Terrorism Risk Insurance Program Reauthorization Act of 2007

[AI summary unavailable — showing source text] Terrorism Risk Insurance Program Reauthorization Act of 2007 - Amends the Terrorism Risk Insurance Act to redefine an act of terrorism to eliminate the requirement that the individual or individuals committing a terrorist act be acting on behalf of any foreign person or foreign interest. Extends the Terrorism Risk Insurance Program through calendar 2014. States that no insurer may be required to make payment for insured losses in excess of its statutory deductible combined with its statutory share of insured losses. Requires the Secretary of the Treasury to: (1) notify Congress within 15 days of an act of terrorism on whether the Secretary estimates that aggregate insured losses will exceed $100 billion; (2) promulgate final regulations for determining the pro rata share of insured losses which exceed $100 billion; and (3) report to Congress on the process used to determine the allocation of pro rata payments when insured losses exceed $100 billion. Requires insurers to disclose to policyholders the $100 billion cap on their liability. Modifies the federal surcharges imposed to recoup the mandatory recoupment amount. Establishes a timeline for the collection of terrorism loss risk-…