2014 US Code
Title 42 - The Public Health and Welfare (Sections 1 - 18445)
Chapter 50 - National Flood Insurance (Sections 4001 - 4131)
Subchapter II - Organization and Administration of Flood Insurance Program (Sections 4041 - 4084)
Part A - Industry Program With Federal Financial Assistance (Sections 4051 - 4057)
Sec. 4051 - Industry flood insurance pool; requirements for participation
Publication Title | United States Code, 2012 Edition, Supplement 2, Title 42 - THE PUBLIC HEALTH AND WELFARE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 42 - THE PUBLIC HEALTH AND WELFARE CHAPTER 50 - NATIONAL FLOOD INSURANCE SUBCHAPTER II - ORGANIZATION AND ADMINISTRATION OF FLOOD INSURANCE PROGRAM Part A - Industry Program With Federal Financial Assistance Sec. 4051 - Industry flood insurance pool; requirements for participation |
Contains | section 4051 |
Date | 2014 |
Laws In Effect As Of Date | January 5, 2015 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 90-448, title XIII, §1331, Aug. 1, 1968, 82 Stat. 582; Pub. L. 98-181, title I [title IV, §451(d)(1)], Nov. 30, 1983, 97 Stat. 1229; Pub. L. 112-141, div. F, title II, §§100232(d)(1), 100238(b)(1), July 6, 2012, 126 Stat. 954, 958. |
Statutes at Large References | 82 Stat. 582, 572 97 Stat. 1229 126 Stat. 954 |
Public and Private Laws | Public Law 90-448, Public Law 98-181, Public Law 112-141 |
Download PDF
(a) The Administrator is authorized to encourage and otherwise assist any insurance companies and other insurers which meet the requirements prescribed under subsection (b) of this section to form, associate, or otherwise join together in a pool—
(1) in order to provide the flood insurance coverage authorized under subchapter I of this chapter; and
(2) for the purpose of assuming, including as reinsurance of coverage provided by the flood insurance program, on such terms and conditions as may be agreed upon, such financial responsibility as will enable such companies and other insurers, with the Federal financial and other assistance available under this chapter, to assume a reasonable proportion of responsibility for the adjustment and payment of claims for losses under the flood insurance program.
(b) In order to promote the effective administration of the flood insurance program under this part, and to assure that the objectives of this chapter are furthered, the Administrator is authorized to prescribe appropriate requirements for insurance companies and other insurers participating in such pool including, but not limited to, minimum requirements for capital or surplus or assets.
(Pub. L. 90–448, title XIII, §1331, Aug. 1, 1968, 82 Stat. 582; Pub. L. 98–181, title I [title IV, §451(d)(1)], Nov. 30, 1983, 97 Stat. 1229; Pub. L. 112–141, div. F, title II, §§100232(d)(1), 100238(b)(1), July 6, 2012, 126 Stat. 954, 958.)
REFERENCES IN TEXTThis chapter, referred to in subsecs. (a)(2) and (b), was in the original a reference to "this title" meaning title XIII of Pub. L. 90–448, Aug. 1, 1968, 82 Stat. 572, known as the National Flood Insurance Act of 1968, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 4001 of this title and Tables.
AMENDMENTS2012—Subsec. (a). Pub. L. 112–141, §100238(b)(1), substituted "Administrator" for "Director" in introductory provisions.
Subsec. (a)(2). Pub. L. 112–141, §100232(d)(1), inserted ", including as reinsurance of coverage provided by the flood insurance program" before ", on such terms".
Subsec. (b). Pub. L. 112–141, §100238(b)(1), substituted "Administrator" for "Director".
1983—Pub. L. 98–181 substituted "Director" for "Secretary" wherever appearing.
TRANSFER OF FUNCTIONSFor transfer of all functions, personnel, assets, components, authorities, grant programs, and liabilities of the Federal Emergency Management Agency, including the functions of the Under Secretary for Federal Emergency Management relating thereto, to the Federal Emergency Management Agency, see section 315(a)(1) of Title 6, Domestic Security.
For transfer of functions, personnel, assets, and liabilities of the Federal Emergency Management Agency, including the functions of the Director of the Federal Emergency Management Agency relating thereto, to the Secretary of Homeland Security, and for treatment of related references, see former section 313(1) and sections 551(d), 552(d), and 557 of Title 6, Domestic Security, and the Department of Homeland Security Reorganization Plan of November 25, 2002, as modified, set out as a note under section 542 of Title 6.
Disclaimer: These codes may not be the most recent version. The United States Government Printing Office may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the US site. Please check official sources.