Page:United States Statutes at Large Volume 108 Part 2.djvu/372

 108 STAT. 1088 PUBLIC LAW 103-272—JULY 5, 1994 R^ulations. Publication. (2) The information on thefts and recoveries shall include an explanation on how the information is obtained, the accuracy and timeliness of the information, and the use made of the information, including the extent and frequency of reporting the information to national, public, and private entities such as the Federal Bureau of Investigation and State and local police. (d) REPORTS ON REDUCED CLAIMS PAYMENTS.— An insurer shall report promptly in writing to the Secretary if the insurer, in paying a claim under an adjustment or negotiation between the insurer and the insured for a stolen motor vehicle— (1) reduces the payment to the insured by the amount of the value, salvage or otherwise, of a recovered part subject to a standard prescribed under section 33102 or 33103 of this title; and (2) the reduction is not made at the express election of the insured. (e) GENERAL EXEMPTIONS.— The Secretary shall exempt from this section, for one or more years, an insurer that the Secretary decides should be exempted because— (1) the cost of preparing and providing the information is excessive in relation to the size of the insurer's business; and (2) the information from that insurer will not contribute significantly to carrying out this chapter. (f) SMALL INSURER EXEMPTIONS. —(1) In this subsection, "small insurer" means an insurer whose premiums for motor vehicle insurance issued directly or through an affiliate, including a pooling arrangement established under State law or regulation for the issuance of motor vehicle insurance, account for— (A) less than one percent of the total premiums for all forms of motor vehicle insurance issued by insurers in the United States; and (B) less than 10 percent of the total premiums for all forms of motor vehicle insurance issued by insurers in any State. (2) The Secretary shall exempt by regulation a small insurer from this section if the Secretary finds that the exemption will not significantly affect the validity or usefulness of the information collected and compiled under this section, nationally or State-by- State. However, the Secretary may not exempt an insurer under this paragraph that is considered an insurer only because of subsection (b)(1) of this section. (3) Regulations under this subsection shall provide that eligibility as a small insurer shall be based on the most recent calendar year for which adequate information is available, and that, once attained, the eligibility shall continue without further demonstration of eligibility for one or more years, as the Secretary considers appropriate. (g) PRESCRIBED FORM.—Information required by this section shall be provided in the form the Secretary prescribes. (h) PERIODIC COMPILATIONS.— Subject to section 552 of title 5, the Secretary periodically shall compile and publish information obtained by the Secretary under this section, in a form that will be helpful to the public, the police, and Congress. (i) CONSULTATION.— In carrying out this section, the Secretary shall consult with public and private agencies and associations the Secretary considers appropriate.

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