Source: https://www.law.cornell.edu/uscode/text/49/44306
Timestamp: 2017-10-19 02:25:06
Document Index: 712709579

Matched Legal Cases: ['§ 44306', '§ 44306', '§ 44306', '§\u202f44306', '§\u202f1', '§\u202f2', '§\u202f201', '§\u202f124', '§\u202f1203', '§\u202f106', '§\u202f1302', '§\u202f2', '§\u202f1307', '§\u202f9', '§\u202f106', '§\u202f106', '§\u202f124', '§\u202f147', '§\u202f201', '§\u202f147', '§\u202f124', '§\u202f106', '§\u202f201', '§\u202f201', '§\u202f106', '§\u202f1203']

49 U.S. Code § 44306 - Premiums and limitations on coverage and claims | US Law | LII / Legal Information Institute
U.S. Code › Title 49 › Subtitle VII › Part A › Subpart iii › Chapter 443 › § 44306
49 U.S. Code § 44306 - Premiums and limitations on coverage and claims
§ 44306.
Premiums and limitations on coverage and claims
(a)Premiums Based on Risk.—
To the extent practical, the premium charged for insurance or reinsurance under this chapter shall be based on consideration of the risk involved.
(b)Allowances in Setting Premium Rates for Reinsurance.—
In setting premium rates for reinsurance, the Secretary may make allowances to the insurance carrier for expenses incurred in providing services and facilities that the Secretary considers good business practices, except for payments by the insurance carrier for the stimulation or solicitation of insurance business.
(c)Time Limits.—
The Secretary of Transportation may provide insurance and reinsurance under this chapter for a period of not more than 1 year. The period may be extended for additional periods of not more than 1 year each only if the President decides, before each additional period, that the continued operation of the aircraft to be insured or reinsured is necessary in the interest of air commerce or national security or to carry out the foreign policy of the United States Government.
(d)Maximum Insured Amount.—
The insurance policy on an aircraft insured or reinsured under this chapter shall specify a stated amount that is not more than the value of the aircraft, as determined by the Secretary in accordance with reasonable business practices in the commercial aviation insurance industry. A claim under the policy may not be paid for more than that stated amount.
(Pub. L. 103–272, § 1(e), July 5, 1994, 108 Stat. 1170; Pub. L. 105–137, § 2(b), Dec. 2, 1997, 111 Stat. 2640; Pub. L. 107–42, title II, § 201(d), Sept. 22, 2001, 115 Stat. 235; Pub. L. 107–71, title I, §§ 124(b), 147, Nov. 19, 2001, 115 Stat. 631, 645; Pub. L. 107–296, title XII, § 1203, Nov. 25, 2002, 116 Stat. 2287; Pub. L. 108–176, title I, § 106(c), (e), Dec. 12, 2003, 117 Stat. 2499.)
44306(a)
Aug. 23, 1958, Pub. L. 85–726, § 1302(b), (c), 72 Stat. 801; restated Nov. 9, 1977, Pub. L. 95–163, § 2, 91 Stat. 1279.
Aug. 23, 1958, Pub. L. 85–726, § 1307(a) (last sentence less words between 2d and 3d commas), 72 Stat. 804; Oct. 4, 1984, Pub. L. 98–443, § 9(b), 98 Stat. 1706.
In subsection (b), the word “initial” is omitted as surplus. The words “The period” are substituted for “Such insurance or reinsurance”, and the words “the President decides . . . that the continued operation of the aircraft to be insured or reinsured is necessary to carry out the foreign policy of the United States Government” are substituted for “the President makes the same determination with respect to such extension as he is required to make under paragraph (2) of subsection (a) of this section for the initial provision of such insurance or reinsurance”, for clarity.
2003—Subsec. (b). Pub. L. 108–176, § 106(c), substituted “by the insurance carrier” for “by the air carrier”.
Subsec. (c). Pub. L. 108–176, § 106(e), made technical correction to directory language of Pub. L. 107–71, § 124(b). See 2001 Amendment note below.
2002—Subsec. (c). Pub. L. 107–296 made technical correction to directory language of Pub. L. 107–71, § 147. See 2001 Amendment note below.
2001—Subsec. (b). Pub. L. 107–42, § 201(d)(2), added subsec. (b). Former subsec. (b) redesignated (c).
Subsec. (c). Pub.L. 107–71, § 147, as amended by Pub. L. 107–296, substituted “1 year” for “60 days” in two places.
Pub. L. 107–71, § 124(b), as amended by Pub. L. 108–176, § 106(e), inserted “in the interest of air commerce or national security or” before “to carry out the foreign policy”.
Pub. L. 107–42, § 201(d)(1), redesignated subsec. (b) as (c). Former subsec. (c) redesignated (d).
Subsec. (d). Pub. L. 107–42, § 201(d)(1), redesignated subsec. (c) as (d).
1997—Subsec. (c). Pub. L. 105–137 substituted “as determined by the Secretary in accordance with reasonable business practices in the commercial aviation insurance industry.” for “as determined by the Secretary.”
Pub. L. 108–176, title I, § 106(e), Dec. 12, 2003, 117 Stat. 2499, provided that the amendment made by section 106(e) is effective Nov. 19, 2001.
Pub. L. 107–296, title XII, § 1203, Nov. 25, 2002, 116 Stat. 2287, provided that the amendment made by section 1203 is effective Nov. 19, 2001.