42-U.S.C.-4018
§4018 – Operating Costs and Allowances; Definitions
Pathway
Title 42 > Chapter 50 > Subchapter I > Section 4018
Details
- Reference: Section 4018
- Legend: §4018 – Operating Costs and Allowances; Definitions
- USCode Year: 2011
Provision Content
(a) The Director shall from time to time negotiate with appropriate representatives of the insurance industry for the purpose of establishing—
(1) a current schedule of operating costs applicable both to risk-sharing insurance companies and other insurers and to insurance companies and other insurers, insurance agents and brokers, and insurance adjustment organizations participating on other than a risk-sharing basis, and
(2) a current schedule of operating allowances applicable to risk-sharing insurance companies and other insurers,
which may be payable in accordance with the provisions of subchapter II of this chapter, and such schedules shall from time to time be prescribed in regulations.
(b) For purposes of subsection (a) of this section—
(1) the term “operating costs” shall (without limiting such term) include—
(A) expense reimbursements covering the direct, actual, and necessary expenses incurred in connection with selling and servicing flood insurance coverage;
(B) reasonable compensation payable for selling and servicing flood insurance coverage, or commissions or service fees paid to producers;
(C) loss adjustment expenses; and
(D) other direct, actual, and necessary expenses which the Director finds are incurred in connection with selling or servicing flood insurance coverage; and
(2) the term “operating allowances” shall (without limiting such term) include amounts for profit and contingencies which the Director finds reasonable and necessary to carry out the purposes of this chapter.
(Pub. L. 90–448, title XIII, §1311, Aug. 1, 1968, 82 Stat. 579; 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)(2), 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
1983—Subsecs. (a), (b)(1)(D), (2). Pub. L. 98–181 substituted “Director” for “Secretary” wherever appearing.
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.
U.S. Encyclopedia of Law Coverage
42-U.S.C.-4002 in the Legal Encyclopedia: Public Health
In this entry about 42-U.S.C.-4002, find legal reference material, bibliographies and premiere content related to public health in the American Encyclopedia of Law, presenting a comprehensive view of the United States public health-specific issues, written by authorities in the field.
42-U.S.C.-4003 in the Legal Encyclopedia: Insurance
In this entry about 42-U.S.C.-4003, find legal reference material, bibliographies and premiere content related to insurance in the American Encyclopedia of Law, presenting a comprehensive view of the United States insurance-specific issues, written by authorities in the field.
42-U.S.C.-4002 in the Legal Encyclopedia: Flood
In this entry about 42-U.S.C.-4002, find legal reference material, bibliographies and premiere content related to flood in the American Encyclopedia of Law, presenting a comprehensive view of the United States flood-specific issues, written by authorities in the field.
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