Page:United States Statutes at Large Volume 116 Part 3.djvu/744

 116 STAT. 2336 PUBLIC LAW 107-297—NOV. 26, 2002 (c) EIGHT OF SUBROGATION.— The United States shall have the right of subrogation with respect to any payment or claim paid by the United States under this title. (d) RELATIONSHIP TO OTHER LAW. — Nothing in this section shall be construed to affect— (1) any party's contractual right to arbitrate a dispute; or (2) any provision of the Air Transportation Safety and System StabiHzation Act (Public Law 107-42; 49 U.S.C. 40101 note.). Applicability. (e) EFFECTIVE PERIOD.—This section shall apply only to actions described in subsection (a)(1) that arise out of or result from acts of terrorism that occur or occurred during the effective period of the Program. SEC. 108. TERMINATION OF PROGRAM. (a) TERMINATION OF PROGRAM.— The Program shall terminate on December 31, 2005. (b) CONTINUING AUTHORITY TO PAY OR ADJUST COMPENSA- TION. —Following the termination of the Program, the Secretary may take such actions as may be necessary to ensure payment, recoupment, reimbursement, or adjustment of compensation for insured losses arising out of any act of terrorism occurring during the period in which the Program was in effect under this title, in accordance with the provisions of section 103 and regulations promulgated thereunder. (c) REPEAL; SAVINGS CLAUSE.— This title is repealed on the final termination date of the Program under subsection (a), except that such repeal shall not be construed— (1) to prevent the Secretary from taking, or causing to be taken, such actions under subsection (b) of this section, paragraph (4), (5), (6), (7), or (8) of section 103(e), or subsection (a)(1), (c), (d), or (e) of section 104, as in effect on the day before the date of such repeal, or applicable regulations promulgated thereunder, during any period in which the authority of the Secretary under subsection (b) of this section is in effect; or (2) to prevent the availability of funding under section 104(g) during any period in which the authority of the Secretary under subsection (b) of this section is in effect. (d) STUDY AND REPORT ON THE PROGRAM.— (1) STUDY.— The Secretary, in consultation with the NAIC, representatives of the insurance industry and of policy holders, other experts in the insurance field, and other experts as needed, shall assess the effectiveness of the Program and the likely capacity of the property and casualty insurance industry to offer insurance for terrorism risk after termination of the Program, and the availability and affordability of such insurance for various policyholders, including railroads, trucking, and public transit. Deadline. (2) REPORT. —The Secretary shall submit a report to the Congress on the results of the study conducted under paragraph (1) not later than June 30, 2005.

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