Page:United States Statutes at Large Volume 70.djvu/1137

 70 S T A T. ]

PUBLIC LAW 1016-AUG. 7, 1956

such classifications of fees as he deems necessary to carry out the purposes of this Act based on the use of the property to be insured, the availability of insurance from private sources covering such property, and the ability of the insured to self-insure or reinsure and may establish differentials in levels of fees for such classifications: Provided, That all such fees shall be uniform for similar risks within a given classification of property. Prior to July 1, 1959, the Administrator shall pay into the Disaster Insurance Fund, hereinafter created, from time to time, an amount equal to the dilference between the fees charged for insurance policies issued and the amount which would have been charged if the "estimated rates" were applied: Provided, That after June 30, 1959, each State shall pay from time to time into the Disaster Insurance Fund, an amount equal to one-half the difference between the fees charged for insurance policies issued after such date on property in such State, and the amount which would have been charged if the "estimated rates" were applied, and the Administrator shall pay into such Fund, from time to time, an amount equal to the State's contribution for each policy issued, (b) The Administrator from time to time shall also negotiate v,'ith insurance companies seeking reinsurance for the purpose of establishing fees for reinsurance offered under the provisions of this Act. Such fees shall be based on consideration of the risks involved and shall be adequate, in the judgment of the Administrator, to produce sufficient proceeds over a reasonable period of years to pay all claims for losses. The fees shall not include any loading for administrative expenses of the Federal Government under this Act. PROPERTY AND LOSS L I M I T S

SEC. 8. The Administrator is authorized to provide for the determination of types and location of property with respect to which insurance or reinsurance shall be made available under this Act, the nature and limits of loss or damage in any area (including subdivisions thereof) which may be covered by such insurance or reinsurance, and such other matters as may be necessary to carry out the purposes of this Act. R I S K CLASSIFICATION

SEC. 9. The Administrator may from time to time issue appropriate regulations regarding the classification, limitation, and rejection of risks assumed by him under authority of this Act. P O L I C Y A N D PROGRAM L I M I T S

SEC. 10. (a) The outstanding face amount of insurance issued by the Administrator under this Act shall not exceed $250,000 per person: Provided, That the face amount of such insurance on any dwelling unit (including any structures and personal property connected therewith) shall not exceed $10,000. (b) The Administrator may from time to time issue appropriate regulations regarding insurance coverage available to joint owners and subsidiary and affiliated corporations as he shall deem advisable to effectuate the purposes of this Act. (c) Each insurance policy issued by the Administrator shall contain a loss-deductible clause relieving him from any liability for paying the first $100 of a proved and approved claim for loss, plus 5 per centum of the remainder, or such larger amount or percentage as may be specified by the Administrator upon issuance of the insurance policy, taking into consideration the class of risk involved.

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