Sec. 1221. reinsurance of losses from riots or civil disorders

347 words·~2 min read·/statute-compilations/comps-10343/sec-1221

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## Sec. 1221 reinsurance of losses from riots or civil disorders **[**[12 U.S.C. 1749bbb–7](/us/usc/t12/s1749bbb–7)**]** ###

(a)####

(1)The Director is authorized to offer to any insurer or pool, subject to the conditions set forth in section 1223, reinsurance against property losses resulting from riots or civil disorders in any one or more States. ####

(2)Reinsurance shall be offered to any such insurer or pool only on all standard lines of property insurance enumerated under subparagraphs

(A)through

(E)of section 1203(a)(13) together, and any insurer or pool purchasing such reinsurance shall also be eligible, to purchase reinsurance on any one or more standard lines of property insurance enumerated under subparagraphs

(F)through

(J)of section 1203(a)(13) or which may be designated by regulation pursuant to subparagraph

(K)of that section. ###

(b)Reinsurance coverage under this section may be provided immediately following the enactment of this title to any insurer or pool in any State on a temporary basis, and on such terms and conditions as may be agreed upon, and coverage under such terms and conditions may be bound with respect to any such insurer or pool by means of a written binder which shall remain in force not more than ninety days and shall expire at the earlier of either— ####

(1)the termination of such ninety-day period, or ####

(2)the effective date of any governing contract, agreement, treaty, or other arrangement entered into between the insurer, or pool and the Director under section 1222 for the purpose of providing reinsurance coverage against losses resulting from riots or civil disorders. ###

(c)No reinsurance shall be offered to any insurer or pool in a State after the expiration of the written binder entered into under subsection (b), unless there is in effect in such State a plan as set forth under part A and the insurer or pool is participating in such plan, and unless, in the case of an insurer in a State where a pool has been established pursuant to State law, the insurer is participating in such a pool.

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12 USC 1749bbb–7

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Sec. 1221

reinsurance of losses from riots or civil disorders

Cite12 USC 1749bbb–7

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