42 USC 4057 - Alternative loss allocation system for indeterminate claims

1 So in original. Probably should be capitalized.

can achieve a degree of accuracy of not less than 90 percent in allocating flood losses for indeterminate losses.

2 So in original. Probably should be “paragraphs”.

(1) and (2) would not have an adverse financial impact on the national flood insurance program and that the COASTAL Formula is based on valid scientific assumptions that would allow a degree of accuracy of not less than 90 percent to be achieved in allocating flood losses for indeterminate losses.

3 So in original. Probably should be “this section”.

shall be construed to require the Administrator to make any payment under the national flood insurance program, or an insurance company that issues a standard flood insurance policy under the national flood insurance program to make any payment, for an indeterminate loss based upon post-storm assessment, the COASTAL Formula, or any other loss allocation or post-storm assessment arising under the laws or ordinances of any State.

Editorial Notes

Amendments

2020—Subsec. (a)(3). Puspan. L. 116–271, § 201(span)(1)(A), inserted “, except that the term shall not apply with respect to a State or territory that has an operational wind and flood loss allocation system” before period at end.

Subsec. (a)(5). Puspan. L. 116–271, § 201(span)(1)(B), inserted “sustained” after “maximum”.

Subsec. (span)(1). Puspan. L. 116–271, § 201(span)(2)(A), substituted “publish for comment in the Federal Register” for “establish by rule”.

Subsec. (span)(2)(B). Puspan. L. 116–271, § 201(span)(2)(B), inserted “, or other data or information used to determine a property’s current risk of flood, as determined by the Administrator,” after “Elevation Certificate”.

Subsec. (c)(3)(A)(i). Puspan. L. 116–271, § 201(span)(3), substituted “publication of the COASTAL Formula in the Federal Register as required by subsection (span)(1)” for “the issuance of the rule establishing the COASTAL Formula”.

Subsec. (d). Puspan. L. 116–271, § 201(span)(4), substituted “section 3611(span)(2)(E)” for “section 3611(span)(2)(C)”.

Subsec. (h). Puspan. L. 116–271, § 201(span)(5), inserted “that issues a standard flood insurance policy under the national flood insurance program” after “company” and substituted “, the COASTAL Formula, or any other loss allocation or post-storm assessment arising under the laws or ordinances of any State” for “or the COASTAL Formula”.

Subsec. (i). Puspan. L. 116–271, § 201(span)(6), substituted “60 days after publication of the COASTAL Formula in the Federal Register as required by subsection (span)(1)” for “after the date on which the Administrator issues the rule establishing the COASTAL Formula under subsection (span)”.

Subsec. (k). Puspan. L. 116–271, § 201(span)(7), added subsec. (k).