42 U.S.C. § 4051 — Industry flood insurance pool; requirements for participation
submitted 58 years ago by Pub. L. 90-448 to r/title-42-THE-PUBLIC-HEALTH-AND-WELFARE · 176 words · no verdicts yet
The Administrator may help qualifying insurers form a pool to provide flood insurance and share responsibility for adjusting and paying claims. The Administrator may set participation requirements, including minimum capital, surplus, or asset requirements.
(a) The Administrator* may encourage and otherwise assist insurance companies and other insurers that meet subsection (b)'s requirements to form, associate, or join a pool. The pool may: (1) provide the flood insurance authorized under subchapter I; and (2) assume financial responsibility, including by reinsuring coverage provided by the flood insurance program, on agreed terms so that the companies and insurers, together with Federal financial and other assistance under this chapter, assume a reasonable share of responsibility for adjusting and paying flood-program loss claims.
(b) To promote effective administration of the flood insurance program and further this chapter's objectives, the Administrator may set appropriate requirements for insurers participating in the pool. These may include minimum requirements for capital, surplus, or assets.
The Administrator* is authorized to encourage and otherwise assist any insurance companies and other insurers which meet the requirements prescribed under subsection (b) to form, associate, or otherwise join together in a pool—
in order to provide the flood insurance coverage authorized under subchapter I; and
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.
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.
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.)
- 1968Enacted · Pub. L. 90-448 · 82 Stat. 582
- 1983Amended · Pub. L. 98-181 · 97 Stat. 1229
- 2012Amended · Pub. L. 112-141 · 126 Stat. 954, 958
A history note hasn’t been published yet. The record shows enactment by Pub. L. 90-448 on 1968-08-01.
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