50.20—General mandatory availability requirements.
(a)
Transition Period and Program
Years 1 and 2—period ending December 31, 2004.
Under section 103(c) of the Act (unless the time
is extended by the Secretary as provided in that
section) during the period beginning on November
26, 2002 and ending on December 31, 2004 (the last
day of Program Year 2), an insurer must:
(1)
Make available, in all of its property and
casualty insurance policies, coverage for insured
losses; and
(2)
Make available property and casualty
insurance coverage for insured losses that does
not differ materially from the terms, amounts, and
other coverage limitations applicable to losses
arising from events other than acts of
terrorism.
(b)
Program Year 3—calendar year
2005. In accordance with the determination of
the Secretary announced June 18, 2004, an insurer
must comply with paragraphs (a)(1) and (a)(2) of
this section during Program Year 3.
(c)
(a)
3]Program Years 4 and 5—calendar
years 2006 and 2007. Under section 103(c) of
the Act, an insurer must comply with paragraphs
(a)(1) and (a)(2) of this section during Program
Years 4 and 5.
(d) Program Years thereafter.
Under section 103(c) of the Act, an insurer must
comply with paragraphs (a)(1) and (a)(2) of this
section during Program Years 2008 through
2014.
(e) Beyond 2014.
Notwithstanding
paragraph (a)(2) of this section and § 50.23(a) ,
property and casualty insurance coverage for
insured losses does not have to be made available
beyond December 31, 2014, even if the policy
period of insurance coverage for losses from
events other than acts of terrorism extends beyond
that date.