Page:United States Statutes at Large Volume 119.djvu/2680

 119 STAT. 2662

PUBLIC LAW 109–144—DEC. 22, 2005 (1) in subparagraph (A), by striking ‘‘, (B), and (C)’’ and inserting ‘‘through (E)’’; and (2) in each of subparagraphs (B) and (C), by striking ‘‘subparagraph (A), (B), or (C)’’ each place that term appears and inserting ‘‘any of subparagraphs (A) through (E)’’.

SEC. 6. PROGRAM TRIGGER. 15 USC 6701 note.

Effective date.

Section 103(e)(1) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. note, 116 Stat. 2328) is amended— (1) by redesignating subparagraph (B) as subparagraph (C); and (2) by inserting after subparagraph (A) the following: ‘‘(B) PROGRAM TRIGGER.—In the case of a certified act of terrorism occurring after March 31, 2006, no compensation shall be paid by the Secretary under subsection (a), unless the aggregate industry insured losses resulting from such certified act of terrorism exceed— ‘‘(i) $50,000,000, with respect to such insured losses occurring in Program Year 4; or ‘‘(ii) $100,000,000, with respect to such insured losses occurring in Program Year 5.’’. SEC. 7. LITIGATION MANAGEMENT.

Applicability.

Section 107(a) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note; 116 Stat. 2335) is amended by adding at the end the following: ‘‘(6) AUTHORITY OF THE SECRETARY.—Procedures and requirements established by the Secretary under section 50.82 of part 50 of title 31 of the Code of Federal Regulations (as in effect on the date of issuance of that section in final form) shall apply to any cause of action described in paragraph (1) of this subsection.’’. SEC. 8. ANALYSIS AND REPORT ON TERRORISM RISK COVERAGE CONDITIONS AND SOLUTIONS.

Section 108 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note; 116 Stat. 2336) is amended by adding at the end the following: ‘‘(e) ANALYSIS OF MARKET CONDITIONS FOR TERRORISM RISK INSURANCE.— ‘‘(1) IN GENERAL.—The President’s Working Group on Financial Markets, in consultation with the National Association of Insurance Commissioners, representatives of the insurance industry, representatives of the securities industry, and representatives of policy holders, shall perform an analysis regarding the long-term availability and affordability of insurance for terrorism risk, including— ‘‘(A) group life coverage; and ‘‘(B) coverage for chemical, nuclear, biological, and radiological events. ‘‘(2) REPORT.—Not later than September 30, 2006, the President’s Working Group on Financial Markets shall submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services

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