[USC07] 42 USC 4054: Premium equalization payments; basis; aggregate amount; establishment of designated periods
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42 USC 4054: Premium equalization payments; basis; aggregate amount; establishment of designated periods Text contains those laws in effect on June 18, 2019
From Title 42-THE PUBLIC HEALTH AND WELFARECHAPTER 50-NATIONAL FLOOD INSURANCESUBCHAPTER II-ORGANIZATION AND ADMINISTRATION OF FLOOD INSURANCE PROGRAMPart A-Industry Program With Federal Financial Assistance

§4054. Premium equalization payments; basis; aggregate amount; establishment of designated periods

(a) The Administrator, on such terms and conditions as he may from time to time prescribe, shall make periodic payments to the pool formed or otherwise created under section 4051 of this title, in recognition of such reductions in chargeable premium rates under section 4015 of this title below estimated premium rates under section 4014(a)(1) of this title as are required in order to make flood insurance available on reasonable terms and conditions.

(b) Designated periods under this section and the methods for determining the sum of premiums paid or payable during such periods shall be established by the Administrator.

( Pub. L. 90–448, title XIII, §1334, Aug. 1, 1968, 82 Stat. 583 ; Pub. L. 93–234, title I, §111, Dec. 31, 1973, 87 Stat. 981 ; 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, §100238(b)(1), July 6, 2012, 126 Stat. 958 .)

Amendments

2012-Pub. L. 112–141 substituted "Administrator" for "Director" in subsecs. (a) and (b).

1983-Pub. L. 98–181 substituted "Director" for "Secretary" in subsecs. (a) and (b).

1973-Subsecs. (b), (c). Pub. L. 93–234 redesignated subsec. (c) as (b) and struck out former subsec. (b) prescribing formula for sharing losses between Government and industry and permit necessary flexibility in loss sharing to take into account longer-term loss experience trends and to compensate for lack of precision in actuarial computations.

Effective Date

Section effective 120 days following Aug. 1, 1968, or such later date prescribed by the Secretary but in no event more than 180 days following Aug. 1, 1968, see section 1377 of Pub. L. 90–448, set out as a note under section 4001 of this title.

Transfer of Functions

For 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.