Sec. 104. RECOUPMENT OF FEDERAL SHARE OF COMPENSATION UNDER THE PROGRAM
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## SEC. 104 RECOUPMENT OF FEDERAL SHARE OF COMPENSATION UNDER THE PROGRAM Section 103(e) of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended— ####
(1)by amending paragraph
(6)to read as follows: > > #### “(6) Insurance marketplace aggregate retention amount > > > ##### “(A) In general > > For purposes of paragraph (7), the insurance marketplace aggregate retention amount shall be the lesser of— > > > ###### “(i) > > $27,500,000,000, as such amount is revised pursuant to this paragraph; and > > > ###### “(ii) > > the aggregate amount, for all insurers, of insured losses during such calendar year. > > > ##### “(B) Revision of insurance marketplace aggregate retention amount > > > ###### “(i) Phase-in > > Beginning in the calendar year of enactment of the Terrorism Risk Insurance Program Reauthorization Act of 2015, the amount set forth under subparagraph (A)(i) shall increase by $2,000,000,000 per calendar year until equal to $37,500,000,000. > > > ###### “(ii) Further revision > > Beginning in the calendar year that follows the calendar year in which the amount set forth under subparagraph (A)(i) is equal to $37,500,000,000, the amount under subparagraph (A)(i) shall be revised to be the amount equal to the annual average of the sum of insurer deductibles for all insurers participating in the Program for the prior 3 calendar years, as such sum is determined by the Secretary under subparagraph (C). > > > ##### “(C) Rulemaking > > Not later than 3 years after the date of enactment of the Terrorism Risk Insurance Program Reauthorization Act of 2015, the Secretary shall— > > > ###### “(i) > > issue final rules for determining the amount of the sum described under subparagraph (B)(ii); and > > > ###### “(ii) > > provide a timeline for public notification of such determination.” > ; and ####
(2)in paragraph (7)— #####
(A)in subparagraph (A)— ######
(i)in the matter preceding clause (i), by striking “for each of the periods referred to in subparagraphs
(A)through
(E)of paragraph (6)”; and ######
(ii)in clause (i), by striking “for such period”; #####
(B)by striking subparagraph
(B)and inserting the following: > > ##### “(B) > > [Reserved.]” > ; #####
(C)in subparagraph (C)— ######
(i)by striking “occurring during any of the periods referred to in any of subparagraphs
(A)through
(E)of paragraph (6), terrorism loss risk-spreading premiums in an amount equal to 133 percent” and inserting “, terrorism loss risk-spreading premiums in an amount equal to 140 percent”; and ######
(ii)by inserting “as calculated under subparagraph (A)” after “mandatory recoupment amount”; and #####
(D)in subparagraph (E)(i)— ######
(i)in subclause (I)— ######
(I)by striking “2010” and inserting “2017”; and ######
(II)by striking “2012” and inserting “2019”; ######
(ii)in subclause (II)— ######
(I)by striking “2011” and inserting “2018”; ######
(II)by striking “2012” and inserting “2019”; and ######
(III)by striking “2017” and inserting “2024”; and ######
(iii)in subclause (III)— ######
(I)by striking “2012” and inserting “2019”; and ######
(II)by striking “2017” and inserting “2024”.
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Sec. 104
RECOUPMENT OF FEDERAL SHARE OF COMPENSATION UNDER THE PROGRAM
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