Statutory Text

46 U.S.C. § 53907 — Reinsurance

U.S.C. Title 46 - SHIPPING 46 U.S.C. United States Code, 2023 Edition Title 46 - SHIPPING Subtitle V - Merchant Marine Part C - Financial Assistance Programs CHAPTER 539 - WAR RISK INSURANCE Sec. 53907 - Reinsurance From the U.S. Government Publishing Office, www.gpo.gov

§53907. Reinsurance

(a) In General.—To the extent the Secretary of Transportation is authorized to provide insurance under this chapter, the Secretary may provide reinsurance to a company authorized to do insurance business in a State of the United States. The Secretary may obtain reinsurance from such a company for any insurance provided by the Secretary under this chapter. (b) Rates.—The Secretary may not provide reinsurance at rates less than, nor obtain reinsurance at rates more than, the rates established by the Secretary on the same or similar risks or the rates charged by the insurance company for the insurance reinsured, whichever is more advantageous to the Secretary. However, the Secretary may provide an allowance to the insurance company for the costs of services and facilities the company provides, in an amount the Secretary considers reasonable according to good business practice. The allowance to the company may not include any amount for soliciting or stimulating insurance business.

(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1629.)

Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large)

53907 46 App.:1287. June 29, 1936, ch. 858, title XII, §1207, as added Sept. 7, 1950, ch. 906, 64 Stat. 775.

In subsection (a), the words "insurance under this chapter" are substituted for "marine, war risk, and liability insurance" for consistency in this chapter. The words "in whole or in part" are omitted as unnecessary. The words "obtain reinsurance from" are substituted for "reinsure with, or cede or retrocede to" for clarity and to eliminate unnecessary words.

Source: uscode.house.gov — public domain Official Source ↗

Root-LD Entity Data

◈ Machine-Readable Provenance Record Root-LD v1.0 · boisestandard.org

Federation ID

BS-USC46-SEC-B55296

Entity Class

STATUTE / FEDERAL-CODE-SECTION

Domain Signature

boisestandard.org

Citation

46 U.S.C. § 53907

Jurisdiction

Federal — United States

Status

✓ ACTIVE

Source

PRIMARY-SOURCE

Source Verified

✓ TRUE

Content Hash

7cdcc7b57f6d3cce...

Semantic Edges

Pending — corpus passes queued

The statutory text of 46 U.S.C. § 53907 is reproduced from the official United States Code as published by the Office of the Law Revision Counsel of the U.S. House of Representatives (uscode.house.gov).

Navigate Corpus — Title 46

← 46 U.S.C. § 53906 46 U.S.C. § 53908 →

Ch. 539 — WAR RISK INSURANCE

46 U.S.C. § 53901 46 U.S.C. § 53902 46 U.S.C. § 53903 46 U.S.C. § 53904 46 U.S.C. § 53905 46 U.S.C. § 53906 46 U.S.C. § 53907 46 U.S.C. § 53908 46 U.S.C. § 53909 46 U.S.C. § 53910 46 U.S.C. § 53911 46 U.S.C. § 53912

46 U.S.C. — public domain ← All Legislation