2014 US Code
Title 42 - The Public Health and Welfare (Sections 1 - 18445)
Chapter 50 - National Flood Insurance (Sections 4001 - 4131)
Subchapter I - The National Flood Insurance Program (Sections 4011 - 4033)
Sec. 4027b - Assessment of claims-paying ability

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Metadata

Publication TitleUnited States Code, 2012 Edition, Supplement 2, Title 42 - THE PUBLIC HEALTH AND WELFARE
CategoryBills and Statutes
CollectionUnited States Code
SuDoc Class NumberY 1.2/5:
Contained WithinTitle 42 - THE PUBLIC HEALTH AND WELFARE
CHAPTER 50 - NATIONAL FLOOD INSURANCE
SUBCHAPTER I - THE NATIONAL FLOOD INSURANCE PROGRAM
Sec. 4027b - Assessment of claims-paying ability
Containssection 4027b
Date2014
Laws In Effect As Of DateJanuary 5, 2015
Positive LawNo
Dispositionstandard
Source CreditPub. L. 112-141, div. F, title II, §100232(e), July 6, 2012, 126 Stat. 955.
Statutes at Large Reference126 Stat. 955
Public and Private LawPublic Law 112-141

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42 U.S.C. § 4027b (2014)

§4027b. Assessment of claims-paying ability

(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.)

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.

DEFINITIONS

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

1 See References in Text note below.

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