§ 4015a. Premium surcharge

346 words·~2 min read·/usc/title-42/section-4015a

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(a)Imposition and collection The Administrator shall impose and collect an annual surcharge, in the amount provided in subsection (b), on all policies for flood insurance coverage under the National Flood Insurance Program that are newly issued or renewed after March 21, 2014. Such surcharge shall be in addition to the surcharge under section 4011(b) of this title and any other assessments and surcharges applied to such coverage.

(b)Amount The amount of the surcharge under subsection

(a)shall be—

(1)$25, except as provided in paragraph (2); and

(2)$250, in the case of a policy for any property that is—

(A)a non-residential property; or

(B)a residential property that is not the primary residence of an individual.

(c)Termination Subsections

(a)and

(b)shall cease to apply on the date on which the chargeable risk premium rate for flood insurance under this chapter for each property covered by flood insurance under this chapter, other than properties for which premiums are calculated under subsection

(e)or

(f)of section 4014 of this title or section 4056 of this title or under section 100230 of the Biggert-Waters Flood Insurance Reform Act of 2012 (42 U.S.C. 4014 note), is not less than the applicable estimated risk premium rate under section 4014(a)(1) of this title for such property.

(Pub. L. 90–448, title XIII, § 1308A, as added Pub. L. 113–89, § 8(a), Mar. 21, 2014, 128 Stat. 1023.)

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