Page:United States Statutes at Large Volume 116 Part 3.djvu/740

 116 STAT. 2332 PUBLIC LAW 107-297—NOV. 26, 2002 Deadline. Regulations. losses for such period. If such recoveries and financial assistance for the Transition Period or a Program Year exceed such aggregate amount of insured losses for that period and there is no agreement between the insurer and any reinsurer to the contrary, an amount in excess of such aggregate insured losses shall be returned to the Secretary, (h) GROUP LIFE INSURANCE STUDY.— (1) STUDY. —The Secretary shall study, on an expedited basis, whether adequate and affordable catastrophe reinsurance for acts of terrorism is available to life insurers in the United States that issue group life insurance, and the extent to which the threat of terrorism is reducing the availability of group life insurance coverage for consumers in the United States. (2) CONDITIONAL COVERAGE.—To the extent that the Secretary determines that such coverage is not or will not be reasonably available to both such insurers and consumers, the Secretary shall, in consultation with the NAIC— (A) apply the provisions of this title, as appropriate, to providers of group life insurance; and (B) provide such restrictions, limitations, or conditions with respect to any financial assistance provided that the Secretary deems appropriate, based on the study under paragraph (1). (i) STUDY AND REPORT.— (1) STUDY. —The Secretary, after consultation with the NAIC, representatives of the insurance industry, and other experts in the insurance field, shall conduct a study of the potential effects of acts of terrorism on the availability of life insurance and other lines of insurance coverage, including personal lines. (2) REPORT. —Not later than 9 months after the date of enactment of this Act, the Secretary shall submit a report to the Congress on the results of the study conducted under paragraph (1). SEC. 104. GENERAL AUTHORITY AND ADMINISTRATION OF CLAIMS. (a) GENERAL AUTHORITY. — The Secretary shall have the powers and authorities necessary to carry out the Program, including authority— (1) to investigate and audit all claims under the Program; and (2) to prescribe regulations and procedures to effectively administer and implement the Program, and to ensure that all insurers and self-insured entities that participate in the Program are treated comparably under the Program. (b) INTERIM RULES AND PROCEDURES.— The Secretary may issue interim final rules or procedures specifying the manner in which— (1) insurers may file and certify claims under the Program; (2) the Federal share of compensation for insured losses will be paid under the Program, including payments based on estimates of or actual insured losses; (3) the Secretary may, at any time, seek repayment from or reimburse any insurer, based on estimates of insured losses under the Program, to effectuate the insured loss sharing provisions in section 103; and (4) the Secretary will determine any final netting of pay- ments under the Program, including payments owed to the

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