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<br />'(1) chargeable premium rates for any types and <br />classes of properties for which insurance coverage shall <br />be available under section 1305 (at less than the <br />estimated risk premium rates under section 1307(a) (1), <br />where necessary), and <br /> <br />(2) the terms and conditions under which, and the <br />areas (including subdivisions thereof) within which, <br />such rates shall apply. <br /> <br />(b) such rates shall, insofar as practicable, be-- <br /> <br />(1) based on a consideration of the respective <br />risks involved, including differences in risks due to <br />land use measures, floodproofing, flood forecasting, and <br />similar measures. <br /> <br />(2) adequate, on the basis of accepted actuarial <br />principles, to provide reserves for anticipated losses, <br />or if less than such amount consistent with the <br />objective of making flood insurance available where <br />necessary at reasonable rates so as to encourage <br />prospective insureds to purchase such insurance and with <br />the purposes of this title, <br /> <br />(3) adequate, together with the fee under paragraph <br />(1) (B) (iii) or (2) of section 1307(a) , to provide for <br />any administrative expenses of the flood insurance and <br />floodplain management programs (including the costs of <br />mapping activities under section 1360), and <br /> <br />(4) stated so as to reflect the basis for such <br />rates, including the differences (if any) between the <br />estimated risk premium rates under section 1307(a) (1) <br />and the estimated rates under section 1307 (a) (2) . <br /> <br />(c) Subject only to the limitation under subsection <br />(e) , 19 the chargeable rate with respect to any property, <br />the construction or substantial improvement of which the <br />Director determines has been started after December 31, <br />1974 or the effective date of the initial rate map <br />pl.lblished by the Director under paragraph (2) of section <br /> <br />19Sec. 572, National Flood Insurance Reform Act of 1994, <br />Public Law 103-325, approved September 23, 1994, amended <br />subsection (c) by striking "Notwithstanding any other <br />provision of this title" and inserting "Subject only to <br />the limitation under subsection (e)" in lieu thereof. <br /> <br />31 <br />