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42 U.S.C. § 4018 — Chargeable premium rates

Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 4018 — Chargeable premium rates

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Source file: Laws/federal/codes/united-states-code/title-42/section-4018-chargeable-premium-rates--bed5d5b802.md
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Source location: Title 42, Chapter 50, § 4018; chapter-050-national-flood-insurance.md

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**(a) Establishment; terms and conditions** On the basis of estimates made under [section 4014 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4014&num=0&edition=prelim), and such other information as may be necessary, the Administrator shall from time to time prescribe, after providing notice— (1) chargeable premium rates for any types and classes of properties for which insurance coverage shall be available under [section 4012 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4012&num=0&edition=prelim) (at less than the estimated risk premium rates under [section 4014(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4014/a/1&num=0&edition=prelim), where necessary), and (2) the terms and conditions under which, and the areas (including subdivisions thereof) within which, such rates shall apply. **(b) Considerations for rates** Such rates shall, insofar as practicable, be— (1) based on a consideration of the respective risks involved, including differences in risks due to land use measures, flood-proofing, flood forecasting, and similar measures; (2) adequate, on the basis of accepted actuarial principles, to provide reserves for anticipated losses, or, if less than such amount, consistent with the objective of making flood insurance available where necessary at reasonable rates so as to encourage prospective insureds to purchase such insurance and with the purposes of this chapter; (3) adequate, together with the fee under paragraph (1)(B)(iii) or (2) of [section 4014(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4014/a&num=0&edition=prelim), to provide for any administrative expenses of the flood insurance and floodplain management programs (including the costs of mapping activities under [section 4101 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4101&num=0&edition=prelim)); (4) stated so as to reflect the basis for such rates, including the differences (if any) between the estimated risk premium rates under [section 4014(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4014/a/1&num=0&edition=prelim) and the estimated rates under [section 4014(a)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4014/a/2&num=0&edition=prelim); and (5) adequate, on the basis of accepted actuarial principles, to cover the average historical loss year obligations incurred by the National Flood Insurance Fund. **(c) Actuarial rate properties** Subject only to the limitations provided under paragraphs (1) and (2), the chargeable rate shall not be less than the applicable estimated risk premium rate for such area (or subdivision thereof) under [section 4014(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4014/a/1&num=0&edition=prelim) with respect to the following properties: (1) **Post-firm properties** — Any property the construction or substantial improvement of which the Administrator determines has been started after December 31, 1974, or started after the effective date of the initial rate map published by the Administrator under paragraph (2) of [section 4101 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4101&num=0&edition=prelim) for the area in which such property is located, whichever is later, except that the chargeable rate for properties under this paragraph shall be subject to the limitation under subsection (e). (2) **Certain leased coastal and river properties** — Any property leased from the Federal Government (including residential and nonresidential properties) that the Administrator determines is located on the river-facing side of any dike, levee, or other riverine flood control structure, or seaward of any seawall or other coastal flood control structure. **(d) Payment of certain sums to Administrator; deposits in Fund** With respect to any chargeable premium rate prescribed under this section, a sum equal to the portion of the rate that covers any administrative expenses of carrying out the flood insurance and floodplain management programs which have been estimated under paragraphs (1)(B)(ii) and (1)(B)(iii) of [section 4014(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4014/a&num=0&edition=prelim) or paragraph (2) of such section (including the fees under such paragraphs), shall be paid to the Administrator. The Administrator shall deposit the sum in the National Flood Insurance Fund established under [section 4017 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4017&num=0&edition=prelim). **(e) Annual limitation on premium increases** Except with respect to properties described under paragraph (2) of subsection (c), and notwithstanding any other provision of this chapter— (1) the chargeable risk premium rate for flood insurance under this chapter for any property may not be increased by more than 18 percent each year, except— (A) as provided in paragraph (4); (B) in the case of property identified under [section 4014(g) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4014/g&num=0&edition=prelim); or (C) in the case of a property that— (i) is located in a community that has experienced a rating downgrade under the community rating system program carried out under [section 4022(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4022/b&num=0&edition=prelim); (ii) is covered by a policy with respect to which the policyholder has— (I) decreased the amount of the deductible; or (II) increased the amount of coverage; or (iii) was misrated; (2) the chargeable risk premium rates for flood insurance under this chapter for any properties initially rated under [section 4014(a)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4014/a/2&num=0&edition=prelim) within any single risk classification, excluding properties for which the chargeable risk premium rate is not less than the applicable estimated risk premium rate under [section 4014(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4014/a/1&num=0&edition=prelim), shall be increased by an amount that results in an average of such rate increases for properties within the risk classification during any 12-month period of not less than 5 percent of the average of the risk premium rates for such properties within the risk classification upon the commencement of such 12-month period; (3) the chargeable risk premium rates for flood insurance under this chapter for any properties within any single risk classification may not be increased by an amount that would result in the average of such rate increases for properties within the risk classification during any 12-month period exceeding 15 percent of the average of the risk premium rates for properties within the risk classification upon the commencement of such 12-month period; and (4) the chargeable risk premium rates for flood insurance under this chapter for any properties described in subparagraphs (A) through (E) of [section 4014(a)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4014/a/2&num=0&edition=prelim) shall be increased by 25 percent each year, until the average risk premium rate for such properties is equal to the average of the risk premium rates for properties described under paragraph (3). **(f) Adjustment of premium** Notwithstanding any other provision of law, if the Administrator determines that the holder of a flood insurance policy issued under this chapter is paying a lower premium than is required under this section due to an error in the flood plain determination, the Administrator may only prospectively charge the higher premium rate. **(g) Frequency of premium collection** With respect to any chargeable premium rate prescribed under this section, the Administrator shall provide policyholders that are not required to escrow their premiums and fees for flood insurance as set forth under [section 4012a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4012a&num=0&edition=prelim) with the option of paying their premiums annually or monthly. **(h) Rule of construction** For purposes of this section, the calculation of an “average historical loss year”— (1) includes catastrophic loss years; and (2) shall be computed in accordance with generally accepted actuarial principles. **(i) Rates for properties newly mapped into areas with special flood hazards** Notwithstanding subsection (f), the premium rate for flood insurance under this chapter that is purchased on or after March 21, 2014— (1) on a property located in an area not previously designated as having special flood hazards and that, pursuant to any issuance, revision, updating, or other change in a flood insurance map, becomes designated as such an area; and (2) where such flood insurance premium rate is calculated under subsection (a)(1) of [section 4014 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4014&num=0&edition=prelim), shall for the first policy year be the preferred risk premium for the property and upon renewal shall be calculated in accordance with subsection (e) of this section until the rate reaches the rate calculated under subsection (a)(1) of [section 4014 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4014&num=0&edition=prelim). **(j) Premiums and reports** In setting premium risk rates, in addition to striving to achieve the objectives of this chapter the Administrator shall also strive to minimize the number of policies with annual premiums that exceed one percent of the total coverage provided by the policy. For any policies premiums that exceed this one percent threshold, the Administrator shall report such exceptions to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. **(k) Consideration of mitigation methods** In calculating the risk premium rate charged for flood insurance for a property under this section, the Administrator shall take into account the implementation of any mitigation method identified by the Administrator in the guidance issued under [section 4102(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4102/d&num=0&edition=prelim). **(l) Clear communications** The Administrator shall clearly communicate full flood risk determinations to individual property owners regardless of whether their premium rates are full actuarial rates. **(m) Protection of small businesses, non-profits, houses of worship, and residences** (1) **Report** — Not later than 18 months after March 21, 2014,11 See References in Text note below. and semiannually thereafter, the Administrator shall monitor and report to Committee on Financial Services of the House Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, the Administrator’s assessment of the impact, if any, of the rate increases required under subparagraphs (A) and (D) of [section 4014(a)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4014/a/2&num=0&edition=prelim) and the surcharges required under [section 4015a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4015a&num=0&edition=prelim) on the affordability of flood insurance for— (A) small businesses with less than 100 employees; (B) non-profit entities; (C) houses of worship; and (D) residences with a value equal to or less than 25 percent of the median home value of properties in the State in which the property is located. (2) **Recommendations** — If the Administrator determines that the rate increases or surcharges described in paragraph (1) are having a detrimental effect on affordability, including resulting in lapsed policies, late payments, or other criteria related to affordability as identified by the Administrator, for any of the properties identified in subparagraphs (A) through (D) of such paragraph, the Administrator shall, not later than 3 months after making such a determination, make such recommendations as the Administrator considers appropriate to improve affordability to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate.

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Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 4012 — Additional Congressional findings and declaration of purpose

**(a)** The Congress finds that— (1) annual losses throughout the Nation from floods and mudslides are increasing at an alarming rate, largely as a result of the accelerating development of, and concentration of population in, areas of flood and mudslide hazards; (2) the availability of Federal loans, grants, guaranties, insurance, and other forms of financial assistance are often determining factors in the utilization of land and the location and construction of public and of private industrial, commercial, and residential facilities; (3) property acquired or constructed with grants or other Federal assistance may be exposed to risk of loss through floods, thus frustrating the purpose for which such assistance was extended; (4) Federal instrumentalities insure or otherwise provide financial protection to banking and credit institutions whose assets include a substantial number of mortgage loans and other indebtedness secured by property exposed to loss and damage from floods and mudslides; (5) the Nation cannot afford the tragic losses of life caused annually by flood occurrences, nor the increasing losses of property suffered by flood victims, most of whom are still inadequately compensated despite the provision of costly disaster relief benefits; and (6) it is in the public interest for persons already living in flood-prone areas to have both an opportunity to purchase flood insurance and access to more adequate limits of coverage, so that they will be indemnified, for their losses in the event of future flood disasters. **(b)** The purpose of this Act, therefore, is to— (1) substantially increase the limits of coverage authorized under the national flood insurance program; (2) provide for the expeditious identification of, and the dissemination of informati

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Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 4001 — Authorization of appropriations; availability

**(a)** There are hereby authorized to be appropriated such sums as may from time to time be necessary to carry out this chapter, including sums— (1) to cover administrative expenses authorized under [section 4126 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4126&num=0&edition=prelim); (2) to reimburse the National Flood Insurance Fund established under [section 4017 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4017&num=0&edition=prelim) for— (A) premium equalization payments under [section 4054 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4054&num=0&edition=prelim) which have been made from such fund; and (B) reinsurance claims paid under the excess loss reinsurance coverage provided under [section 4055 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4055&num=0&edition=prelim); and (3) to make such other payments as may be necessary to carry out the purposes of this chapter. **(b)** All such funds shall be available without fiscal year limitation. **(c)** There are authorized to be appropriated such sums as may be necessary through the date specified in [section 4026 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4026&num=0&edition=prelim), for studies under this chapter.

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Federal law — U.S. Code and appendices · legal_authorities

6 U.S.C. § 542 — Federal air marshal program

(1) **Sense of Congress** — It is the sense of Congress that the Federal air marshal program is critical to aviation security. (2) **Limitation on statutory construction** — Nothing in this chapter, including any amendment made by this chapter, shall be construed as preventing the Under Secretary of Transportation for Security from implementing and training Federal air marshals.

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Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 4014 — Authorization to establish and carry out program

**(a) Authorization and establishment** To carry out the purposes of this chapter, the Administrator of the Federal Emergency Management Agency is authorized to establish and carry out a national flood insurance program which will enable interested persons to purchase insurance against loss resulting from physical damage to or loss of real property or personal property related thereto arising from any flood occurring in the United States. **(b) Additional coverage for compliance with land use and control measures** The national flood insurance program established pursuant to subsection (a) shall enable the purchase of insurance to cover the cost of implementing measures that are consistent with land use and control measures established by the community under [section 4102 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4102&num=0&edition=prelim) for— (1) properties that are repetitive loss structures; (2) properties that are substantially damaged structures; (3) properties that have sustained flood damage on multiple occasions, if the Administrator determines that it is cost-effective and in the best interests of the National Flood Insurance Fund to require the implementation of such measures; and (4) properties for which an offer of mitigation assistance is made under— (A) [section 4104c of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4104c&num=0&edition=prelim) (Flood Mitigation Assistance Program); (B) the Hazard Mitigation Grant Program authorized under [section 5170c of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section5170c&num=0&edition=prelim); (C) the Predisaster Hazard Mitigation Program under [section 5133 of this title](ht

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Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 4051 — Colorado River Floodway

**(a) Renewal and transfer of policies; acquisition of policies after filing of maps** Owners of existing National Flood Insurance Act policies with respect to structures located within the Floodway established under [section 1600c of title 43](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title43-section1600c&num=0&edition=prelim) shall have the right to renew and transfer such policies. Owners of existing structures located within said Floodway on October 8, 1986, who have not acquired National Flood Insurance Act policies shall have the right to acquire policies with respect to such structures for six months after the Secretary of the Interior files the Floodway maps required by section 1600c(b)(2) 11 See References in Text note below. of title 43 and to renew and transfer such policies. **(b) New coverage for new construction or substantial improvements** No new flood insurance coverage may be provided under this chapter on or after a date six months after October 8, 1986, for any new construction or substantial improvements of structures located within the Colorado River Floodway established by [section 1600c of title 43](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title43-section1600c&num=0&edition=prelim). New construction includes all structures that are not insurable prior to that date. **(c) Establishment of temporary boundaries** The Secretary of the Interior may by rule after notice and comment pursuant to [section 553 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section553&num=0&edition=prelim) establish temporary Floodway boundaries to be in effect until the maps required by section 1600c(b)(2) 1 of title 43 are filed, for the purpose of enforcing subsections (b) and (d) of this section.

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Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 4025 — Dissemination of flood insurance information

The Administrator shall from time to time take such action as may be necessary in order to make information and data available to the public, and to any State or local agency or official, with regard to— (1) the flood insurance program, its coverage and objectives, and (2) estimated and chargeable flood insurance premium rates, including the basis for and differences between such rates in accordance with the provisions of [section 4015 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4015&num=0&edition=prelim).

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Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 4012a — Definitions applicable to Flood Disaster Protection Act of 1973

**(a)** As used in this Act, unless the context otherwise requires, the term— (1) “community” means a State or a political subdivision thereof which has zoning and building code jurisdiction over a particular area having special flood hazards; (2) “Federal agency” means any department, agency, corporation, or other entity or instrumentality of the executive branch of the Federal Government, and includes the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation; (3) “financial assistance” means any form of loan, grant, guaranty, insurance, payment, rebate, subsidy, disaster assistance loan or grant, or any other form of direct or indirect Federal assistance, other than general or special revenue sharing or formula grants made to States; (4) “financial assistance for acquisition or construction purposes” means any form of financial assistance which is intended in whole or in part for the acquisition, construction, reconstruction, repair, or improvement of any publicly or privately owned building or mobile home, and for any machinery, equipment, fixtures, and furnishings contained or to be contained therein, and shall include the purchase or subsidization of mortgages or mortgage loans but shall exclude assistance pursuant to the Disaster Relief and Emergency Assistance Act [[42 U.S.C. 5121](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section5121&num=0&edition=prelim) et seq.] (other than assistance under such Act in connection with a flood); (5) “Federal entity for lending regulation” means the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the National Credit Union Administration, and the Farm Credit Administration, and with respect

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Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 4015a — Flood insurance purchase and compliance requirements and escrow accounts

**(a) Amount and term of coverage** After the expiration of sixty days following December 31, 1973, no Federal officer or agency shall approve any financial assistance for acquisition or construction purposes for use in any area that has been identified by the Administrator as an area having special flood hazards and in which the sale of flood insurance has been made available under the National Flood Insurance Act of 1968 [[42 U.S.C. 4001](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4001&num=0&edition=prelim) et seq.], unless the building or mobile home and any personal property to which such financial assistance relates is covered by flood insurance in an amount at least equal to its development or project cost (less estimated land cost) or to the maximum limit of coverage made available with respect to the particular type of property under the National Flood Insurance Act of 1968, whichever is less: Provided, That if the financial assistance provided is in the form of a loan or an insurance or guaranty of a loan, the amount of flood insurance required need not exceed the outstanding principal balance of the loan and need not be required beyond the term of the loan. The requirement of maintaining flood insurance shall apply during the life of the property, regardless of transfer of ownership of such property. **(b) Requirement for mortgage loans** (1) **Regulated lending institutions** — Each Federal entity for lending regulation (after consultation and coordination with the Financial Institutions Examination Council established under the Federal Financial Institutions Examination Council Act of 1974 [[12 U.S.C. 3301](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3301&num=0&edition=prelim) et seq.]) shall

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Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 4017 — Policy disclosures

**(a) In general** Notwithstanding any other provision of law, in addition to any other disclosures that may be required, each policy under the National Flood Insurance Program shall state all conditions, exclusions, and other limitations pertaining to coverage under the subject policy, regardless of the underlying insurance product, in plain English, in boldface type, and in a font size that is twice the size of the text of the body of the policy. **(b) Violations** The Administrator may impose a civil penalty of not more than $50,000 on any person that fails to comply with subsection (a).

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Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 4101 — Adjustment and payment of claims; judicial review; limitations; jurisdiction

In the event the program is carried out as provided in [section 4071 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section4071&num=0&edition=prelim), the Administrator shall be authorized to adjust and make payment of any claims for proved and approved losses covered by flood insurance, and upon the disallowance by the Administrator of any such claim, or upon the refusal of the claimant to accept the amount allowed upon any such claim, the claimant, within one year after the date of mailing of notice of disallowance or partial disallowance by the Administrator, may institute an action against the Administrator on such claim in the United States district court for the district in which the insured property or the major part thereof shall have been situated, and original exclusive jurisdiction is hereby conferred upon such court to hear and determine such action without regard to the amount in the controversy.

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