Laserfiche WebLink
<br />(5) any flood insurance coverage which may be <br />made available in excess of the limits specified in <br />subparagraph (A), (B), or (C) of paragraph (1), shall be <br />based only on chargeable premium rates under section <br />1308 which are not less than the estimated premium rates <br />under section 1307(a) (1), and the amount of such excess <br />coverage shall not in any case exceed an amount equal to <br />the applicable limit so specified (or allocated) under <br />paragraph (1) (e), (2), (3), or (4), as applicable.16 <br /> <br />(c) (Removed) 17 <br /> <br />(c) 18 EFFECTIVE DATE OF POLICIES.-- <br /> <br />(1) WAITING PERIOD. - - Except as provided in I?aragraph <br />(2), coverage under a new contract for flood 1nsurance <br />coverage under this title entered into after the date of <br /> <br />16 Sec. 573, National Flood Insurance Reform Act of <br />1994, Public Law 103-325, approved September 23, 1994, <br />amended paragraph (5) by striking "and" at the end and <br />inserting a period and by striking paragraph (6) to <br />remove the ceiling on the amount of coverage required. <br /> <br />17Sec. 552 (a), National Flood Insurance Reform Act of <br />1994, Public Law 103-325, approved September 23, 1994, <br />removed subsection (c) of the National Flood Insurance <br />Act of 1968, as amended.' However, Sec. 552(b) provided <br />a 1-year transition phase beginning on the date of <br />enactment of the National Flood Insurance Reform Act of <br />1994 during which the Director of the Federal Emergency <br />Management Agency may pay amounts under flood insurance <br />contracts for demolition or relocation of structures as <br />provided in section 1306 (c) of the National Flood <br />Insurance Act of 1968 (as in effect immediately before <br />the date of enactment of the National Flood Insurance <br />Reform Act of 1994). Sec. 552 (c) further provided that, <br />notwi thstanding Sec. 552 (a), the Director shall take any <br />action necessary to make payments under flood insurance <br />contracts pursuant to any commitments made before the <br />expiration of the 1-year period referred to in Sec. <br />552(b) pursuant to the authority under section 1306(c) <br />of the National Flood Insurance Act of 1968 or <br />subsection (b) of the National Flood Insurance Reform <br />Act of 1994. <br /> <br />18Sec. 579, National Flood Insurance Reform Act of 1994, <br />Public Law 103-325, approved September 23, 1994, added <br />this new subsection (c). <br /> <br />26 <br />