Terrorism Risk Insurance Revision Act of 2005

[AI summary unavailable — showing source text] Terrorism Risk Insurance Revision Act of 2005 - Revises the Terrorism Risk Insurance Act of 2002 to establish Program Year 4 beginning on January 1, 2006, and ending on December 31, 2006. Provides for Additional Program Years following Program Year 4. Repeals the $5 million minimum for an act to be certified by the Secretary of the Treasury as an act of terrorism. Redefines casualty insurance. Prescribes a formula for insurer deductibles for Program Year 4 and additional Program Years. Revises mandatory availability guidelines to include terrorism involving nuclear, biological, chemical and/or radiological reactions, releases, or contaminations, to the extent any insured losses are caused by any such reactions, releases, or contaminations. Revamps guidelines governing the federal share of compensation covering insured losses of an insurer. Establishes a Program trigger for such federal share. Prescribes guidelines under which an insurer may establish a TRIA Capital Reserve Fund (CRF) in which it may hold funds in a fiduciary capacity on behalf of the Secretary. Directs the Secretary to collect and use CRF funds to offset the federal share of compensation. States that this Act does …