Page:United States Statutes at Large Volume 116 Part 3.djvu/742

 116 STAT. 2334 PUBLIC LAW 107-297—NOV. 26, 2002 SEC. 105. PREEMPTION AND NULLIFICATION OF PRE-EXISTING TER- RORISM EXCLUSIONS. (a) GENERAL NULLIFICATION. — Any terrorism exclusion in a contract for property and casualty insurance that is in force on the date of enactment of this Act shall be void to the extent that it excludes losses that would otherwise be insured losses. (b) GENERAL PREEMPTION. — Aay State approval of any terrorism exclusion from a contract for property and casualty insurance that is in force on the date of enactment of this Act, shall be void to the extent that it excludes losses that would otherwise be insured losses. (c) REINSTATEMENT OF TERRORISM EXCLUSIONS.— Notwithstanding subsections (a) and (b) or any provision of State law, an insurer may reinstate a preexisting provision in a contract for property and casualty insurance that is in force on the date of enactment of this Act and that excludes coverage for an act of terrorism only— (1) if the insurer has received a written statement from the insured that affirmatively authorizes such reinstatement; or (2) if— (A) the insured fails to pay any increased premium charged by the insurer for providing such terrorism coverage; and (B) the insurer provided notice, at least 30 days before any such reinstatement, of— (i) the increased premium for such terrorism coverage; and (ii) the rights of the insured with respect to such coverage, including any date upon which the exclusion would be reinstated if no pa5mfient is received. SEC. 106. PRESERVATION PROVISIONS. (a) STATE LAW. —Nothing in this title shall affect the jurisdiction or regulatory authority of the insurance commissioner (or any agency or office performing like functions) of any State over any insurer or other person— (1) except as specifically provided in this title; and (2) except that— (A) the definition of the term "act of terrorism" in section 102 shall be the exclusive definition of that term for purposes of compensation for insured losses under this title, and shall preempt any provision of State law that is inconsistent with that definition, to the extent that such provision of law would otherwise apply to any t5T)e of insurance covered by this title; (B) during the period beginning on the date of enactment of this Act and ending on December 31, 2003, rates and forms for terrorism risk insurance covered by this title and filed with any State shall not be subject to prior approval or a waiting period under any law of a State that would otherwise be applicable, except that nothing in this title affects the ability of any State to invalidate a rate as excessive, inadequate, or unfairly discriminatory, and, with respect to forms, where a State has prior approval authority, it shall apply to allow subsequent review of such forms; and

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