Page:United States Statutes at Large Volume 121.djvu/1861

 121 STAT. 1840

PUBLIC LAW 110–160—DEC. 26, 2007 (4) in section 103(e)(2)(A), by striking ‘‘of Program Years 2 through 5’’ and inserting ‘‘Program Year thereafter’’; (5) in section 103(e)(3), by striking ‘‘of Program Years 2 through 5,’’ and inserting ‘‘other Program Year’’; and (6) in section 103(e)(6)(E), by inserting ‘‘and any Program Year thereafter’’ after ‘‘Year 5’’.

Deadlines.

SEC. 4. ANNUAL LIABILITY CAP.

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(a) IN GENERAL.—Section 103(e)(2) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended— (1) in subparagraph (A)— (A) by striking ‘‘(until such time as the Congress may act otherwise with respect to such losses)’’; and (B) in clause (ii), by striking ‘‘that amount’’ and inserting ‘‘the amount of such losses’’; and (2) in subparagraph (B), by inserting before the period at the end ‘‘, except that, notwithstanding paragraph (1) or any other provision of Federal or State law, no insurer may be required to make any payment for insured losses in excess of its deductible under section 102(7) combined with its share of insured losses under paragraph (1)(A) of this subsection’’. (b) NOTICE TO CONGRESS.—Section 103(e)(3) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended— (1) by adding at the end the following: ‘‘The Secretary shall provide an initial notice to Congress not later than 15 days after the date of an act of terrorism, stating whether the Secretary estimates that aggregate insured losses will exceed $100,000,000,000.’’; and (2) by striking ‘‘and the Congress shall’’ and all that follows through the end of the paragraph and inserting a period. (c) REGULATIONS FOR PRO RATA PAYMENTS; REPORT TO CONGRESS.—Section 103(e)(2)(B) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended— (1) by striking ‘‘For purposes’’ and inserting the following: ‘‘(i) IN GENERAL.—For purposes’’; and (2) by adding at the end the following: ‘‘(ii) REGULATIONS.—Not later than 240 days after the date of enactment of the Terrorism Risk Insurance Program Reauthorization Act of 2007, the Secretary shall issue final regulations for determining the pro rata share of insured losses under the Program when insured losses exceed $100,000,000,000, in accordance with clause (i). ‘‘(iii) REPORT TO CONGRESS.—Not later than 120 days after the date of enactment of the Terrorism Risk Insurance Program Reauthorization Act of 2007, the Secretary shall provide a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives describing the process to be used by the Secretary for determining the allocation of pro rata payments for insured losses under the Program when such losses exceed $100,000,000,000.’’. (d) DISCLOSURE.—Section 103(b) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended— (1) by redesignating paragraphs (3) and (4) as paragraphs (4) and (5), respectively; and

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