; (2) establishes that the maritime insurance contract satisfies the conditions established by the Undersecretary for Terrorism and Financial Crimes to be voidable pursuant to section 3; and (3) possesses, to the satisfaction of the primary insurance regulatory authority, clear and compelling credible factual evidence that a policyholder has failed to verify the registration of a vessel. 5. Report (a) In general Not later than the end of the 180-day period beginning on the date of the enactment of this Act, and annually thereafter for 5 years, the Secretary of the Treasury shall issue a report to the appropriate committees of the Congress— (1) detailing any reports received by the Undersecretary for Terrorism and Financial Crimes from a primary insurance regulatory authority under section 4; (2) detailing any steps taken by the Secretary of the Treasury on the receipt of that information; (3) describing of activities taken by the Secretary of the Treasury, including meetings and advisories, to engage with the maritime community, foreign governments, and civil society to improve outreach and understanding of the compliance expectations related to maritime sanctions evasion