[Federal Register Volume 63, Number 115 (Tuesday, June 16, 1998)]
[Rules and Regulations]
[Page 32761]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-15962]


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FEDERAL EMERGENCY MANAGEMENT AGENCY

44 CFR Part 62

RIN 3067-AC85


National Flood Insurance Program (NFIP); Assistance to Private 
Sector Property Insurers

AGENCY: Federal Emergency Management Agency (FEMA).

ACTION: Final rule.

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SUMMARY: The Federal Insurance Administration is revising the effective 
date of the Financial Assistance/Subsidy Arrangement (``the 
Arrangement'') to October 1, 1998. The Arrangement governs the duties 
and obligations of insurers that participate in the Write Your Own 
(WYO) Program of the National Flood Insurance Program (NFIP) and also 
sets forth the responsibilities of the Government to provide financial 
and technical assistance to these insurers.

EFFECTIVE DATE: October 1, 1998.

FOR FURTHER INFORMATION CONTACT: Edward T. Pasterick, Federal Emergency 
Management Agency, Federal Insurance Administration, 500 C Street, SW., 
Washington, DC 20472, 202-646-3443, (facsimile) 202-646-3445, (email) 
Edward.P[email protected].

SUPPLEMENTARY INFORMATION: On July 24, 1997, FEMA published in the 
Federal Register, 62 FR 39908, a final rule amending the regulations of 
the National Flood Insurance Program (NFIP) to include the revised 
Financial Assistance/Subsidy Arrangement for 1997-1998 governing the 
duties and obligations of insurers participating in the Write Your Own 
(WYO) Program of the National Flood Insurance Program (NFIP). The 1997-
1998 Arrangement ends September 30, 1998. Except for the new effective 
date of October 1, 1998, the Arrangement for 1998-1999 is unchanged 
from last year's version.
    Any private insurance company participating under the current 1997-
1998 Arrangement will be sent, during July 1998, a copy of the offer 
for 1998-1999 together with related materials and submission 
instructions. Any private insurance company not currently participating 
in the WYO program but wishing to consider FEMA's Arrangement offer for 
1998-1999, may do so by requesting a copy of the offer by writing: 
Federal Emergency Management Agency, ATTN: Federal Insurance 
Administrator, WYO Program, Washington, DC 20472.

National Environmental Policy Act

    This final rule is categorically excluded from the requirements of 
44 CFR Part 10, Environmental Consideration. No environmental 
assessment has been prepared.

Executive Order 12898, Environmental Justice

    The socioeconomic conditions to this rule were reviewed and a 
finding was made that no disproportionately high and adverse effect on 
minority or low income populations would result from this final rule.

Executive Order 12866, Regulatory Planning and Review

    This rule is not a significant regulatory action within the meaning 
of sec. 2(f) of E.O. 12866 of September 30, 1993, 58 FR 51735, and has 
not been reviewed by the Office of Management and Budget. Nevertheless, 
this final rule adheres to the regulatory principles set forth in E.O. 
12866.

Paperwork Reduction Act

    This rule does not contain a collection of information and is 
therefore not subject to the provisions of the Paperwork Reduction Act.

Executive Order 12612, Federalism

    This rule involves no policies that have federalism implications 
under Executive Order 12612, Federalism, dated October 26, 1987.

Executive Order 12778, Civil Justice Reform

    This rule meets the applicable standards of section 2(b)(2) of 
Executive Order 12778.

List of Subjects in 44 CFR Part 62

    Claims, Flood insurance.

    Accordingly, 44 CFR part 62 is amended as follows:

PART 62--SALE OF INSURANCE AND ADJUSTMENT OF CLAIMS

    1. The authority citation for Part 62 continues to read as follows:

    Authority: 42 U.S.C. 4001 et seq.; Reorganization Plan No. 3 of 
1978; 43 FR 41943, 3 CFR, 1978 Comp., p. 329; E.O. 12127 of Mar. 31, 
1979, 44 FR 19367, 3 CFR, 1979 Comp., p. 376.

Appendix A to Part 62 [Amended]

    2. The Effective Date of Appendix A of part 62 is revised to read 
as follows:

Appendix A to Part 62--Federal Emergency Management Agency, Federal 
Insurance Administration, Financial Assistance/Subsidy Arrangement

* * * * *
    Effective Date: October 1, 1998.
* * * * *
    Dated: June 9, 1998.
Jo Ann Howard,
Administrator, Federal Insurance Administration.
[FR Doc. 98-15962 Filed 6-15-98; 8:45 am]
BILLING CODE 6718-03-P