republic-os/legal/us/code/title-42/chapter-50/section-4055.md

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LegalText	42 U.S.C. § 4055	Reinsurance coverage	us	united_states_code	code_section	42	THE PUBLIC HEALTH AND WELFARE	50	NATIONAL FLOOD INSURANCE	4055	42 U.S.C. § 4055	current	119-100	2026-06-26	official	https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc42@119-100.zip	/us/usc/t42/s4055	data/legal/raw/us/code/title-42/usc42.xml	b32b7eb5c2ca3bcc51cf3c3ffed23fd6125c3a26c483ff242c4e54d179b91319	644321055a08eb1f260a6a3e31ac157fa024756abf612a9fd6857e7e400cf24e	55ff247ef86f7d055f01a8cab4a2490272672d2b23696959decfd481799bbd22	2026-07-04	official	legal us-code

42 U.S.C. § 4055 - Reinsurance coverage

Text

(a) Availability for excess losses (1) In general The Administrator is authorized to take such action as may be necessary in order to make available, to the pool formed or otherwise created under section 4051 of this title, reinsurance for losses (due to claims for proved and approved losses covered by flood insurance) which are in excess of losses assumed by such pool in accordance with the excess loss agreement entered into under subsection (c).

(2) Private reinsurance The Administrator is authorized to secure reinsurance of coverage provided by the flood insurance program from the private market at rates and on terms determined by the Administrator to be reasonable and appropriate, in an amount sufficient to maintain the ability of the program to pay claims.

(b) Availability pursuant to contract, agreement, or other arrangement; payment of premium, fee, or other charge Such reinsurance shall be made available pursuant to contract, agreement, or any other arrangement, in consideration of such payment of a premium, fee, or other charge as the Administrator finds necessary to cover anticipated losses and other costs of providing such reinsurance.

(c) Excess loss agreement; negotiation The Administrator is authorized to negotiate an excess loss agreement, from time to time, under which the amount of flood insurance retained by the pool, after ceding reinsurance, shall be adequate to further the purposes of this chapter, consistent with the objective of maintaining appropriate financial participation and risk sharing to the maximum extent practicable on the part of participating insurance companies and other insurers.

(d) Submission of excess losses on portfolio basis All reinsurance claims for losses in excess of losses assumed by the pool shall be submitted on a portfolio basis by such pool in accordance with terms and conditions established by the Administrator.

(Pub. L. 90–448, title XIII, § 1335, Aug. 1, 1968, 82 Stat. 583; Pub. L. 98–181, title I [title IV, § 451(d)(1)], Nov. 30, 1983, 97 Stat. 1229; Pub. L. 112–141, div. F, title II, §§ 100232(d)(3), 100238(b)(1), July 6, 2012, 126 Stat. 954, 958.)

Notes

Editorial Notes

References in TextThis 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.

Amendments2012—Subsec. (a). Pub. L. 112–141, § 100232(d)(3), designated existing provisions as par. (1), inserted heading, substituted “The Administrator” for “The Director” and added par. (2). Subsecs. (b) to (d). Pub. L. 112–141, § 100238(b)(1), substituted “Administrator” for “Director”. 1983—Pub. L. 98–181 substituted “Director” for “Secretary” wherever appearing.

Statutory Notes and Related Subsidiaries

Effective DateSection effective 120 days following Aug. 1, 1968, or such later date prescribed by the Secretary but in no event more than 180 days following Aug. 1, 1968, see section 1377 of Pub. L. 90–448, set out as a note under section 4001 of this title.

Transfer of Functions For transfer of all functions, personnel, assets, components, authorities, grant programs, and liabilities of the Federal Emergency Management Agency, including the functions of the Under Secretary for Federal Emergency Management relating thereto, to the Federal Emergency Management Agency, see section 315(a)(1) of Title 6, Domestic Security. For transfer of functions, personnel, assets, and liabilities of the Federal Emergency Management Agency, including the functions of the Director of the Federal Emergency Management Agency relating thereto, to the Secretary of Homeland Security, and for treatment of related references, see former section 313(1) and sections 551(d), 552(d), and 557 of Title 6, Domestic Security, and the Department of Homeland Security Reorganization Plan of November 25, 2002, as modified, set out as a note under section 542 of Title 6.