Sec. 107. Refund of premiums upon cancellation of policy because of replacement with private flood insurance
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Section 1306 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4013 ) is amended by adding at the end the following new subsection: Subject to subsection (c), if at any time an insured under a policy for flood insurance coverage for a property that is made available under this title cancels such policy because other duplicate flood insurance coverage for the same property has been obtained from a source other than the National Flood Insurance Program under this title, the Administrator shall refund to the former insured a portion of the premiums paid for the coverage made available under this title, as determined consistent with industry practice according to the portion of the term of the policy that such coverage was in effect, but only if a copy of declarations page of the new policy obtained from a source other than the program under this title is provided to the Administrator.
For purposes of this subsection, a cancellation of a policy for coverage made available under the National Flood Insurance Program under this title, for the reason specified in paragraph (1), shall be effective— on the effective date of the new policy obtained from a source other than the program under this title, if the request for such cancellation was received by the Administrator before the expiration of the 6-month period beginning on the effective date of the new policy; or on the date of the receipt by the Administrator of the request for cancellation, if the request for such cancellation was received by the Administrator after the expiration of the 6-month period beginning on the effective date of the new policy.
No premium amounts paid for coverage made available under this title may be refunded pursuant to this subsection— with respect to coverage for any property for which measures have been implemented using amounts received pursuant to a claim under increased cost of compliance coverage made available pursuant to section 1304(b); or if a claim has been paid or is pending under the policy term for which the refund is sought. .
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Sec. 107
Refund of premiums upon cancellation of policy because of replacement with private flood insurance
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