Sec. 1335. reinsurance coverage
278 words·~1 min read·
/statute-compilations/comps-10381/sec-1335A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
## Sec. 1335 reinsurance coverage **[**[42 U.S.C. 4055](/us/usc/t42/s4055)**]** ### (a)35 35So in law. ####
(1)In general The Administrator is authorized to take such action as may be necessary in order to make available, to the pool formed or otherwise created under section 1331, reinsurance for losses (due to claims for proved and approved losses covered by flood insurance) which are in excess of losses assumed by such pool in accordance with the excess loss agreement entered into under subsection (c). ####
(2)Private reinsurance The Administrator is authorized to secure reinsurance of coverage provided by the flood insurance program from the private market at rates and on terms determined by the Administrator to be reasonable and appropriate, in an amount sufficient to maintain the ability of the program to pay claims. ###
(b)Such reinsurance shall be made available pursuant to contract, agreement, or any other arrangement, in consideration of such payment of a premium, fee, or other charge as the Administrator finds necessary to cover anticipated losses and other costs of providing such reinsurance. ###
(c)The Administrator is authorized to negotiate an excess loss agreement, from time to time, under which the amount of flood insurance retained by the pool, after ceding reinsurance, shall be adequate to further the purposes of this title, consistent with the objective of maintaining appropriate financial participation and risk sharing to the maximum extent practicable on the part of participating insurance companies and other insurers. ###
(d)All reinsurance claims for losses in excess of losses assumed by the pool shall be submitted on a portfolio basis by such pool in accordance with terms and conditions established by the Administrator.
Connectionstraces to 1
Traces to 1 document
U.S. Code
Citation graph
cites case law
Sec. 1335
reinsurance coverage
Cites 1Cited by 0 across 0 sources