Sec. 503. National Flood Insurance Reserve Fund compliance

270 words·~1 min read·/bill/115/hr/2874/ih/section-503

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Section 1310A of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4017A ) is amended— in subsection (c)(2)(D), by inserting before the period at the end the following: , including any provisions relating to chargeable premium rates or annual increases of such rates ; in subsection (c)(3), by striking subparagraph

(A)and inserting the following new subparagraph: In exercising the authority granted under paragraph

(1)to increase premiums, the Administrator shall institute a single annual, uniform rate of assessment for all individual policyholders. ; and in subsection (d)— by striking paragraph

(1)and inserting the following new paragraph: Beginning in fiscal year 2018 and not ending until the fiscal year in which the ratio required under subsection

(b)is achieved— in each fiscal year the Administrator shall place in the Reserve Fund an amount equal to not less than 7.5 percent of the reserve ratio required under subsection (b); and if in any given fiscal year the Administrator fails to comply with subparagraph (A), for the following fiscal year the Administrator shall increase the rate of the annual assessment pursuant to subsection (c)(3)(A) by at least one percentage point over the rate of the annual assessment pursuant to subsection (c)(3)(A) in effect on the first day of such given fiscal year. ; in paragraph (2), by inserting before the period at the end the following: nor to increase assessments pursuant to paragraph (1)(B) ; and in paragraph (3), by inserting before the period at the end the following: and paragraph (1)(B) shall apply until the fiscal year in which the ratio required under subsection

(b)is achieved .

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42 USC 4017A

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Sec. 503

National Flood Insurance Reserve Fund compliance

Cite42 USC 4017A

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