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Federal Register / Vol. 86, No. 109 / Wednesday, June 9, 2021 / Rules and Regulations
Authority: 5 U.S.C. 301; 31 U.S.C. 321;
Title I, Pub. L. 107297, 116 Stat. 2322, as amended by Pub. L. 109144, 119 Stat. 2660, Pub. L. 110160, 121 Stat. 1839, Pub. L. 114
1, 129 Stat. 3, Pub. L. 11694, 133 Stat. 2534
15 U.S.C. 6701 note, Pub. L. 11474, 129
Stat. 601, Title VII 28 U.S.C. 2461 note.

2. Amend 50.1 by revising paragraph a as follows:

50.1

Authority, purpose, and scope.

a Authority. This part is issued pursuant to authority in Title I of the Terrorism Risk Insurance Act of 2002, Public Law 107297, 116 Stat. 2322, as amended by the Terrorism Risk Insurance Extension Act of 2005, Public Law 109144, 119 Stat. 2660, the Terrorism Risk Insurance Program Reauthorization Act of 2007, Public Law 110160, 121 Stat. 1839, the Terrorism Risk Insurance Program Reauthorization Act of 2015, Public Law 1141, 129 Stat.
3, and the Terrorism Risk Insurance Program Reauthorization Act of 2019, Public Law 11694, 133 Stat. 2534.

3. Amend 50.4 by revising paragraphs b2ii and n3iii, adding paragraph n3iv and revising w1 and 2 to read as follows:
50.4

lotter on DSK11XQN23PROD with RULES1

b
2
ii Property and casualty insurance losses resulting from the act, in the aggregate, do not exceed $5,000,000. For these purposes, property and casualty insurance losses include any amounts subject to payment under a property and casualty insurance policy, even if the policyholder declined to obtain terrorism risk insurance under the policy or is otherwise ultimately responsible for the payment.

n
3
iii Payments by an insurer in excess of policy limits; or iv Amounts paid by a policyholder as required under the terms and conditions of property and casualty insurance issued by an insurer.

w
1 Means commercial lines within only the following lines of insurance from the NAICs Exhibit of Premiums and Losses commonly known as Statutory Page 14: Line 1Fire; Line 2.1Allied Lines; Line 5.1
Commercial Multiple Peril non-liability portion; Line 5.2Commercial Multiple Peril liability portion; Line 8Ocean Marine; Line 9Inland Marine; Line 16Workers
17:15 Jun 08, 2021

50.6 Special rules for Interim Guidance safe harbors.

b For purposes of this section, any Interim Guidance will be posted by Treasury at https home.treasury.gov/
policy-issues/financial-marketsfinancial-institutions-and-fiscal-service/
federal-insurance-office/terrorism-riskinsurance-program.
5. Amend 50.16 by revising paragraph c to read as follows:

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beyond December 31, 2027, even if the policy period of insurance coverage for losses from events other than acts of terrorism extends beyond that date.
7. Amend 50.30 by revising paragraph c to read as follows:
50.30 General participation requirements.

c Identification. Treasury maintains a list of state residual market insurance entities and state workers compensation funds at https
home.treasury.gov/policy-issues/
financial-markets-financial-institutionsand-fiscal-service/federal-insuranceoffice/terrorism-risk-insurance-program.
Procedures for providing comments and updates to that list are posted with the list.
8. Amend 50.74 by revising paragraph b as to read as follows:
50.74 Payment of Federal Share of Compensation.

c Definitions. For purposes of this section, references to NAIC Model Disclosure Form No. 1 and NAIC Model Disclosure Form No. 2 refer to such forms as revised in March 2020, or as subsequently modified by the NAIC, provided Treasury has stated that usage by insurers of the subsequently modified forms is deemed to satisfy the disclosure requirements of the Act and the insurer uses the most current forms, so approved by Treasury, that are available at the time of disclosure.
These forms may be found on the Treasury website at https
home.treasury.gov/policy-issues/
financial-markets-financial-institutionsand-fiscal-service/federal-insuranceoffice/terrorism-risk-insurance-program.

6. Amend 50.20 by revising paragraphs b and c to read as follows:

b Payment process. Payment of the Federal Share of Compensation for insured losses will be made to the insurer designated on the Notice of Deductible Erosion required by 50.72.
An insurer that requests payment of the Federal Share of Compensation for insured losses must receive payment through electronic funds transfer. The insurer must establish either an account for reimbursement as described in paragraph c of this section if the insurer only seeks reimbursement or a segregated account as described in paragraph d of this section if the insurer seeks advance payments or a combination of advance payments and reimbursement. Applicable procedures will be posted at https
home.treasury.gov/policy-issues/
financial-markets-financial-institutionsand-fiscal-service/federal-insuranceoffice/terrorism-risk-insurance-program or otherwise will be made publicly available.

9. Amend 50.83 by revising paragraph b to read as follows:

50.20 General mandatory availability requirements.

50.83 Adjustment of civil monetary penalty amount.

50.16

Use of model forms.

Definitions.

VerDate Sep<11>2014

Compensation; Line 17Other Liability;
Line 18Products Liability; Line 22
Aircraft all perils; and Line 27Boiler and Machinery; a stand-alone cyber liability policy falling within Line 17
Other Liability, is property and casualty insurance, so long as it is not otherwise identified for state reporting purposes as a policy that is not property and casualty insurance, such as professional liability insurance.
2 Property and casualty insurance does not include:

4. Amend 50.6 by revising paragraph b as follows:

b Compliance through 2027. Under section 108a of the Act, an insurer must comply with paragraphs a1 and 2 of this section through calendar year 2027.
c Beyond 2027. Notwithstanding paragraph a2 of this section and 50.22a, property and casualty insurance coverage for insured losses does not have to be made available
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b Annual adjustment. The maximum penalty amount that may be assessed under this section will be adjusted in accordance with the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, 28 U.S.C.
2461 note, by January 15 of each year and the updated amount will be posted in the Federal Register and on the Treasury website at https

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