establishment of chargeable rates

establishment of chargeable rates Sec. 103. Section 1308 of the National Flood Insurance Act of 1968 is amended by striking out subsection (c) and inserting in lieu thereof the following new subsection: “(c) Notwithstanding any other provision of this title, the charge-able rate with respect to any property, the construction or substantial improvement of which the Secretary determines has been started after 87 Stat. 979December 31, 1974, or the effective date of the initial rate map published by the Secretary under paragraph (2) of section 1360 for the area in which such property is located, whichever is later, shall not be less than the applicable, estimated risk premium rate for such area (or subdivision thereof) under section 1307 (a) (1).”.