Page:United States Statutes at Large Volume 119.djvu/2679

 PUBLIC LAW 109–144—DEC. 22, 2005

119 STAT. 2661

‘‘(xi) professional liability insurance; or ‘‘(xii) farm owners multiple peril insurance.’’. (2) CONFORMING AMENDMENT.—Section 102(12)(A) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note; 116 Stat. 2326) is amended by striking ‘‘surety insurance’’ and inserting ‘‘directors and officers liability insurance’’. (c) INSURER DEDUCTIBLES.—Section 102(7) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note; 116 Stat. 2325) is amended— (1) in subparagraph (D), by striking ‘‘and’’ at the end; (2) by redesignating subparagraph (E) as subparagraph (G); (3) by inserting after subparagraph (D), the following: ‘‘(E) for Program Year 4, the value of an insurer’s direct earned premiums over the calendar year immediately preceding Program Year 4, multiplied by 17.5 percent; ‘‘(F) for Program Year 5, the value of an insurer’s direct earned premiums over the calendar year immediately preceding Program Year 5, multiplied by 20 percent; and’’; and (4) in subparagraph (G), as so redesignated, by striking ‘‘through (D)’’ and all that follows through ‘‘Year 3’’ and inserting the following: ‘‘through (F), for the Transition Period or any Program Year’’. SEC. 4. INSURED LOSS SHARED COMPENSATION.

Section 103(e) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note; 116 Stat. 2328) is amended— (1) in paragraph (1)— (A) by inserting ‘‘through Program Year 4’’ before ‘‘shall be equal’’; and (B) by inserting ‘‘, and during Program Year 5 shall be equal to 85 percent,’’ after ‘‘90 percent’’; and (2) in each of paragraphs (2) and (3), by striking ‘‘Program Year 2 or Program Year 3’’ each place that term appears and inserting ‘‘any of Program Years 2 through 5’’. SEC. 5. AGGREGATE RETENTION AMOUNTS AND RECOUPMENT OF FEDERAL SHARE.

(a) AGGREGATE RETENTION AMOUNTS.—Section 103(e)(6) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note; 116 Stat. 2329) is amended— (1) in subparagraph (B), by striking ‘‘and’’ at the end; (2) in subparagraph (C), by striking the period at the end and inserting a semicolon; and (3) by adding at the end the following: ‘‘(D) for Program Year 4, the lesser of— ‘‘(i) $25,000,000,000; and ‘‘(ii) the aggregate amount, for all insurers, of insured losses during such Program Year; and ‘‘(E) for Program Year 5, the lesser of— ‘‘(i) $27,500,000,000; and ‘‘(ii) the aggregate amount, for all insurers, of insured losses during such Program Year.’’. (b) RECOUPMENT OF FEDERAL SHARE.—Section 103(e)(7) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note; 116 Stat. 2329) is amended—

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