Sec. 507. Pay for performance and streamlining costs and reimbursement
254 words·~1 min read·
/bill/115/hr/2874/rh/section-507A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 1345 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4081 ), as amended by the preceding provisions of this Act, is further amended by adding at the end the following subsection: The allowance paid to companies participating in the Write Your Own Program (as such term is defined in section 1370 ( 42 U.S.C. 4004 )) with respect to a policy for flood insurance coverage made available under this title shall not be greater than 27.9 percent of the chargeable premium for such coverage. Subparagraph
(A)shall not apply to actual and necessary costs related to section 1312(a) (42 U.S.C, 4019(a)), or to payments deemed necessary by the Administrator. The limitation in subparagraph
(A)shall be imposed by equal reductions over the 3-year period beginning on the date of the enactment of this subsection. The Administrator, within three years of the date of the enactment of this Act, shall reduce the costs and unnecessary burdens for the companies participating in the Write Your Own program by at least half of the amount by which the limitation under paragraph (1)(A) reduced costs compared to the costs as of the date of the enactment of this subsection. In meeting the requirement of subparagraph (A), the Administrator shall consider savings including— indirect payments by the Administrator of premium; eliminating unnecessary communications requirements; reducing the frequency of National Flood Insurance Program changes; simplifying the flood rating system; and other ways of streamlining the Program to reduce costs while maintaining customer service and distribution. .
Connectionstraces to 2
Traces to 2 documents
Citation graph
cites case law
Cites 2Cited by 0 across 0 sources