115 STAT. 234 PUBLIC LAW 107-42—SEPT. 22, 2001 to the maximum extent practicable, that all communities that had scheduled air service before September 11, 2001, continue to receive adequate air transportation service. Deadlines. SEC. 106. REPORTS. PrGsidGiit' 49 USC 40101 (a) REPORT. —Not later than February 1, 2001, the President note. shall transmit to the Committee on Transportation and Infrastructure, the Committee on Appropriations, and the Committee on the Budget of the House of Representatives and the Committee on Commerce, Science, and Transportation, the Committee on Appropriations, and the Committee on the Budget of the Senate a report on the financial status of the air carrier industry and the amounts of assistance provided under this title to each air carrier. (b) UPDATE. — Not later than the last day of the 7-month period following the date of enactment of this Act, the President shall update and transmit the report to the Committees. SEC. 107. DEFINITIONS. In this title, the following definitions apply: (1) AIR CARRIER.— The term "air carrier" has the meaning such term has under section 40102 of title 49, United States Code. (2) FEDERAL CREDIT INSTRUMENT. — The term "Federal credit instrument" means any guarantee or other pledge by the Board issued under section 101(a)(1) to pledge the full faith and credit of the United States to pay all or part of any of the principal of and interest on a loan or other debt obligation issued by an obligor and funded by a lender. (3) INCREMENTAL LOSS.—The term "incremental loss" does not include any loss that the President determines would have been incurred if the terrorist attacks on the United States that occurred on September 11, 2001, had not occurred. TITLE II—AVIATION INSURANCE SEC. 201. DOMESTIC INSURANCE AND REIMBURSEMENT OF INSUR- ANCE COSTS. (a) IN GENERAL.— Section 44302 of title 49, United States Code, is amended— (1) in subsection (a)(1)— (A) by striking "subsection (b)" and inserting "subsection (c)"; and (B) by striking "foreign-flag aircraft—" and all that follows through the period at the end of subparagraph (B) and inserting "foreign-flag aircraft."; (2) by redesignating subsections (b), (c), and (d) as subsections (c), (d), and (e), respectively; (3) by inserting after subsection (a) the following: "(b) REIMBURSEMENT OF INSURANCE COST INCREASES.— "(1) IN GENERAL.— The Secretary may reimburse an air carrier for the increase in the cost of insurance, with respect to a premium for coverage ending before October 1, 2002, against loss or damage arising out of any risk from the operation of an American aircraft over the insurance premium that was in effect for a comparable operation during the period beginning September 4, 2001, and ending September 10, 2001,
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