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“(a) General Nullification.—Any terrorism exclusion in a contract for property and casualty insurance that is in force on the date of enactment of this Act [Nov. 26, 2002] shall be void to the extent that it excludes losses that would otherwise be insured losses. “(b) General Preemption.—Any State approval of any terrorism exclusion from a contract for property and casualty insurance that is in force on the date of enactment of this Act, shall be void to the extent that it excludes losses that would otherwise be insured losses. “(c) Reinstatement of Terrorism Exclusions.—Notwithstanding subsections (a) and (b) or any provision of State law, an insurer may reinstate a preexisting provision in a contract for property and casualty insurance that is in force on the date of enactment of this Act [Nov. 26, 2002] and that excludes coverage for an act of terrorism only—“(1) if the insurer has received a written statement from the insured that affirmatively authorizes such reinstatement; or “(2) if—“(A) the insured fails to pay any increased premium charged by the insurer for providing such terrorism coverage; and “(B) the insurer provided notice, at least 30 days before any such reinstatement, of—“(i) the increased premium for such terrorism coverage; and “(ii) the rights of the insured with respect to such coverage, including any date upon which the exclusion would be reinstated if no payment is received.

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