31 CFR 50.70 - Mandatory and discretionary recoupment.

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§ 50.70 Mandatory and discretionary recoupment.
(a) Pursuant to section 103 of the Act, the Secretary shall impose, and insurers shall collect, such Federal Terrorism Policy Surcharges as needed to recover 133 percent of the mandatory recoupment amount for any Program Year.
(b) In the Secretary's discretion, the Secretary may recover any portion of the aggregate Federal share of compensation that exceeds the mandatory recoupment amount through a Federal Terrorism Policy Surcharge based on the factors set forth in section 103(e)(7)(D) of the Act.
(c) If the Secretary is required to impose a Federal Terrorism Policy Surcharge as provided in paragraph (a) of this section, then the required amounts, based on the extent to which payments for the Federal share of compensation have been made by the collection deadlines in section 103(e)(7)(E) of the Act, shall be collected in accordance with such deadlines:
(1) For any act of terrorism that occurs on or before December 31, 2010, the Secretary shall collect all required amounts by September 30, 2012;
(2) For any act of terrorism that occurs between January 1 and December 31, 2011, the Secretary shall collect 35 percent of any required amounts by September 30, 2012, and the remainder by September 30, 2017; and
(3) For any act of terrorism that occurs on or after January 1, 2012, the Secretary shall collect all required amounts by September 30, 2017.

Title 31 published on 2014-07-01

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.

  • 2015-02-06; vol. 80 # 25 - Friday, February 6, 2015
    1. 80 FR 6656 - Interim Guidance Concerning the Terrorism Risk Insurance Program Reauthorization Act of 2015
      GPO FDSys XML | Text
      DEPARTMENT OF THE TREASURY, Departmental Offices
      Notice of interim guidance.
      February 4, 2015.
      31 CFR Part 50

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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 2014-07-01

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

  • 2015-02-06; vol. 80 # 25 - Friday, February 6, 2015
    1. 80 FR 6656 - Interim Guidance Concerning the Terrorism Risk Insurance Program Reauthorization Act of 2015
      GPO FDSys XML | Text
      DEPARTMENT OF THE TREASURY, Departmental Offices
      Notice of interim guidance.
      February 4, 2015.
      31 CFR Part 50