Terrorism Risk Insurance Act of 2001

[AI summary unavailable — showing source text] Terrorism Risk Insurance Act of 2001 - Establishes in the Department of the Treasury the Terrorism Insured Loss Shared Compensation Program to the pay the Federal share of compensation for insured losses resulting from an act of terrorism occurring during specified periods through December 31, 2004. Sets forth an annual liability cap. States that this Act: (1) constitutes payment authority in advance of appropriation Acts; and (2) represents the obligation of the Federal Government to provide for the Federal share of compensation for insured losses under such Program. Confers general and administrative authority upon the Secretary of the Treasury to implement the Program, including assessments for civil penalties for violations of this Act. Grants the United States subrogation rights. Sunsets the Program at a specified date subject to a one year extension at the Secretary's discretion. Preserves the jurisdiction and regulatory authority of the State Insurance Commissioners. Expresses the sense of the Congress that the insurance industry should build capacity and aggregate risk to provide affordable property and casualty coverage for terrorism risk. Outlines procedures for civil act…