Sec. 104. Separate treatment of conventional terrorism from NBCR terrorism
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Section 102 ( 15 U.S.C. 6701 note) is amended— in paragraph (1), by inserting after subparagraph (C), as added by section 103(a)(4) of this Act, the following new subparagraph: Each certification of an act of terrorism under subparagraph
(A)shall include a determination of whether such act involves NBCR terrorism. ; by redesignating paragraphs
(9)through
(16)as paragraphs
(10)through (17), respectively; and by inserting after paragraph
(8)the following new paragraph: Notwithstanding paragraph (1), the term NBCR terrorism means an act of terrorism to the extent that the insured losses involve, regardless of any other cause or event that contributes concurrently or in any sequence to such insurance loss— an act of terrorism that is carried out by means of the dispersal or application of radioactive material, or through the use of a nuclear weapon or device that involves or produces a nuclear reaction, nuclear radiation, or radioactive contamination; the release of radioactive material, and it appears that one purpose of the act of terrorism was to release such material; an act of terrorism that is carried out by means of the dispersal or application of pathogenic or poisonous biological or chemical material; or the release of pathogenic or poisonous biological or chemical material, and it appears that one purpose of the act of terrorism was to release such material. . The amendments made by paragraph
(1)shall apply to the Program Year for the Terrorism Insurance Program established by title I of the Terrorism Risk Insurance Act of 2002 ( 15 U.S.C. 6701 note) that begins on January 1, 2016, and Program Years thereafter. Subparagraph
(A)of section 103(e)(1) ( 15 U.S.C. 6701 note) is amended— by striking The Federal share and inserting Subject to subparagraphs
(B)and (C), the Federal share ; by striking an insurer during the Transition period and inserting the following: an insurer— during the Transition period, ; by inserting through the Program Year ending on December 31, 2015, after each Program Year thereafter ; by striking the period at the end and inserting ; and ; and by adding at the end the following new clause: shall be equal to— except as provided in subclause (II)— during the Program Year beginning on January 1, 2016, 84 percent of that portion of the amount of such insured losses that exceeds the applicable insurer deductible required to be paid during such Program Year; during the Program Year beginning on January 1, 2017, 83 percent of that portion of the amount of such insured losses that exceeds the applicable insurer deductible required to be paid during such Program Year; during the Program Year beginning on January 1, 2018, 82 percent of that portion of the amount of such insured losses that exceeds the applicable insurer deductible required to be paid during such Program Year; and during the Program Year beginning on January 1, 2019, 80 percent of that portion of the amount of such insured losses that exceeds the applicable insurer deductible required to be paid during such Program Year; and in the case of insured losses resulting from acts of NBCR terrorism, during the Program Year beginning on January 1, 2016, and each Program Year thereafter, 85 percent of that portion of the amount of such insured losses that exceeds the applicable insurer deductible required to be paid during such Program Year. . Subparagraph
(B)of section 103(e)(1) ( 15 U.S.C. 6701 note) is amended— in the matter preceding clause (i)— by striking a certified act and inserting certified acts ; and by striking such certified act and inserting such certified acts ; in clause
(i)by striking or at the end; in clause (ii), by striking the period at the end and inserting the following through the Program Year ending on December 31, 2015; or ; by adding at the end the following: except as provided in subclause (II)— $200,000,000, with respect to such insured losses occurring in the Program Year beginning on January 1, 2016; $300,000,000, with respect to such insured losses occurring in the Program Year beginning on January 1, 2017; $400,000,000, with respect to such insured losses occurring in the Program Year beginning on January 1, 2018; and $500,000,000, with respect to such insured losses occurring in the Program Year beginning on January 1, 2019; and in the case of an act of NBCR terrorism, $100,000,000, with respect to such insured losses occurring in the Program Year beginning on January 1, 2016, or any Program Year thereafter. ; and by adding after and below clause (iii), as added by paragraph
(4)of this subsection, the following: In determining the aggregate industry insured losses resulting from certified acts of terrorism for purposes of this subparagraph, the Secretary shall not consider any act of terrorism resulting, in the aggregate, in less than $50,000,000 in insured losses. .
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Sec. 104
Separate treatment of conventional terrorism from NBCR terrorism
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