CONSIDERATIONS IN DETERMINING CHARGEABLE PREMIUM RATES.

SEC. 100211. CONSIDERATIONS IN DETERMINING CHARGEABLE PREMIUM RATES. Section 1308 of the National Flood Insurance Act of 1968 (42 U.S.C. 4015), as amended by this Act, is amended— (1) in subsection (a), by striking “, after consultation with” and all that follows through “by regulation” and inserting “prescribe, after providing notice”; (2) in subsection (b)— (A) in paragraph (1), by striking the period at the end and inserting a semicolon; (B) in paragraph (2), by striking the comma at the end and inserting a semicolon; (C) in paragraph (3), by striking “, and” and inserting a semicolon; (D) in paragraph (4), by striking the period at the end and inserting “; and”; and (E) by adding at the end the following: “(5) adequate, on the basis of accepted actuarial principles, to cover the average historical loss year obligations incurred by the National Flood Insurance Fund.” ; and (3) by adding at the end the following: “(i) Rule of Construction. For purposes of this section, the calculation of an ‘average historical loss year’— “(1) includes catastrophic loss years; and “(2) shall be computed in accordance with generally accepted actuarial principles.” .