Page:United States Statutes at Large Volume 116 Part 3.djvu/730

 116 STAT. 2322 PUBLIC LAW 107-297—NOV. 26, 2002 Public Law 107-297 107th Congress An Act Nov. 26, 2002 To ensure the continued financial capacity of insurers to provide coverage for rjj jj 32101 risks from terrorism. Be it enacted by the Senate and House of Representatives of Terrorism Risk the United States of America in Congress assembled, Insurance Act of 2002. SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 15 USC 6701 (a) SHORT TITLE. — This Act may be cited as the "Terrorism note. Risk Insurance Act of 2002". (b) TABLE OF CONTENTS. — The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. TITLE I—TERRORISM INSURANCE PROGRAM Sec. 101. Congressional findings and purpose. Sec. 102. Definitions. Sec. 103. Terrorism Insurance Program. Sec. 104. General authority and administration of claims. Sec. 105. Preemption and nullification of pre-existing terrorism exclusions. Sec. 106. Preservation provisions. Sec. 107. Litigation management. Sec. 108. Termination of Program. TITLE II—TREATMENT OF TERRORIST ASSETS Sec. 201. Satisfaction of judgments from blocked assets of terrorists, terrorist organizations, and State sponsors of terrorism. TITLE III—FEDERAL RESERVE BOARD PROVISIONS Sec. 301. Certain authority of the Board of Governors of the Federal Reserve System. 15 USC 6701 note. TITLE I—TERRORISM INSURANCE PROGRAM SEC. 101. CONGRESSIONAL FINDINGS AND PURPOSE. (a) FINDINGS. —The Congress finds that— (1) the ability of businesses and individuals to obtain property and casualty insurance at reasonable and predictable prices, in order to spread the risk of both routine and catastrophic loss, is critical to economic growth, urban development, and the construction and maintenance of public and private housing, as well as to the promotion of United States exports and foreign trade in an increasingly interconnected world; (2) property and casualty insurance firms are important financial institutions, the products of which allow mutualization of risk and the efficient use of financial resources and enhance

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