agreements with flood insurance pool

agreements with flood insurance pool Sec. 1332. [42 U.S.C. 4052] (a) The Administrator is authorized to enter into such agreements with the pool formed or otherwise created under this part as he deems necessary to carry out the purposes of this title. (b) Such agreements shall specify— (1) the terms and conditions under which risk capital will be available for the adjustment and payments of claims, (2) the terms and conditions under which the pool (and the companies and other insurers participating therein) shall participate in premiums received and profits or losses realized or sustained, (3) the maximum amount of profit, established by the Administrator and set forth in the schedules prescribed under section 1311, which may be realized by such pool (and the companies and other insurers participating therein), (4) the terms and conditions under which operating costs and allowances set forth in the schedules prescribed under section 1311 may be paid, and (5) the terms and conditions under which premium equalization payments under section 1334 will be made and reinsurance claims under section 1335 will be paid. (c) In addition, such agreements shall contain such provisions as the Administrator finds necessary to assure that— (1) no insurance company or other insurer which meets the requirements prescribed under section 1331(b), and which has indicated an intention to participate in the flood insurance program on a risk-sharing basis, will be excluded from participating in the pool, (2) the insurance companies and other insurers participating in the pool will take whatever action may be necessary to provide continuity of flood insurance coverage or reinsurance by the pool, and (3) any insurance companies and other insurers, insurance agents and brokers and insurance adjustment organizations will be permitted to cooperated with the pool as fiscal agents or otherwise, on other than a risk-sharing basis, to the maximum extent practicable.