I believe the answer is yes, the cap did make it into the law. Here's
the relevant excerpt from the law: "in no event shall the total
premium paid by the
air carrier for the policy, as amended, be more than twice
49 USC 40101 note."
Now, what that last code reference equals, I'm not sure about.
And here's the whole section:
TITLE XII?AIRLINE WAR RISK INSURANCE LEGISLATION
SEC. 1201. AIR CARRIER LIABILITY FOR THIRD PARTY CLAIMS ARISING
OUT OF ACTS OF TERRORISM.
Section 44303 of title 49, United States Code, is amended?
(1) by inserting ??(a) IN GENERAL.??? before ??The Secretary
of Transportation??;
(2) by moving the text of paragraph (2) of section 201(b)
of the Air Transportation Safety and System Stabilization Act
(115 Stat. 235) to the end and redesignating such paragraph
as subsection (b);
(3) in subsection (b) (as so redesignated)?
(A) by striking the subsection heading and inserting
??AIR CARRIER LIABILITY FOR THIRD PARTY CLAIMS ARISING
OUT OF ACTS OF TERRORISM.???;
(B) in the first sentence by striking ??the 180-day period
following the date of enactment of this Act, the Secretary
of Transportation?? and inserting ??the period beginning on
September 22, 2001, and ending on December 31, 2003,
the Secretary??; and
(C) in the last sentence by striking ??this paragraph??
and inserting ??this subsection??.
SEC. 1202. EXTENSION OF INSURANCE POLICIES.
Section 44302 of title 49, United States Code, is amended
by adding at the end the following:
??(f) EXTENSION OF POLICIES.?
??(1) IN GENERAL.?The Secretary shall extend through
August 31, 2003, and may extend through December 31, 2003,
the termination date of any insurance policy that the Department
of Transportation issued to an air carrier under subsection
(a) and that is in effect on the date of enactment of this
subsection on no less favorable terms to the air carrier than
existed on June 19, 2002; except that the Secretary shall amend
the insurance policy, subject to such terms and conditions as
the Secretary may prescribe, to add coverage for losses or
injuries to aircraft hulls, passengers, and crew at the limits
carried by air carriers for such losses and injuries as of such
date of enactment and at an additional premium comparable
to the premium charged for third-party casualty coverage under
such policy.
??(2) SPECIAL RULES.?Notwithstanding paragraph (1)?
??(A) in no event shall the total premium paid by the
air carrier for the policy, as amended, be more than twice
49 USC 40101
note.
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116 STAT. 2287 PUBLIC LAW 107?296?NOV. 25, 2002
the premium that the air carrier was paying to the Department
of Transportation for its third party policy as of
June 19, 2002; and
??(B) the coverage in such policy shall begin with the
first dollar of any covered loss that is incurred.??.
SEC. 1203. CORRECTION OF REFERENCE.
Effective November 19, 2001, section 147 of the Aviation and
Transportation Security Act (Public Law 107?71) is amended by
striking ??(b)?? and inserting ??(c)??.
SEC. 1204. REPORT.
Not later than 90 days after the date of enactment of this
Act, the Secretary shall transmit to the Committee on Commerce,
Science, and Transportation of the Senate and the Committee on
Transportation and Infrastructure of the House of Representatives
a report that?
(A) evaluates the availability and cost of commercial
war risk insurance for air carriers and other aviation entities
for passengers and third parties;
(B) analyzes the economic effect upon air carriers and
other aviation entities of available commercial war risk
insurance; and
(C) describes the manner in which the Department
could provide an alternative means of providing aviation
war risk reinsurance covering passengers, crew, and third
parties through use of a risk-retention group or by other
means.
Deadline.
Effective date.
49 USC 44306. |
