non-CART year ), and (B) such catastrophic risk transfer company meets the distribution requirements of paragraph (2) with respect to the non-CART year, then, for purposes of applying subsection (a)(2) to subsequent taxable years, the provisions of this part shall be treated as applying to such catastrophic risk transfer company for the non-CART year. If the determination under subparagraph (A) is solely as a result of the failure to meet the requirements of subsection (a)(2), the preceding sentence shall also apply for purposes of applying subsection (a)(2) to the non-CART year and the amount referred to in paragraph (2)(A)(i) shall be the portion of the accumulated earnings and profits which resulted in such failure. (2) Distribution requirements (A) In general The distribution requirements of this paragraph are met with respect to any non-CART year if, within the 90-day period beginning on the date of the determination (or within such longer period as the Secretary may permit), the catastrophic risk transfer company makes 1 or more qualified designated distributions and the amount of such distributions is not less than the excess of— (i) the portion of the accumulated earnings and profits of the catastrophic risk transfer company (as of the date of the determination) which are attributable to the non-CART year, over (ii) any interest payable under paragraph (3). (B) Qualified designated distribution For purposes of this paragraph, the term qualified designated distribution means any distribution made by the catastrophic risk transfer company if— (i) section 301 applies to such distribution, and (ii) such distribution is designated (at such time and in such manner as the Secretary shall by regulations prescribe) as being taken into account under this paragraph with respect to the non-CART year. (C) Effect on dividends paid deduction Any qualified designated distribution shall not be included in the amount of dividends paid for purposes of computing the dividends paid deduction for any taxable year. (3)