Sec. 113. Annual study of small insurer market competitiveness
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Section 108 ( 15 U.S.C. 6701 note) is amended by adding at the end the following new subsection: The Secretary shall conduct an annual study of small insurers participating in the Program, and identify any competitive challenges small insurers face in the terrorism risk insurance marketplace, including— changes to the market share, premium volume, and policyholder surplus of small insurers relative to large insurers; how the property and casualty insurance market for terrorism risk differs between small and large insurers, and whether such a difference exists within other perils; the impact of the Program’s mandatory availability requirement under section 103(c) and the voluntary opt-out for small insurers; the effect of increasing the trigger amount for the Program under section 103(e)(1)(B)(iii)(I) on small insurers; the availability and cost of private reinsurance for small insurers; and the impact that State workers compensation laws have on small insurers, particularly the impact of mandatory, non-excludable participation and unlimited financial liability.
The Secretary shall complete the first study under paragraph
(1)and submit a report to the Congress setting forth the findings and conclusions of the study not later than June 30, 2016, and shall complete an annual study under paragraph
(1)and submit a report regarding such study to the Congress by June 1 annually thereafter. .
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Sec. 113
Annual study of small insurer market competitiveness
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