PRIA, Government Policy, Made Personal

Summary

The Administrator must charge and collect a yearly surcharge on every National Flood Insurance Program policy that is newly issued or renewed after March 21, 2014. The surcharge is added on top of other fees (including the surcharge under section 4011(b)). The fee is $25 for most policies, and $250 for non‑residential properties or for residential properties that are not the owner’s primary home. The surcharge stops once the chargeable risk premium for each covered property (except properties with premiums set under subsection (e) or (f) of section 4014, section 4056, or section 100230 of the Biggert‑Waters Flood Insurance Reform Act of 2012 (42 U.S.C. 4014 note)) is at least the estimated risk premium in section 4014(a)(1).

Title 42, §4015a

The Public Health and Welfare, Source: USLM XML via OLRC

(a)Imposition and collection

The Administrator shall impose and collect an annual surcharge, in the amount provided in subsection (b), on all policies for flood insurance coverage under the National Flood Insurance Program that are newly issued or renewed after March 21, 2014. Such surcharge shall be in addition to the surcharge under section 4011(b) of this title and any other assessments and surcharges applied to such coverage.

(b)Amount

The amount of the surcharge under subsection (a) shall be—

(1)$25, except as provided in paragraph (2); and

(2)$250, in the case of a policy for any property that is—

(A)a non-residential property; or

(B)a residential property that is not the primary residence of an individual.

(c)Termination

Subsections (a) and (b) shall cease to apply on the date on which the chargeable risk premium rate for flood insurance under this chapter for each property covered by flood insurance under this chapter, other than properties for which premiums are calculated under subsection (e) or (f) of section 4014 of this title or section 4056 of this title or under section 100230 of the Biggert-Waters Flood Insurance Reform Act of 2012 (42 U.S.C. 4014 note), is not less than the applicable estimated risk premium rate under section 4014(a)(1) of this title for such property.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in subsec. (c), was in the original a reference to “this title” meaning title XIII of Pub. L. 90–448, Aug. 1, 1968, 82 Stat. 572, known as the National Flood Insurance Act of 1968, which is classified principally to this chapter. For complete classification of this Act to the Code, see

Short Title

note set out under section 4001 of this title and Tables. section 100230 of the Biggert-Waters Flood Insurance Reform Act of 2012, referred to in subsec. (c), is section 100230 of Pub. L. 112–141, which is set out as a note under section 4014 of this title.

§4015a Premium Surcharge