surcharges when losses are under $27.5 billion

Directs the Principal Clerk to transmit certified copies to the President, Congress, and North Carolina's Congressional delegation