S. 4395: Terrorism Risk Insurance Program Reauthorization Act of 2026
Sponsor
David McCormick
Republican · PA
Keep the terrorism insurance backstop through 2034
Why it matters
Seven more years of federal backing could give businesses, property owners, lenders, and insurers greater certainty when arranging terrorism coverage. S. 4395 would prevent the existing program from expiring in 2027 and continue it through 2034.
S. 4395 would extend the Terrorism Risk Insurance Program for seven years, moving its expiration from the end of 2027 to the end of 2034. The program provides federal backing for certain insured terrorism losses while private insurers remain part of the coverage system.
The bill is a targeted extension, not a redesign. It would leave the program’s basic structure in place while moving several deadlines governing when the federal government must recover certain program payments.
Those recovery dates would shift forward by seven years. Deadlines now tied to 2022, 2023, 2024, and 2029 would instead refer to 2029, 2030, 2031, and 2036, depending on when an insured event occurs.
The proposal does not appropriate a new dollar amount, create a right to purchase terrorism insurance, or change recoupment amounts and percentages. For businesses and properties that rely on terrorism coverage, the central change is continuity: the federal backstop would remain available through 2034.
Bill Progress
Latest Action · Oct 5, 2026
Passed the Senate, received in House
S. 4395 Bill Summary
What S. 4395 actually does.
Federal terrorism coverage continues seven more years
The program would remain authorized through December 31, 2034, rather than ending on December 31, 2027.
Recovery deadlines move as late as 2036
The bill would shift the government’s mandatory recoupment timetable forward by seven years, with revised dates in 2029, 2030, 2031, and 2036.
Existing program rules stay largely intact
S. 4395 would change the expiration and recoupment dates without creating new coverage rights, penalties, recoupment rates, or program definitions.
Who benefits from S. 4395?
Businesses buying terrorism insurance
Companies seeking coverage for offices, stores, factories, and other commercial property would have seven more years of continuity in the federal program supporting that market.
Property owners and developers
Owners planning construction, refinancing, or long-term leases could arrange coverage knowing the federal backstop would remain authorized through 2034.
Lenders and investors
Banks and investors that require terrorism coverage for financed properties would gain a longer planning horizon beyond the current 2027 expiration.
Participating insurers
Insurers would continue operating under the existing federal framework for seven additional years rather than preparing for the program to end after 2027.
Who is affected by S. 4395?
The Treasury Department
Treasury would continue administering the program through 2034 and would apply the revised recovery timetable extending as late as 2036.
Participating insurance companies
Insurers would remain subject to the program’s existing requirements for seven more years and would need to account for the updated recoupment schedule.
Commercial policyholders
Policyholders could remain subject to existing program-related recoupment charges if federal payments trigger that process; the bill changes the timing, not the rates.
Federal budget planners and taxpayers
The federal government’s contingent financial role would continue through 2034, although the bill provides no estimate of future claims or recoveries.
S4395 Legislative Journey
House: Action Taken
Oct 5, 2026
Held at the desk.
Passed 5122-5123
Sep 28, 2026
Passed Senate without amendment by Unanimous Consent. (consideration: CR S5122-5123; text: CR S5123)
+1 more action this day
Committee Action
Sep 22, 2026
Committee on Banking, Housing, and Urban Affairs. Reported by Senator Scott SC, without amendment. Without written report.
Passed Committee
Sep 17, 2026
Committee on Banking, Housing, and Urban Affairs. Ordered to be reported without amendment favorably.
Committee Action
Apr 27, 2026
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
About the Sponsor
David McCormick
Republican, PA · 1 years in Congress
Committees: Senate Special Committee on Aging, Foreign Relations, Joint Economic Committee
View full profile →
Cosponsors (42)
This bill has 42 cosponsors: 20 Democrats, 21 Republicans, 1 Independent, reflecting bipartisan support. Cosponsors represent 32 states: Alabama, Arkansas, Arizona, and 29 more.
Tina Smith
Democrat · MN
Thomas Tillis
Republican · NC
Ruben Gallego
Democrat · AZ
Tim Scott
Republican · SC
Andy Kim
Democrat · NJ
John Kennedy
Republican · LA
Chris Van Hollen
Democrat · MD
Pete Ricketts
Republican · NE
Catherine Cortez Masto
Democrat · NV
Kevin Cramer
Republican · ND
Angela Alsobrooks
Democrat · MD
Mike Crapo
Republican · ID
Committee Sponsors
Banking, Housing, and Urban Affairs Committee
21 of 24 committee members cosponsored
1 Republicans across this committee haven't cosponsored yet. Mobilize their constituents
What laws does S. 4395 change?
1 changes
Sections Amended
Section 108(a) of Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note)
striking ``2027'' and inserting ``2034''
S. 4395 Quick Facts
- Committee
- Banking, Housing, and Urban Affairs
- Chamber
- Senate
- Policy
- Finance and Financial Sector
- Introduced
- Apr 27, 2026
Passed the Senate, received in House
Oct 5, 2026
Official Sources
The official bill page provides the text, sponsors, legislative actions, committee activity, and current status of S. 4395.
GovInfo provides the official reported text showing the proposed 2034 termination date and revised mandatory recoupment deadlines.
The Treasury Department administers the federal terrorism insurance backstop that S. 4395 would extend through 2034.
Title 31, Part 50 of the Code of Federal Regulations contains Treasury's rules governing the Terrorism Risk Insurance Program, including federal payments and recoupment.
This is the official text of Public Law 107-297, which created the Terrorism Risk Insurance Program that S. 4395 would reauthorize.
The Congressional Research Service overview explains the program's federal loss-sharing framework, insurer participation, and legislative history.
GAO examines the terrorism insurance market and Treasury's administration of the federal program.
The Federal Insurance Office within Treasury oversees administration of the Terrorism Risk Insurance Program.
S. 4395 Common Questions
What would S. 4395 do?
S. 4395 would extend the Terrorism Risk Insurance Program for seven years. It would expire on December 31, 2034, instead of December 31, 2027.
What is the Terrorism Risk Insurance Program?
It is a federal backstop for certain insured losses from terrorism. Private insurers provide the policies, while the federal government can share qualifying losses under the existing program.
Would S. 4395 guarantee access to terrorism insurance?
No. The bill would continue the federal program, but it would not require an insurer to sell you a policy or create a new legal right to coverage.
Would S. 4395 lower terrorism insurance premiums?
The bill does not set or reduce premiums. Its direct effect would be to preserve the federal backstop through 2034, which gives insurers and policyholders more certainty about the program’s future.
Who relies on the federal terrorism insurance program?
The program matters primarily to commercial insurers, businesses, property owners, developers, and lenders involved with properties that carry terrorism coverage.
Does S. 4395 authorize new federal funding?
No fixed amount. S. 4395 contains no new appropriation or dollar authorization; it would extend the existing program and update its recovery deadlines.
How would S. 4395 change recoupment rules?
It would move mandatory recovery deadlines forward by seven years, with revised dates running from 2029 through 2036. It would not change the recoupment amounts or percentages.
Has S. 4395 become law?
No. The Senate Banking Committee reported the bill without amendment, and it is held at the Senate desk. It still needs passage by both chambers and the president’s signature.
Based on S. 4395 bill text
S. 4395 Bill Text
“To reauthorize the Terrorism Risk Insurance Act of 2002, and for other purposes.”
Source: U.S. Government Publishing Office
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