Sec. 104. Write Your Own Program reform
223 words·~1 min read·
/bill/118/s/5199/is/section-104A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than 1 year after the date of enactment of this Act, the Administrator shall— issue a proposed rule that caps the reimbursement that the Agency pays to Write Your Own Companies— at not more than 25 percent of the aggregate premiums charged by the Write Your Own Company; and taking into account— the impact of the reimbursement rate on the overall solvency of the National Flood Insurance Program; and reimbursement rates offered by other Federal agencies for similar insurance programs, including programs offered by the Department of Health and Human Services and the Department of Agriculture; and issue a proposed rule that caps the amount that Write Your Own Company pays to an agent of the company as a commission for flood insurance premiums sold by the agent.
Not later than 18 months after the date on which the Administrator issues a proposed rule under subsection (a), the Administrator shall issue a final rule for the proposed rule, which shall apply to all flood insurance policies that are written or renewed on or after the date that is 6 months after the date of publication of the final rule. The Administrator may reassess and modify the caps provided in the final rules issued under subsection
(b)through notice and comment rulemaking procedures under section 553 of title 5, United States Code.