; and (3) other factors as deemed appropriate by the Secretary. (b) Eighty to ninety percent coverage of insured losses in excess of retained losses Each contract for reinsurance coverage under this title shall provide that the amount paid out under the contract shall be equal to at least 80 percent, but not more than 90 percent, of the amount of insured losses of the eligible State program in excess of the amount of retained losses that the contract requires, pursuant to subsection (a), to be incurred by such program. (c) Maturity The term of each contract for reinsurance coverage under this title shall not exceed 1 year or such other term as the Secretary may determine. (d) Payment condition Each contract for reinsurance coverage under this title shall authorize claims payments to the eligible State program purchasing the coverage only for insured losses provided under the contract. (e) Multiple events The contract shall cover any insured losses from one or more events that may occur during the term of the contract and shall provide that if multiple events occur, the retained losses requirement under subsection (a) shall apply on a calendar year basis, in the aggregate and not separately to each individual event. (f) Timing of claims Claims under a contract for reinsurance coverage under this title shall include only insurance claims that are reported to the eligible State program within the 3-year period beginning upon the event or events for which payment under the contract is provided. (g) Actuarial pricing The price of coverage under a reinsurance contract under this title shall be an amount, established by the Secretary at a level that annually produces expected premiums that shall be sufficient to pay the reasonably anticipated cost of all claims (which may not be equal only to average annual costs), loss adjustment expenses, all administrative costs of reinsurance coverage offered under this title, and any such outwards reinsurance, as described in section 305(c)(3), as the Secretary considers prudent