Page:United States Statutes at Large Volume 82.djvu/605

 82

STAT.]

PUBLIC LAW 90-448-AUG. 1, 1968

563

insurers with or without such reinsurance, unless the surviving company— " (A) meets the criteria of eligibility for reinsurance, other than as provided under section 1222(d); and " (B) within ten days pays any reinsurance premiums due; or "(5) upon receipt of notice from the insurer or pool that it desires to cancel its reinsurance agreement with the Secretary in the State. " (b) Notwithstanding the foregoing provisions of this section, reinsurance may be continued for the term of the policies written prior to the date of termination or nonrenewal of reinsurance under this section, for as long as the insurer pays reinsurance premiums annually in such amounts as are determined under section 1222, based on the annual premiums earned on such reinsured policies, and for the purpose of this subsection, the renewal, extension, modification, or other (hange in a policy, for which any additional premium is charged, shall be deemed to be a policy written on the date such change was made. "RECOVERY OF P R E M I U M S; STATUTE OF L I M I T A T I O N S

"SEC. 1224. (a) The Secretary, in a suit brought in the appropriate United States district court, shall be entitled to recover from any insurer the amount of any unpaid premiums lawfully payable by such insurer to the Secretary. " (b) No action or proceeding shall be brought for the recovery of any premium due to the Secretary for reinsurance, or for the recovery of any premium paid to the Secretary in excess of the amount due to him, unless such action or proceeding shall have been brought within five years after the right accrued for which the claim is made, except that, where the insurer has made or filed with the Secretary a false or fraudulent annual statement, or other document with the intent to evade, in whole or in part, the payment of premiums, the claim shall not be deemed to have accrued until its discovery by the Secretary. " P A R T C—PROVISIONS or GENERAL APPLICABILITY "CLAIMS AND JUDICIAL REVIEW

"SEC. 1231. (a) All reinsurance claims for losses under this title shall be submitted by insurers in accordance with such terms and conditions as may be established by the Secretary. " (b)(1) Upon disallowance of any claim under color of reinsurance made available under this title, or upon refusal of the claimant to accept the amount allowed upon any such claim, the claimant may institute an action against the Secretary on such claim in the United States district court for the district in which a major portion (in terms of value) of the claim arose. "(2) Any such action must be begun within one year after the date upon which the claimant received written notice of disallowance or partial disallowance of the claim, and exclusive jurisdiction is hereby conferred upon United States district courts to hear and determine such actions without regard to the amount in controversy.

U.S. district courts, jurisdiction.

u FISCAL I N T E R M E D I A R I E S AND SERVICING AGENTS

"SEC. 1232. (a) I n order to provide for maximum efficiency in the administration of the reinsurance program under this title, and in order to facilitate the expeditious payment of any funds under such jjrogram, the Secretary may enter into contracts with any insurer, pool,

Contract authority.

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