§ 4027b. Assessment of claims-paying ability

350 words·~2 min read·/usc/title-42/section-4027b

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(1)Assessment

(A)Assessment required

(i)In general Not later than September 30 of each year, the Administrator shall conduct an assessment of the ability of the National Flood Insurance Program to pay claims.

(ii)Private market reinsurance The assessment under this paragraph for any year in which the Administrator exercises the authority under section 4055(a)(2) of this title, as added by this section,1 to secure reinsurance of coverage provided by the National Flood Insurance Program from the private market shall include information relating the use of private sector reinsurance and reinsurance equivalents by the Administrator, whether or not the Administrator used the borrowing authority under section 4016 of this title.

(iii)First assessment The Administrator shall conduct the first assessment required under this paragraph not later than September 30, 2012.

(B)Considerations In conducting an assessment under subparagraph (A), the Administrator shall take into consideration regional concentrations of coverage written by the National Flood Insurance Program, peak flood zones, and relevant mitigation measures.

(2)Annual report of the Administrator of activities under the National Flood Insurance Program The Administrator shall—

(A)include the results of each assessment in the report required under section 4027a of this title; and

(B)not later than 30 days after the date on which the Administrator completes an assessment required under paragraph (1), make the results of the assessment available to the public.

(Pub. L. 112–141, div. F, title II, § 100232(e), July 6, 2012, 126 Stat. 955.)

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