Laserfiche WebLink
<br />enactment of the Riegle Community Development and <br />Regulatory Improvement Act of 1994, and any modifi<;:ation <br />to coverage under an existing flood insurance contract <br />made after such date, shall become effective upon the <br />expiration of the 30-day period beginning on the date <br />that all obligations for such coverage (including <br />completion of the application and payment of any initial <br />premiums owed) are satisfactorily completed. <br /> <br />(2) EXCEPTION. --The provisions of paragraph (1) shall <br />not apply tou <br /> <br />(A) the initial purchase of flood insurance <br />coverage under this title when the purchase of <br />insurance is in connection with the making, <br />increasing, extension, or renewal of a loan; or <br /> <br />(B) the initial purchase of flood insurance <br />coverage pursuant to a revision or updating of <br />floodplain areas or flood-risk zones under section <br />1360(f), if such purchase occurs during the 1-year <br />period beginning upon publication of notice of the <br />revision or updating under section 1360(h). <br /> <br />(d) (Repealed) <br />ESTIMATES OF PREMIUM RATES <br /> <br />Sec. 1307. (a) The Director is authorized to undertake <br />and carry out such studies and investigations and <br />receive or exchange such information as may be necessary <br />to estimate, and shall from time to time estimate, on an <br />area, subdivision, or other appropriate basis-- <br /> <br />(1) the risk premium rates for flood insurance <br />which-- <br /> <br />(A) based on consideration of the risk <br />involved and accepted actuarial principles, and <br /> <br />(B) includingu <br /> <br />(i) the applicable operating costs and <br />allowances set forth in the schedules <br />prescribed under section 1311 and <br />reflected in such rates, <br /> <br />(ii) any administrative expenses (or portion <br />of such expenses) of carrying out the <br />flood insurance program which, in his <br />discretion, should properly be <br />reflected in such rates, and <br /> <br />27 <br /> <br />42 USC <br />4014 <br />