42 USC 4051: Industry flood insurance pool; requirements for participation

42 USC 4051: Industry flood insurance pool; requirements for participation Text contains those laws in effect on January 2, 2001

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

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§4051. Industry flood insurance pool; requirements for participation

(a) The Director 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, 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 Director 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 IV, §451(d)(1), Nov. 30, 1983, 97 Stat. 1229 .)

References in Text

This chapter, referred to in subsec. (b), is title XIII of Pub. L. 90–448, Aug. 1, 1968, 82 Stat. 572 , as amended, known as the National Flood Insurance Act of 1968, which enacted this chapter, amended section 2414 of this title, repealed sections 2401 to 2413 and 2415 to 2421 of this title, and enacted provisions set out as a note under section 4001 of this title. For complete classification of this Act to the Code, see Short Title note set out under section 4001 of this title and Tables.

Amendments

1983-Pub. L. 98–181 substituted "Director" for "Secretary" wherever appearing.

Section Referred to in Other Sections

This section is referred to in sections 4013, 4015, 4052, 4054, 4055, 4082 of this title.