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.
49 U.S.C. § 44304
HISTORICAL AND REVISION NOTE | ||
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). |
EDITORIAL NOTES
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."
- insurance carrier
- "insurance carrier" means a person authorized to do aviation insurance business in a State, including a mutual or stock insurance company and a reciprocal insurance association.