The Administrator is authorized to enter into such agreements with the pool formed or otherwise created under this part as he deems necessary to carry out the purposes of this chapter.
(b) Terms and conditions
Such agreements shall specify—
(1)the terms and conditions under which risk capital will be available for the adjustment and payment of claims,
(2)the terms and conditions under which the pool (and the companies and other insurers participating therein) shall participate in premiums received and profits or losses realized or sustained,
(3)the maximum amount of profit, established by the Administrator and set forth in the schedules prescribed under section
4018 of this title, which may be realized by such pool (and the companies and other insurers participating therein),
(4)the terms and conditions under which operating costs and allowances set forth in the schedules prescribed under section
4018 of this title may be paid, and
(5)the terms and conditions under which premium equalization payments under section
4054 of this title will be made and reinsurance claims under section
4055 of this title will be paid.
(c) Additional provisions
In addition, such agreements shall contain such provisions as the Administrator finds necessary to assure that—
(1)no insurance company or other insurer which meets the requirements prescribed under section
4051(b) of this title, and which has indicated an intention to participate in the flood insurance program on a risk-sharing basis, will be excluded from participating in the pool,
(2)the insurance companies and other insurers participating in the pool will take whatever action may be necessary to provide continuity of flood insurance coverage or reinsurance by the pool, and
(3)any insurance companies and other insurers, insurance agents and brokers, and insurance adjustment organizations will be permitted to cooperate with the pool as fiscal agents or otherwise, on other than a risk-sharing basis, to the maximum extent practicable.
This chapter, referred to in subsec. (a), was in the original a reference to “this title” meaning title XIII of Pub. L. 90–448, Aug. 1, 1968, 82 Stat. 572, known as the National Flood Insurance Act of 1968, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section
4001 of this title and Tables.
2012—Subsecs. (a), (b)(3), (c). Pub. L. 112–141, § 100238(b)(1), substituted “Administrator” for “Director”.
Subsec. (c)(2). Pub. L. 112–141, § 100232(d)(2), inserted “or reinsurance” after “flood insurance coverage”.
1983—Subsecs. (a), (b)(3), (c). Pub. L. 98–181substituted “Director” for “Secretary”.
Transfer of Functions
For transfer of all functions, personnel, assets, components, authorities, grant programs, and liabilities of the Federal Emergency Management Agency, including the functions of the Under Secretary for Federal Emergency Management relating thereto, to the Federal Emergency Management Agency, see section
315(a)(1) of Title
6, Domestic Security.
For transfer of functions, personnel, assets, and liabilities of the Federal Emergency Management Agency, including the functions of the Director of the Federal Emergency Management Agency relating thereto, to the Secretary of Homeland Security, and for treatment of related references, see former section
557 of Title
6, Domestic Security, and the Department of Homeland Security Reorganization Plan of November 25, 2002, as modified, set out as a note under section
542 of Title
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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