(a) Accordance With Commercial Practice.— In carrying out this chapter, the Secretary of Transportation may act in accordance with commercial practice in the marine insurance business.
(b) Regulations.— The Secretary may prescribe regulations the Secretary considers appropriate to carry out this chapter.
(c) Policies, Rates, and Annual Fees.— The Secretary may prescribe and change forms and policies, and fix and change the amounts insured and rates of premium, under this chapter.
(d) Annual Fees.— The Secretary may charge and collect an annual fee in an amount calculated to cover the expenses of processing applications for insurance, employing underwriting agents, and appointing experts under this chapter.
(e) Payment of Claims and Judgments.— The Secretary may settle and pay claims, and pay judgments against the United States, related to insurance under this chapter.
(f) Underwriting Agents.—
(1) In general.— The Secretary may, and when the Secretary finds it practical to do so shall, employ a domestic company or group of domestic companies, authorized to do marine insurance business in a State of the United States, to act as underwriting agent for the Secretary. The services of an underwriting agent may be used in adjusting claims, but a claim may not be paid until approved by the Secretary.
(2) Compensation.— The Secretary may allow the company or group of companies reasonable compensation for services as the underwriting agent. The compensation may include an allowance for expenses reasonably incurred by the agent, but may not include any amount for soliciting or stimulating business.
(g) Fees For Arranging Insurance.— Except as provided in subsection (f)(2), the Secretary may not pay an insurance broker or other person acting in a similar intermediary capacity a fee or other consideration for participating in arranging insurance when the Secretary directly insures any of the risk.
(h) Employment of Marine Insurance Experts.— The Secretary, without regard to the laws and regulations on the employment of Federal employees, may appoint and prescribe the duties of experts in marine insurance as the Secretary considers necessary to carry out this chapter.
(i) Services of Other Government Agencies.— With the consent of another agency of the United States Government, the Secretary may use information, services, facilities, officers, and employees of the agency in carrying out this chapter.
(j) Vessel Location Reporting.— The Secretary may prescribe by regulation vessel location reporting requirements for a vessel insured under this chapter.
June 29, 1936, ch. 858, title XII, § 1209(a)(1), (b)–(f), as added Sept. 7, 1950, ch. 906, 64 Stat. 775; Aug. 3, 1956, ch. 929, § 1, 70 Stat. 984; Pub. L. 94–523, § 4, Oct. 17, 1976, 90 Stat. 2474.
46 App.:1289(a)(1) (1st–19th words).
46 App.:1289(b) (1st sentence).
46 App.:1289(b) (last sentence).
46 App.:1289(a)(1) (20th–last words).
46 App.:1289(c) (last sentence).
46 App.:1283(a) (last sentence).
June 29, 1936, ch. 858, title XII, § 1203(a) (last sentence), as added Sept. 7, 1950, ch. 906, 64 Stat. 774; Pub. L. 94–523, § 1, Oct. 17, 1976, 90 Stat. 2474.
Subsection (e) is substituted for “may adjust and pay losses, compromise and settle claims, whether in favor of or against the United States and pay the amount of any judgment rendered against the United States in any suit, or the amount of any settlement agreed upon, in respect of any claim under insurance authorized by this subchapter” to eliminate unnecessary words.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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