§50.110. Cap on annual liability.
31 C.F.R. § 50.110
Pursuant to section 103 of the Act, if the aggregate insured losses exceed $100,000,000,000 during a calendar year:
The Secretary shall not make any payment for any portion of the amount of such losses that exceeds $100,000,000,000;
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
The Secretary shall determine the pro rata share of insured losses to be paid by each insurer that incurs insured losses under the Program.
Notes, amendments, and revision history
Authority
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
Source: 81 FR 93765, Dec. 21, 2016, unless otherwise noted.