§ 50.110. Cap on annual liability.
92 words·~1 min read·
/us/cfr/t31/s§ 50.110·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Pursuant to section 103 of the Act, if the aggregate insured losses exceed \$100,000,000,000 during a calendar year:
(a)The Secretary shall not make any payment for any portion of the amount of such losses that exceeds \$100,000,000,000;
(b)An insurer that has met its insurer deductible shall not be liable for the payment of any portion of the amount of such losses that exceeds \$100,000,000,000; and
(c)The Secretary shall determine the pro rata share of insured losses to be paid by each insurer that incurs insured losses under the Program.