Terrorism Risk Insurance Act of 2002

[AI summary unavailable — showing source text] Terrorism Risk Protection Act - Sets a deadline for the President to designate an Administrator (or Administrators) to implement this Act. Expresses the sense of Congress that, in determining the Administrator responsible for making determinations as to whether a loss was caused by an act of terrorism, the President should consider the appropriate role of the Assistant to the President for Homeland Security. Prescribes procedural guidelines under which such Administrator shall provide financial assistance (up to $100 billion) to commercial insurers to cover insured losses resulting from an act of terrorism. Amends the Internal Revenue Code to establish a terrorism reserve for commercial lines of insurance business. Expresses the sense of the Congress that: (1) the National Association of Insurance Commissioners (NAIC) should develop appropriate definitions for acts of terrorism and appropriate standards for making determinations regarding such acts; (2) each State should adopt those definitions and standards for purposes of regulating insurance coverage in that State; (3) the appropriate Administrator should advocate and promote the development of definitions and standards appropri…