42 U.S.C. § 4027b — Assessment of claims-paying ability

FEDERAL · 42 U.S.C. · Chapter 50

Assessment of claims-paying ability

Current through Pub. L. 119-102

Title 42 — The Public Health and Welfare·Ch. 50 — NATIONAL FLOOD INSURANCE·Subch. I

(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 firs

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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.

42 U.S.C. § 4027b (Assessment of claims-paying ability) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

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

Editorial Notes

Editorial Notes

References in Text
This section, referred to in par. (1)(A)(ii), means section 100232 of Pub. L. 112–141, which enacted this section and amended sections 4051, 4052, 4055, 4082, and 4121 of this title.

Codification
Section was enacted as part of the Biggert-Waters Flood Insurance Reform Act of 2012, and also as part of the Moving Ahead for Progress in the 21st Century Act, also known as the MAP–21, and not as part of the National Flood Insurance Act of 1968 which comprises this chapter.

Statutory Notes and Related Subsidiaries

Definitions
For definitions of terms used in this section, see section 4004 of this title.