[Federal Register: July 31, 2007 (Volume 72, Number 146)]
[Notices]
[Page 41770-41771]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr31jy07-108]
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DEPARTMENT OF HOMELAND SECURITY
Federal Emergency Management Agency
National Flood Insurance Program (NFIP); Assistance to Private
Sector Property Insurers
AGENCY: Federal Emergency Management Agency, DHS.
ACTION: Notice.
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SUMMARY: Each year the Federal Emergency Management Agency (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 re-subscribe to the Arrangement.
FOR FURTHER INFORMATION CONTACT: Edward L. Connor, FEMA, 500 C Street,
SW., Washington, DC 20472, 202-646-3429 (phone), 202-646-3445
(facsimile), or Edward.Connor@dhs.gov (e-mail).
SUPPLEMENTARY INFORMATION: 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 2006-2007 Arrangement year FEMA published (71 FR 54678, Sept. 18,
2006) notice of the changes to the Arrangement. No changes have been
made to the Arrangement since the publication of the previous notice;
however changes to the arrangement are contemplated for the future.
During September 2007, FEMA will send a copy of the offer for the
2007-2008 Arrangement year, together with related materials and
submission instructions, to all private insurance companies
participating under the current 2006-2007 Arrangement. Any private
insurance company not currently participating in the WYO Program but
wishing to consider FEMA's offer for 2007-2008 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 at 202-646-3445 (facsimile), or Edward.Connor@dhs.gov (e-
mail).
[[Page 41771]]
Dated: July 23, 2007.
David I. Maurstad,
Federal Insurance Administrator of the National Flood Insurance
Program, Federal Emergency Management Agency, Department of Homeland
Security.
[FR Doc. E7-14716 Filed 7-30-07; 8:45 am]
BILLING CODE 9110-11-P