[Code of Federal Regulations]

[Title 44, Volume 1]

[Revised as of October 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 44CFR2.31]



[Page 22]

 

              TITLE 44--EMERGENCY MANAGEMENT AND ASSISTANCE

 

 CHAPTER I--FEDERAL EMERGENCY MANAGEMENT AGENCY, DEPARTMENT OF HOMELAND 

                                SECURITY

 

PART 2_ORGANIZATION, FUNCTIONS, AND DELEGATIONS OF AUTHORITY--

Table of Contents

 

     Subpart A_Organization, Functions, and Delegations of Authority

 

Sec.  2.31  Federal Insurance Administration.



    (a) Mission. The Federal Insurance Administration markets, issues, 

and services insurance policies under the National Flood Insurance 

Program (NFIP) and the Federal Crime Insurance Program (FCIP), with 

assistance from private insurance companies and servicing contractors.

    (b) Functions. The principal functions of the Federal Insurance 

Administration are:

    (1) Establishment of regulations, policy guidelines, standard 

contracts of insurance, and insurance rates for the NFIP and FCIP;

    (2) Establishment of policy, plans, and procedures for evaluation, 

payment, and review of insurance claims;

    (3) Oversight of servicing contracts for the NFIP and FCIP and the 

issuance and servicing of flood insurance policies by Write-Your-Own 

(WYO) carriers;

    (4) Studies of the costs and feasibility of proposed extensions of 

the National Flood Insurance Program or of the proposed establishment of 

Federal insurance programs for other natural hazards; and

    (5) Administration of the National Flood Insurance Fund and National 

Insurance Development Fund.

    (c) Delegated authorities. The Federal Insurance Administrator is 

authorized to exercise the duties and powers of the Director as set 

forth in section 1-104 of E.O. 12127 insofar as it pertains to the 

marketing, issuance, and servicing of insurance under the NFIP and FCIP.