§ 108. TERMINATION OF PROGRAM.
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Termination of Program .— The Program shall terminate on December 31, 2027 . Continuing Authority to Pay or Adjust Compensation .— Following the termination of the Program, the Secretary may take such actions as may be necessary to ensure payment, recoupment, reimbursement, or adjustment of compensation for insured losses arising out of any act of terrorism occurring during the period in which the Program was in effect under this title, in accordance with the provisions of section 103 and regulations promulgated thereunder.
Repeal; Savings Clause .— This title is repealed on the final termination date of the Program under subsection (a), except that such repeal shall not be construed— to prevent the Secretary from taking, or causing to be taken, such actions under subsection
(b)of this section, paragraph (4), (5), (6), (7), or
(8)of section 103(e), or subsection (a)(1), (c), (d), or
(e)of section 104, as in effect on the day before the date of such repeal, or applicable regulations promulgated thereunder, during any period in which the authority of the Secretary under subsection
(b)of this section is in effect; or to prevent the availability of funding under section 104(g) during any period in which the authority of the Secretary under subsection
(b)of this section is in effect. Study and Report on the Program.— Study .— The Secretary, in consultation with the NAIC, representatives of the insurance industry and of policy holders, other experts in the insurance field, and other experts as needed, shall assess the effectiveness of the Program and the likely capacity of the property and casualty insurance industry to offer insurance for terrorism risk after termination of the Program, and the availability and affordability of such insurance for various policyholders, including railroads, trucking, and public transit. Report .— The Secretary shall submit a report to the Congress on the results of the study conducted under paragraph
(1)not later than June 30, 2005 . Analysis of Market Conditions for Terrorism Risk Insurance.— In general .— The President’s Working Group on Financial Markets, in consultation with the National Association of Insurance Commissioners, representatives of the insurance industry, representatives of the securities industry, and representatives of policy holders, shall perform an ongoing analysis regarding the long-term availability and affordability of insurance for terrorism risk. Report .— Not later than September 30, 2006 , and thereafter in 2010 and 2013, the President’s Working Group on Financial Markets shall submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives on its findings pursuant to the analysis conducted under paragraph (1). Insurance for Nuclear, Biological, Chemical, and Radiological Terrorist Events.— Study .— The Comptroller General of the United States shall examine— the availability and affordability of insurance coverage for losses caused by terrorist attacks involving nuclear, biological, chemical, or radiological materials; the outlook for such coverage in the future; and the capacity of private insurers and State workers compensation funds to manage risk associated with nuclear, biological, chemical, and radiological terrorist events. Report .— Not later than 1 year after the date of enactment of the Terrorism Risk Insurance Program Reauthorization Act of 2007 [ Dec. 26, 2007 ], the Comptroller General shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report containing a detailed statement of the findings under paragraph (1), and recommendations for any legislative, regulatory, administrative, or other actions at the Federal, State, or local levels that the Comptroller General considers appropriate to expand the availability and affordability of insurance for nuclear, biological, chemical, or radiological terrorist events. Availability and Affordability of Terrorism Insurance in Specific Markets.— Study .— The Comptroller General of the United States shall conduct a study to determine whether there are specific markets in the United States where there are unique capacity constraints on the amount of terrorism risk insurance available. Elements of study .— The study required by paragraph
(1)shall contain— an analysis of both insurance and reinsurance capacity in specific markets, including pricing and coverage limits in existing policies; an assessment of the factors contributing to any capacity constraints that are identified; and recommendations for addressing those capacity constraints. Report .— Not later than 180 days after the date of enactment of the Terrorism Risk Insurance Program Reauthorization Act of 2007 [ Dec. 26, 2007 ], the Comptroller General shall submit a report on the study required by paragraph
(1)to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives. Study of Small Insurer Market Competitiveness.— In general .— Not later than June 30, 2017 , and every other June 30 thereafter, the Secretary shall conduct a study of small insurers (as such term is defined by regulation by the Secretary) participating in the Program, and identify any competitive challenges small insurers face in the terrorism risk insurance marketplace, including— changes to the market share, premium volume, and policyholder surplus of small insurers relative to large insurers; how the property and casualty insurance market for terrorism risk differs between small and large insurers, and whether such a difference exists within other perils; the impact of the Program’s mandatory availability requirement under section 103(c) on small insurers; the effect of increasing the trigger amount for the Program under section 103(e)(1)(B) on small insurers; the availability and cost of private reinsurance for small insurers; and the impact that State workers compensation laws have on small insurers and workers compensation carriers in the terrorism risk insurance marketplace. Report .— The Secretary shall submit a report to the Congress setting forth the findings and conclusions of each study required under paragraph (1).”
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§ 108
TERMINATION OF PROGRAM.
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