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U.S Code last checked for updates: Nov 22, 2024
All Titles
Title 42
Chapter 50
Subchapter II
Part A
§ 4051. Industry flood insurance...
§ 4053. Adjustment and payment o...
§ 4051. Industry flood insurance...
§ 4053. Adjustment and payment o...
U.S. Code
Notes
§ 4052.
Agreements with flood insurance pool
(a)
Authorization
(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.
(
Pub. L. 90–448, title XIII, § 1332
,
Aug. 1, 1968
,
82 Stat. 582
;
Pub. L. 98–181, title I
[title IV, § 451(d)(1)],
Nov. 30, 1983
,
97 Stat. 1229
;
Pub. L. 112–141, div. F, title II
, §§ 100232(d)(2), 100238(b)(1),
July 6, 2012
,
126 Stat. 954
, 958.)
cite as:
42 USC 4052
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