Page:United States Statutes at Large Volume 116 Part 3.djvu/741

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PUBLIC LAW 107-297—NOV. 26, 2002 116 STAT. 2333 Federal Government from any insurer and any Federal share of compensation for insured losses owed to any insurer, to effectuate the insured loss sharing provisions in section 103. (c) CONSULTATION.— The Secretary shall consult with the NAIC, as the Secretary determines appropriate, concerning the Program. (d) CONTRACTS FOR SERVICES. — The Secretary may employ persons or contract for services as may be necessary to implement the Program. (e) CIVIL PENALTIES. — (1) IN GENERAL. —The Secretary may assess a civil monetary penalty in an amount not exceeding the amount under paragraph (2) against any insurer that the Secretary determines, on the record after opportunity for a hearing— (A) has failed to charge, collect, or remit terrorism loss risk-spreading premiums under section 103(e) in accordance with the requirements of, or regulations issued under, this title; (B) has intentionally provided to the Secretary erroneous information regarding premium or loss amounts; (C) submits to the Secretary fraudulent claims under the Program for insured losses; (D) has failed to provide the disclosures required under subsection (f); or (E) has otherwise failed to comply with the provisions of, or the regulations issued under, this title. (2) AMOUNT. —The amount under this paragraph is the greater of $1,000,000 and, in the case of any failure to pay, charge, collect, or remit amounts in accordance with this title or the regulations issued under this title, such amount in dispute. (3) RECOVERY OF AMOUNT IN DISPUTE.— ^A penalty under this subsection for any failure to pay, charge, collect, or remit amounts in accordance with this title or the regulations under this title shall be in addition to any such amounts recovered by the Secretary. (f) SUBMISSION OF PREMIUM INFORMATION.— (1) IN GENERAL. —The Secretary shall annually compile information on the terrorism risk insurance premium rates of insurers for the preceding year. (2) ACCESS TO INFORMATION.—To the extent that such information is not otherwise available to the Secretary, the Secretary may require each insurer to submit to the NAIC terrorism risk insurance premium rates, as necessary to carry out paragraph (1), and the NAIC shall make such information available to the Secretary. (3) AVAILABILITY TO CONGRESS. —The Secretary shall make information compiled under this subsection available to the Congress, upon request. (g) FUNDING. — (1) FEDERAL PAYMENTS.— There are hereby appropriated, out of funds in the Treasury not otherwise appropriated, such sums as may be necessary to pay the Federal share of compensation for insured losses under the Program. (2) ADMINISTRATIVE EXPENSES. — There are hereby appropriated, out of funds in the Treasury not otherwise appropriated, such sums as may be necessary to pay reasonable costs of administering the Program.