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.
authority: 5 U.S.C. 301;
31 U.S.C. 321; Title I, Pub. L. 107-297, 116 Stat. 2322, as amended by Pub. L. 109-144, 119 Stat. 2660, Pub. L. 110-160, 121 Stat. 1839, Pub. L. 114-1, 129 Stat. 3, and Pub. L. 116-94, 133 Stat. 2534 (
15 U.S.C. 6701 note); Pub. L. 114-74, 129 Stat. 601, Title VII (
28 U.S.C. 2461 note)
source: 81 FR 93765, Dec. 21, 2016, unless otherwise noted.
cite as: 31 CFR 50.110