42 U.S.C. § 4041 — Implementation of program

Page 6047 TITLE 42—THE PUBLIC HEALTH AND WELFARE § 4051 the National Flood Insurance Act of 1968 which com- prises this chapter. Statutory Notes and Related Subsidiaries DEFINITIONS For definitions of terms used in this section, see sec- tion 4005 of this title. SUBCHAPTER II—ORGANIZATION AND AD- MINISTRATION OF FLOOD INSURANCE PROGRAM § 4041. Implementation of program Following such consultation with representa- tives of the insurance industry as may be nec- essary, the Administrator shall implement the flood insurance program authorized under sub- chapter I in accordance with the provisions of part A of this subchapter and, if a determination is made by him under section 4071 of this title, under part B of this subchapter. (Pub. L. 90–448, title XIII, § 1330, Aug. 1, 1968, 82 Stat. 581; 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.) Editorial Notes AMENDMENTS 2012—Pub. L. 112–141 substituted ‘‘Administrator’’ for ‘‘Director’’. 1983—Pub. L. 98–181 substituted ‘‘Director’’ for ‘‘Sec- retary’’. Statutory Notes and Related Subsidiaries 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 sec- tion 1377 of Pub. L. 90–448, set out as a note under sec- tion 4001 of this title. TRANSFER OF FUNCTIONS For transfer of all functions, personnel, assets, com- ponents, authorities, grant programs, and liabilities of the Federal Emergency Management Agency, including the functions of the Under Secretary for Federal Emer- gency 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 li- abilities of the Federal Emergency Management Agen- cy, including the functions of the Director of the Fed- eral Emergency Management Agency relating thereto, to the Secretary of Homeland Security, and for treat- ment of related references, see former section 313(1) and sections 551(d), 552(d), and 557 of Title 6, Domestic Secu- rity, and the Department of Homeland Security Reor- ganization Plan of November 25, 2002, as modified, set out as a note under section 542 of Title 6. PART A—INDUSTRY PROGRAM WITH FEDERAL FINANCIAL ASSISTANCE § 4051. Industry flood insurance pool; require- ments for participation (a) The Administrator is authorized to encour- age and otherwise assist any insurance compa- nies and other insurers which meet the require- ments prescribed under subsection (b) to form, associate, or otherwise join together in a pool— (1) in order to provide the flood insurance coverage authorized under subchapter I; and (2) for the purpose of assuming, including as reinsurance of coverage provided by the flood insurance program, on such terms and condi- tions as may be agreed upon, such financial re- sponsibility 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 responsi- bility for the adjustment and payment of claims for losses under the flood insurance program. (b) In order to promote the effective adminis- tration 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 require- ments for insurance companies and other insur- ers 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.) Editorial Notes REFERENCES IN TEXT This 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. AMENDMENTS 2012—Subsec. (a). Pub. L. 112–141, § 100238(b)(1), sub- stituted ‘‘Administrator’’ for ‘‘Director’’ in introduc- tory 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 ‘‘Sec- retary’’ wherever appearing. Statutory Notes and Related Subsidiaries 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 sec- tion 1377 of Pub. L. 90–448, set out as a note under sec- tion 4001 of this title. TRANSFER OF FUNCTIONS For transfer of all functions, personnel, assets, com- ponents, authorities, grant programs, and liabilities of the Federal Emergency Management Agency, including the functions of the Under Secretary for Federal Emer- gency 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 li- abilities of the Federal Emergency Management Agen- cy, including the functions of the Director of the Fed- eral Emergency Management Agency relating thereto, to the Secretary of Homeland Security, and for treat- ment of related references, see former section 313(1) and