Section 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 107-297 , 116 Stat. 2322, as amended by the Terrorism Risk Insurance Extension Act of 2005, Public Law 109-144 , 119 Stat. 2660, the Terrorism Risk Insurance Program Reauthorization Act of 2007, Public Law 110-160 , 121 Stat. 1839, the Terrorism Risk Insurance Program Reauthorization Act of 2015, Public Law 114-1 , 129 Stat. 3, and the Terrorism Risk Insurance Program Reauthorization Act of 2019, Public Law 116-94 , 133 Stat. 2534.(b)Purpose. This part contains rules prescribed by the Department of the Treasury to implement and administer the Terrorism Risk Insurance Program.(c)Scope. This part applies to insurers subject to the Act and their policyholders and claimants. 81 FR 93765 , Dec. 21, 2016, as amended at 86 FR 30540 , June 9, 2021 81 FR 93765 , 1/17/2017; 86 FR 30540 , 7/12/2021