; and (2) in paragraph (9)— (A) by striking subparagraph (A); and (B) in subparagraph (B), by striking this paragraph and inserting section 242(a)(2) of the Protecting American Taxpayers and Homeowners Act of 2018 . 203. Risk transfer (a) Demonstration model (1) In general The Administrator shall annually cede a portion of the risk with respect to the mortgages insured by the FHA to the private reinsurance or capital markets, or any combination thereof, and at rates and terms that the Administrator determines to be reasonable and appropriate, in an amount that— (A) is sufficient to maintain the ability of FHA to pay claims; (B) manages and limits the annual exposure of the funds managed by FHA