Sec. 1222. reinsurance agreements and premiums

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## Sec. 1222 reinsurance agreements and premiums **[**[12 U.S.C. 1749bbb–8](/us/usc/t12/s1749bbb–8)**]** ###

(a)During the first year following the date of the enactment of this title, the Director is authorized to enter into any contract, agreement, treaty, or other arrangement with any insurer, or pool for reinsurance coverage, in consideration of payment of such premiums, fees, or other charges by insurers or pools which the Director, after full consultation with the Board, deems to be adequate to obtain aggregate reinsurance premiums for deposit in the National Insurance Development Fund established under section 1243 in excess of the estimated amount of insured riot losses during the calendar year 1967, on the assumption that a substantial proportion of the property insurance written will be reinsured under this title, and thereafter the Director may increase or decrease such premiums for reinsurance if it is found after full consultation with the Board and the National Association of Insurance Commissioners that such action is necessary or appropriate to carry out the purposes of this title. ###

(b)Reinsurance offered under this title shall reimburse an insurer or pool for its total proved and approved claims for covered losses resulting from riots or civil disorders during the term of the reinsurance contract, agreement, treaty, or other arrangement, over and above the amount of the insurer's or pool's retention of such losses as provided in such reinsurance contract, agreement, treaty, or other arrangement entered into under this section. ###

(c)Such contracts, agreements, treaties, or other arrangements may be made without regard to section 1341(a) of title 31, United States Code, and shall include any terms and conditions which the Director deems necessary to carry out the purposes of this title. The premium rates, terms, and conditions of such contracts with insurers or pools, throughout the country, in any one year shall be uniform. ###

(d)Any contract, agreement, treaty, or other arrangement for reinsurance under this section shall be for a term expiring on April 30, 1969, and on April 30 each year thereafter, except that such term shall expire on September 30, beginning in either calendar year 1977 or 1978, as determined by the Director

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12 USC 1749bbb–8

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Sec. 1222

reinsurance agreements and premiums

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