Page:United States Statutes at Large Volume 121.djvu/1862

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[121 STAT. 1841]
[121 STAT. 1841]
PUBLIC LAW 110-000—MMMM. DD, 2007

PUBLIC LAW 110–160—DEC. 26, 2007

121 STAT. 1841

(2) by inserting after paragraph (2) the following: ‘‘(3) in the case of any policy that is issued after the date of enactment of the Terrorism Risk Insurance Program Reauthorization Act of 2007, the insurer provides clear and conspicuous disclosure to the policyholder of the existence of the $100,000,000,000 cap under subsection (e)(2), at the time of offer, purchase, and renewal of the policy;’’. (e) SURCHARGES.—Section 103(e) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended— (1) in paragraph (7)— (A) in subparagraph (C), by inserting ‘‘133 percent of’’ before ‘‘any mandatory recoupment’’; and (B) by adding at the end the following: ‘‘(E) TIMING OF MANDATORY RECOUPMENT.— ‘‘(i) IN GENERAL.—If the Secretary is required to collect terrorism loss risk-spreading premiums under subparagraph (C)— ‘‘(I) for any act of terrorism that occurs on or before December 31, 2010, the Secretary shall collect all required premiums by September 30, 2012; ‘‘(II) for any act of terrorism that occurs between January 1 and December 31, 2011, the Secretary shall collect 35 percent of any required premiums by September 30, 2012, and the remainder by September 30, 2017; and ‘‘(III) for any act of terrorism that occurs on or after January 1, 2012, the Secretary shall collect all required premiums by September 30, 2017. ‘‘(ii) REGULATIONS REQUIRED.—Not later than 180 days after the date of enactment of this subparagraph, the Secretary shall issue regulations describing the procedures to be used for collecting the required premiums in the time periods referred to in clause (i). ‘‘(F) NOTICE OF ESTIMATED LOSSES.—Not later than 90 days after the date of an act of terrorism, the Secretary shall publish an estimate of aggregate insured losses, which shall be used as the basis for determining whether mandatory recoupment will be required under this paragraph. Such estimate shall be updated as appropriate, and at least annually.’’; and (2) in paragraph (8)— (A) in subparagraph (C)— (i) by striking ‘‘(including any additional amount included in such premium’’ and inserting ‘‘collected’’; and (ii) by striking ‘‘(D))’’ and inserting ‘‘(D)’’; and (B) in subparagraph (D)(ii), by inserting before the period at the end ‘‘, in accordance with the timing requirements of paragraph (7)(E)’’.

Publication.

SEC. 5. ENHANCED REPORTS TO CONGRESS.

STUDY AND REPORT ON INSURANCE FOR NUCLEAR, BIOLOGICAL, CHEMICAL, AND RADIOLOGICAL TERRORIST EVENTS.— Section 108 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by adding at the end the following: dkrause on GSDDPC44 with PUBLAW

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