Sec. 405. Write Your Own Risk Sharing Pilot Program
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In this section— the term excess flood insurance policy means a flood insurance policy sold under the Pilot Program; and the term Pilot Program means the Write Your Own Risk Sharing Pilot Program established under subsection (b). The Administrator shall establish and conduct a pilot program under the National Flood Insurance Program, to be known as the Write Your Own Risk Sharing Pilot Program , to make available a flood insurance policy applying only to loss or damage in excess of not less than $50,000 for sale by Write Your Own companies that agree to participate in the Pilot Program.
The Administrator may establish terms, conditions, and eligibility criteria for Write Your Own companies participating in the Pilot Program. The chargeable rate for an excess flood insurance policy sold in an area (or subdivision thereof) shall be not less than the applicable estimated risk premium rate for the area (or subdivision thereof) under section 1307(a)(1) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4014(a)(1) ). Any surcharge or fee, with respect to an excess flood insurance policy, charged to a policyholder participating in the Pilot Program for a period shall be reduced by the amount of any surcharge for a private flood insurance policy under section 1308A(a)(2) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4015a(a)(2) ) (as added by section 404) or fee for a private flood insurance policy under section 1307(a)(1)(B)(iii) of that Act ( 42 U.S.C. 4014(a)(1)(B)(iii) ) (as amended by section 404), respectively, paid by the policyholder for coverage during the same period.
An excess flood insurance policy shall have the same coverages, exclusions, and limitations as the Standard Flood Insurance Policy insofar as the Policy relates to the requirements of this section. Coverage amounts for an excess flood insurance policy shall not exceed the coverage amounts established under section 1306(b) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4013(b) ). An excess flood insurance policy sold under the Pilot Program shall require the insured to carry primary flood insurance that— provides a maximum coverage limit of not less than $50,000; is issued by a Write Your Own company; and complies with any other conditions adopted by the Administrator.
The Administrator shall carry out the Pilot Program as authorized by and in accordance with the National Flood Insurance Act of 1968 ( 42 U.S.C. 4001 et seq.) insofar as that Act relates to this section, subject to the modifications made by this section. The Administrator shall make policies available for sale to the public under the Pilot Program not later than 18 months after the date of enactment of this Act. The Administrator may not issue or renew contracts for flood insurance under the Pilot Program— on and after the date is 5 years after the date contracts for flood insurance under this section are made available for purchase; and at any time after the expiration of the National Flood Insurance Program under section 1319 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4026 ).
Not later than 180 days after the date on which the authority for the Pilot Program terminates under subsection (g), the Administrator shall submit to Congress a report on— the aggregate amount of premiums, surcharges, and fees charged under the Pilot Program; and claims loss data experienced by the Write Your Own companies participating in the Pilot Program and the National Flood Insurance Program on policies sold under the Pilot Program.
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Sec. 405
Write Your Own Risk Sharing Pilot Program
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