FLOOD05285 - Laserfiche WebLink

Home Browse Search

'(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 chapter II, and such schedules shall from time to time be prescribed in regulations. (b) For purposes of subsection (a)-- (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; (e) 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 limit,ing such term) include amounts for profit and contingencies which the Director finds reasonable and necessary to carry out the purposes of this title. PAYMENT OF CLAIMS Sec. 1312. The Director is authorized to prescribe regulations establishing the general method or methods by which proved and approved claims for losses may be adjusted and paid for any damage to or loss of property which is covered by flood insurance made available under the provisions of this title. DISSEMINATION OF FLOOD INSURANeE INFORMATION Sec. 1313. The Director shall from time to time take such action as may be necessary in order to make 36 42 USC 4019 42 USC 4020