Sec. 402. Provision of private flood insurance by write your own companies
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/bill/115/s/1313/is/section-402·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
During the first 2 years beginning after the date of enactment of this Act, the Administrator may not prohibit a Write Your Own company from offering or selling private flood insurance outside of the Write Your Own Program for properties that are described in subparagraphs
(A)through
(D)of section 1307(a)(2) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4014(a)(2) ). On and after January 1 of the third year beginning after the date of enactment of this Act, if the Administrator determines, based on the report required under subsection (d)(1) and any other independent data available, that the provision of private flood insurance by a Write Your Own company— to properties in addition to the properties described in subsection
(a)will not adversely impact the ability of the National Flood Insurance Program to maintain a diverse risk pool, the Administrator may waive any remaining restriction, under a Federal statute or regulation, on the ability of a Write Your Own company to offer or sell private flood insurance outside the Write Your Own Program, if the Administrator promulgates regulations to ensure a diverse risk pool for Write Your Own companies that are competing with the National Flood Insurance Program; or is a deterrent to the National Flood Insurance Program maintaining a diverse risk pool of policies, the Administrator may place further restrictions on the ability of a Write Your Own company to offer or sell private flood insurance. The Administrator shall amend article XIII of the WYO Company Financial Assistance/Subsidy Arrangement as necessary to implement subsections
(a)and (b). Not later than the last day of the 2-year period described in subsection (a), the Administrator shall submit to Congress a report detailing the risk classifications of properties for which private flood insurance was sold and underwritten by Write Your Own companies during that 2-year period. Not later than 5 years after the date on which the report is required to be submitted under paragraph (1), the Administrator shall submit to Congress a report detailing the risk classifications of properties for which private flood insurance was sold and underwritten by Write Your Own companies during that 5-year period.
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Sec. 402
Provision of private flood insurance by write your own companies
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