Sec. 5. Technical amendments
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/bill/113/s/2244/es/section-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Terrorism Risk Insurance Act of 2002 ( 15 U.S.C. 6701 note) is amended— in section 102— in paragraph (3)— by redesignating subparagraphs (A), (B), and
(C)as clauses (i), (ii), and (iii), respectively; in the matter preceding clause
(i)(as so redesignated), by striking An entity has and inserting the following: An entity has ; and by adding at the end the following new subparagraph: An entity, including any affiliate thereof, does not have control over another entity, if, as of the date of enactment of the Terrorism Risk Insurance Program Reauthorization Act of 2014, the entity is acting as an attorney-in-fact, as defined by the Secretary, for the other entity and such other entity is a reciprocal insurer, provided that the entity is not, for reasons other than the attorney-in-fact relationship, defined as having control under subparagraph (A). ; in paragraph (7)— by striking subparagraphs
(A)through
(F)and inserting the following: the value of an insurer's direct earned premiums during the immediately preceding calendar year, multiplied by 20 percent; and ; by redesignating subparagraph
(G)as subparagraph (B); and in subparagraph (B), as so redesignated by clause (ii)— by striking notwithstanding subparagraphs
(A)through (F), for the Transition Period or any Program Year and inserting notwithstanding subparagraph (A), for any calendar year ; and by striking Period or Program Year and inserting calendar year ; by striking paragraph (11); and by redesignating paragraphs
(12)through
(16)as paragraphs
(11)through (15), respectively; and in section 103— in subsection (c), by striking Program Year and inserting calendar year ; in subsection (e)— in paragraph (1)— in subparagraph (A), as previously amended by section 3— by striking the Transition Period and each Program Year through Program Year 4 shall be equal to 90 percent, and during Program Year 5 and each Program Year thereafter and inserting each calendar year ; by striking the comma after 80 percent ; and by striking such Transition Period or such Program Year and inserting such calendar year ; and in subparagraph (B), by striking exceed and all that follows through clause
(ii)and inserting exceed $100,000,000 with respect to such insured losses occurring in the calendar year. ; in paragraph (2)(A), by striking the period beginning on the first day of the Transition Period and ending on the last day of Program Year 1, or during any Program Year thereafter and inserting a calendar year ; and in paragraph (3), by striking the period beginning on the first day of the Transition Period and ending on the last day of Program Year 1, or during any other Program Year and inserting any calendar year ; and in subsection (g)(2)— by striking the Transition Period or a Program Year each place that term appears and inserting the calendar year ; by striking such period and inserting the calendar year ; and by striking that period and inserting the calendar year .
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Sec. 5
Technical amendments
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