31 CFR 50.18 - Notice required by reinstatement provision.

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There are 3 Updates appearing in the Federal Register for 31 CFR Part 50. View below or at eCFR (GPOAccess)
§ 50.18 Notice required by reinstatement provision.

(a)Nullification of terrorism exclusion. Any terrorism exclusion in a contract for property and casualty insurance that was in force on November 26, 2002, is void to the extent it excludes losses that would otherwise be insured losses.

(b)Reinstatement of terrorism exclusion. Notwithstanding paragraph (a) of this section, an insurer may reinstate a preexisting provision in a contract for property and casualty insurance that was in force on November 26, 2002, and that excludes coverage for an act of terrorism only if:

(1) The insurer has received a written statement from the insured that affirmatively authorizes such reinstatement; or

(2) The insurer provided notice at least 30 days before any such reinstatement of the increased premium for such terrorism coverage and the rights of the insured with respect to such coverage, including the date upon which the exclusion would be reinstated if no payment is received, and the insured fails to pay any increased premium charged by the insurer for providing such terrorism coverage.

[68 FR 19306, Apr. 18, 2003, as amended at 68 FR 59727, Oct. 17, 2003]

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

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United States Code
U.S. Code: Title 15 - COMMERCE AND TRADE
U.S. Code: Title 31 - MONEY AND FINANCE

Title 31 published on 2015-09-23

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 31 CFR Part 50 after this date.

  • 2016-12-21; vol. 81 # 245 - Wednesday, December 21, 2016
    1. 81 FR 93756 - Terrorism Risk Insurance Program
      GPO FDSys XML | Text
      DEPARTMENT OF THE TREASURY, Departmental Offices
      Final rule.
      This rule is effective January 17, 2017.
      31 CFR Part 50
The section you are viewing is cited by the following CFR sections.

Title 31 published on 2015-09-23.

The following are only the Rules published in the Federal Register after the published date of Title 31.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2016-12-21; vol. 81 # 245 - Wednesday, December 21, 2016
    1. 81 FR 93756 - Terrorism Risk Insurance Program
      GPO FDSys: XML | Text
      DEPARTMENT OF THE TREASURY, Departmental Offices
      Final rule.
      This rule is effective January 17, 2017.
      31 CFR Part 50