42 U.S.C. § 4017 | National Flood Insurance Fund

(a)

Establishment; availability

To carry out the flood insurance program authorized by this chapter, the Administrator shall establish in the Treasury of the United States a National Flood Insurance Fund (hereinafter referred to as the “fund”) which shall be an account separate from any other accounts or funds available to the Administrator and shall be available as described in subsection (f), without fiscal year limitation (except as otherwise provided in this section)—

(1)

section 4054 of this title for making such payments as may, from time to time, be required under ;

(2)

section 4055 of this title to pay reinsurance claims under the excess loss reinsurance coverage provided under ;

(3)

section 4016 of this title to repay to the Secretary of the Treasury such sums as may be borrowed from him (together with interest) in accordance with the authority provided in ; and

(4)

section 4101 of this title to the extent approved in appropriations Acts, to pay any administrative expenses of the flood insurance and floodplain management programs (including the costs of mapping activities under );

(5)

for the purposes specified in subsection (d) under the conditions provided therein;

(6)

section 4022(b) of this title for carrying out the program under ;

(7)

section 4104d(b)(1) of this title for transfers to the National Flood Mitigation Fund, but only to the extent provided in ; and

(8)

section 4104(f) of this title for carrying out .

(b)

Credits to Fund

The fund shall be credited with—

(1)

section 4016 of this title such funds borrowed in accordance with the authority provided in as may from time to time be deposited in the fund;

(2)

section 4055 of this title premiums, fees, or other charges which may be paid or collected in connection with the excess loss reinsurance coverage provided under ;

(3)

such amounts as may be advanced to the fund from appropriations in order to maintain the fund in an operative condition adequate to meet its liabilities;

(4)

interest which may be earned on investments of the fund pursuant to subsection (c);

(5)

section 4015(d) of this title such sums as are required to be paid to the Administrator under ; and

(6)

receipts from any other operations under this chapter (including premiums under the conditions specified in subsection (d), and salvage proceeds, if any, resulting from reinsurance coverage).

(c)

Investment of moneys in obligations issued or guaranteed by United States

If, after—

(1)

all outstanding obligations of the fund have been liquidated, and

(2)

section 4127(a)(2)(B) of this title section 2414(e) of this titleAugust 1, 1968 any outstanding amounts which may have been advanced to the fund from appropriations authorized under have been credited to the appropriation from which advanced, with interest accrued at the rate prescribed under , as in effect immediately prior to ,

the Administrator determines that the moneys of the fund are in excess of current needs, he may request the investment of such amounts as he deems advisable by the Secretary of the Treasury in obligations issued or guaranteed by the United States.

(d)

Availability of Fund if operation of program is carried out through facilities of Federal Government

section 4071 of this titleIn the event the Administrator makes a determination in accordance with the provisions of that operation of the flood insurance program, in whole or in part, should be carried out through the facilities of the Federal Government, the fund shall be available for all purposes incident thereto, including—

(1)

cost incurred in the adjustment and payment of any claims for losses, and

(2)

section 4018 of this title payment of applicable operating costs set forth in the schedules prescribed under ,

for so long as the program is so carried out, and in such event any premiums paid shall be deposited by the Administrator to the credit of the fund.

(e)

Annual budget

An annual business-type budget for the fund shall be prepared, transmitted to the Congress, considered, and enacted in the manner prescribed by sections 9103 and 9104 of title 31 for wholly-owned Government corporations.

(f)

Availability of funds dependent on future appropriations acts

October 1, 1981The fund shall be available, with respect to any fiscal year beginning on or after , only to the extent approved in appropriation Acts; except that the fund shall be available for the purpose described in subsection (d)(1) without such approval.

Pub. L. 90–448, title XIII, § 1310Aug. 1, 196882 Stat. 577 Pub. L. 97–35, title III, § 341(c)Aug. 13, 198195 Stat. 419 Pub. L. 98–181, title INov. 30, 198397 Stat. 1229 Pub. L. 98–479, title II, § 203(j)(1)Oct. 17, 198498 Stat. 2231 Pub. L. 100–242, title V, § 545(d)Feb. 5, 1988101 Stat. 1942 Pub. L. 101–508, title II, § 2302(e)(3)Nov. 5, 1990104 Stat. 1388–24 Pub. L. 103–325, title VSept. 23, 1994108 Stat. 2269 Pub. L. 108–264, title IJune 30, 2004118 Stat. 721 Pub. L. 112–141, div. F, title IIJuly 6, 2012126 Stat. 941 Pub. L. 113–89, § 18(b)Mar. 21, 2014128 Stat. 1027 (, , ; , , ; [title IV, § 451(d)(1)], , ; , , ; , , ; , , ; , §§ 542, 554(b), 577(h), , , 2274, 2283; , §§ 102(b), 104(b), , , 723; , §§ 100225(d), 100238(b)(1), , , 958; , , .)

Editorial Notes

References in Text

Pub. L. 90–448Aug. 1, 196882 Stat. 572 section 4001 of this titleThis chapter, referred to in subsecs. (a) and (b)(6), was in the original a reference to “this title” meaning title XIII of , , , 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 and Tables.

Amendments

Pub. L. 113–892014—Subsec. (a)(8). added par. (8).

Pub. L. 112–141, § 100238(b)(1)2012—Subsec. (a). , substituted “Administrator” for “Director” in two places.

Pub. L. 112–141, § 100225(d)Subsec. (a)(6) to (9). , inserted “and” at end of par. (6), substituted period for semicolon at end of par. (7), and struck out pars. (8) and (9) which read as follows:

section 4102a of this title section 4102a(i) of this title“(8) for financial assistance under to States and communities for taking actions under such section with respect to severe repetitive loss properties, but only to the extent provided in ; and

section 4030 of this title“(9) for funding, not to exceed $10,000,000 in any fiscal year, for mitigation actions under , except that, notwithstanding any other provision of this chapter, amounts made available pursuant to this paragraph shall not be subject to offsetting collections through premium rates for flood insurance coverage under this chapter.”

Pub. L. 112–141, § 100238(b)(1)Subsecs. (b)(5), (c), (d). , substituted “Administrator” for “Director” wherever appearing.

Pub. L. 108–264, § 102(b)September 23, 19942004—Subsec. (a)(7), (8). , struck out “and” at end of par. (7), added par. (8), and struck out former par. (8) which read as follows: “for costs of preparing the report under section 577 of the Riegle Community Development and Regulatory Improvement Act of 1994, except that the fund shall be available for the purpose under this paragraph in an amount not to exceed an aggregate of $5,000,000 over the 2-year period beginning on .”

Pub. L. 108–264, § 104(b)Subsec. (a)(9). , added par. (9).

Pub. L. 103–3251994—Subsec. (a). , §§ 554(b)(1), 577(h)(1), in introductory provisions, substituted “shall” for “is authorized to” after “Director”, inserted “an account separate from any other accounts or funds available to the Director and shall be” after “which shall be”, and inserted “(except as otherwise provided in this section)” after “without fiscal year limitation”.

Pub. L. 103–325Subsec. (a)(6) to (8). , §§ 542, 554(b)(2), 577(h)(2), added pars. (6) to (8), respectively.

Pub. L. 101–5081990—Subsec. (a)(4). amended par. (4) generally. Prior to amendment, par. (4) read as follows: “to pay such administrative expenses (or portion of such expenses) of carrying out the flood insurance program as he may deem necessary; and”.

Pub. L. 100–2421988—Subsec. (e). substituted “title 31, United States Code,” for “title 31, United States Code”, which for purposes of codification was translated as “title 31”, requiring no change in text.

Pub. L. 98–479 31 U.S.C. 847–8491984—Subsec. (e). substituted “sections 9103 and 9104 of title 31” for “law (sections 102, 103, and 104 of the Government Corporations Control Act ())”.

Pub. L. 98–1811983—Subsecs. (a), (b)(5), (c), (d). substituted “Director” for “Secretary” wherever appearing.

Pub. L. 97–35, § 341(c)(1)1981—Subsec. (a). , inserted reference to subsec. (f) of this section.

Pub. L. 97–35, § 341(c)(2)Subsec. (f). , added subsec. (f).

Statutory Notes and Related Subsidiaries

Effective Date of 1981 Amendment

Pub. L. 97–35Oct. 1, 1981section 371 of Pub. L. 97–35 section 3701 of Title 12Amendment by effective , see , set out as an Effective Date note under , Banks and Banking.

Effective Date

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

Transfer of Functions

section 315(a)(1) of Title 6For 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 , Domestic Security.

November 25, 2002section 542 of Title 6For 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 , as modified, set out as a note under .