Federal Register: September 18, 2006 (Volume 71, Number 180)
DOCID: FR Doc E6-15462
DEPARTMENT OF HOMELAND SECURITY
Federal Emergency Management Agency
ACTION: National Flood Insurance Program:
DOCUMENT ACTION: Notice.
National Flood Insurance Program (NFIP); Assistance to Private Sector Property Insurers
Each year FEMA is required by the Write-Your-Own (``WYO'') program Financial Assistance/Subsidy Arrangement (``Arrangement'') to notify the private insurance companies (``Companies'') and make available to the Companies the terms for subscription or re subscription to the Arrangement. In keeping with that requirement, this notice provides the terms to the Companies to subscribe or resubscribe to the Arrangement.
Private sector property insurers assistance,
Under the Arrangement, approximately 90 private sector property insurers issue flood insurance policies and adjust flood insurance claims under their own names based on the Arrangement with the Federal Insurance Administration (FIA) (44 CFR part 62, appendix A). The WYO insurers receive an expense allowance and remit the remaining premium to the Federal Government. The Federal Government pays WYO insurers for flood losses and pays loss adjustment expenses based on a fee schedule. Litigation costs, including court costs, attorney fees, judgments, and settlements, are paid by FIA based on submitted documentation. The Arrangement provides that under certain circumstances reimbursement for litigation costs will not be made. The complete Arrangement is published in 44 CFR part 62, appendix A.
Each year FEMA is required to publish in the Federal Register and make available to the Companies the terms for subscription or re subscription to the Financial Assistance/Subsidy Arrangement. During the 20052006 Arrangement year FEMA published (70 FR 55915, Sept. 23, 2005) notice of the changes to the Arrangement. No changes have been made to the Arrangement since the publication of the previous notice. [[Page 54679]]
During September 2006, FEMA will send a copy of the offer for the
20062007 Arrangement year, together with related materials and
submission instructions, to all private insurance companies
participating under the current 20052006 Arrangement. Any private
insurance company not currently participating in the WYO Program but
wishing to consider FEMA's offer for 20062007 may request a copy by
writing: Federal Emergency Management Agency, Mitigation Division,
Attn: WYO Program, 500 C Street, SW., Washington, DC 20472, or contact
Edward Connor 2026463445 (facsimile), or Edward.Connor@dhs.gov (e mail).
David I. Maurstad,
Federal Insurance Administrator, National Flood Insurance Program, Mitigation Division, Federal Emergency Management Agency, Department of Homeland Security.
[FR Doc. E615462 Filed 91506; 8:45 am]
BILLING CODE 911011P
FOR FURTHER INFORMATION CONTACT
Edward L. Connor, FEMA, 500 C Street, SW., Washington, DC 20472, 2026463429 (Phone), 2026463445
(facsimile), or Edward.Connor@dhs.gov (email).