effect between January 1 and December 31 of the upcoming
calendar year.
(4) In years in which insufficient funding is made
available to administer the program for the next calendar
year, notify FEMA and insurance providers by November 1 of
the department's intent to discontinue premium assistance for
the following calendar year.
(5) On or before December 31 of years preceding premium
assistance, remit payment to FEMA in a projected amount equal
to 15% of the net book premium for all eligible policies to
be taken out in the following calendar year.
(6) Develop an agreement and procedure with FEMA and
insurance providers to address instances of remittance of
insufficient funding needed by FEMA to provide premium
assistance for any given year. The procedure may include, but
is not limited to, establishing extra payment dates to
provide supplemental funding to FEMA to cover any instances
of insufficient funding or discontinuing the program for the
following calendar year and using those appropriated funds to
compensate FEMA for funding owed.
(7) No later than March 1 of each year, submit a report
to the General Assembly detailing the implementation and
progress of the program. The report shall include the number
of Commonwealth residents who have purchased flood insurance
during the preceding year and comparisons to prior years.
(8) Promulgate rules and regulations necessary to
implement and administer the program.
§ 8117. Funding.
The program shall be administered based on nonlapsing funds
appropriated to the department by the General Assembly.
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