2015 US Code
Title 49 - Transportation (Sections 101 - 80504)
Subtitle VII - Aviation Programs (Sections 40101 - 50105)
Part A - Air Commerce and Safety (Sections 40101 - 46507)
Subpart iii - Safety (Sections 44101 - 45305)
Chapter 443 - Insurance (Sections 44301 - 44310)
Sec. 44304 - Reinsurance
| Publication Title | United States Code, 2012 Edition, Supplement 3, Title 49 - TRANSPORTATION |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 49 - TRANSPORTATION SUBTITLE VII - AVIATION PROGRAMS PART A - AIR COMMERCE AND SAFETY subpart iii - safety CHAPTER 443 - INSURANCE Sec. 44304 - Reinsurance |
| Contains | section 44304 |
| Date | 2015 |
| Laws In Effect As Of Date | January 3, 2016 |
| Positive Law | Yes |
| Disposition | standard |
| Source Credit | Pub. L. 103-272, §1(e), July 5, 1994, 108 Stat. 1169; Pub. L. 107-42, title II, §201(c), Sept. 22, 2001, 115 Stat. 235; Pub. L. 112-95, title VII, §703, Feb. 14, 2012, 126 Stat. 118. |
| Statutes at Large References | 72 Stat. 802 91 Stat. 1279 108 Stat. 1169 115 Stat. 235 126 Stat. 118 |
| Public and Private Laws | Public Law 85-726, Public Law 95-163, Public Law 103-272, Public Law 107-42, Public Law 112-95 |
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To the extent the Secretary of Transportation is authorized to provide insurance under this chapter, the Secretary may reinsure any part of the insurance provided by an insurance carrier. The Secretary may reinsure with, transfer to, or transfer back to, any insurance carrier any insurance or reinsurance provided by the Secretary under this chapter.
(Pub. L. 103–272, §1(e), July 5, 1994, 108 Stat. 1169; Pub. L. 107–42, title II, §201(c), Sept. 22, 2001, 115 Stat. 235; Pub. L. 112–95, title VII, §703, Feb. 14, 2012, 126 Stat. 118.)
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 44304(a) | 49 App.:1535(a). | Aug. 23, 1958, Pub. L. 85–726, §1305, 72 Stat. 802; Nov. 9, 1977, Pub. L. 95–163, §4(a), 91 Stat. 1279. |
| 44304(b) | 49 App.:1535(b). |
In subsection (a), the words "may reinsure any part of the insurance provided by an insurance carrier" are substituted for "may reinsure, in whole or in part, any company authorized to do an insurance business" for clarity and consistency with source provisions restated in this subchapter and the definition of "insurance carrier" in section 44301 of the revised title. The words "transfer to, or transfer back to" are substituted for "cede or retrocede to" for clarity.
In subsection (b), the word "same" is omitted as being included in "similar". The words "on account of the cost of" are omitted as surplus. The word "providing" is substituted for "rendered" and "furnished" because it is inclusive. The words "except for" are substituted for "but such allowance to the carrier shall not provide for" to eliminate unnecessary words.
AMENDMENTS2012—Pub. L. 112–95 substituted "any insurance carrier" for "the carrier".
2001—Pub. L. 107–42 struck out subsec. (a) designation and heading "General Authority" and struck out subsec. (b) which read as follows:
"(b) Premium Levels.—The Secretary may provide reinsurance at premiums not less than, or obtain reinsurance at premiums not higher than, the premiums the Secretary establishes on similar risks or the premiums the insurance carrier charges for the insurance to be reinsured by the Secretary, whichever is most advantageous to the Secretary. However, the Secretary may make allowances to the insurance carrier for expenses incurred in providing services and facilities that the Secretary considers good business practice, except for payments by the carrier for the stimulation or solicitation of insurance business."
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