Terrorism Risk Protection Act

[AI summary unavailable — showing source text] Terrorism Risk Protection Act - Confers responsibility upon the Secretary of the Treasury (Secretary) to implement a financial assistance program for commercial property and casualty insurers when industry-wide insured losses from acts of terrorism exceed $1 billion. Expresses the sense of Congress that acts of terrorism resulting in insured losses greater than $100 billion would necessitate further action by the Congress to address such additional losses. Sets forth repayment mechanisms under the financial assistance plan which provide for: (1) an assessments schedule; and (2) a terrorism loss repayment surcharge plan based upon imposing a policyholder premium surcharge on commercial property and casualty insurance. 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 Secretary should advocate and promote the development of definitions and standards appropriate for purpos…