National Flood Insurance Act definitions regarding the Write Your Own Program

Section 1370(a) of the National Flood Insurance Act of 1968 (42 U.S.C. 4121(a)) is amended— (1) in paragraph (14), by striking and at the end; (2) in paragraph (15), by striking the period at the end and inserting a semicolon; and (3) by adding at the end the following: (16) the term Write Your Own Program means the program under which the Federal Emergency Management Agency enters into a standard arrangement with private property insurance companies to— (A) sell contracts for Federal flood insurance under their own business lines of insurance; and (B) adjust and pay claims arising under the contracts described in subparagraph (A); and (17) the term Write Your Own Company means a private property insurance company that participates in the Write Your Own Program..