Cap on Write Your Own company compensation

(a) In general Section 1311 of the National Flood Insurance Act of 1968 (42 U.S.C. 4018) is amended— (1) by redesignating subsection (b) as subsection (c); and (2) by inserting after subsection (a) the following: (b) Limitation on compensation; minimum agent commissions In negotiating with appropriate representatives of the insurance industry under subsection (a), the Administrator shall ensure that— (1) any reimbursement paid to a property and casualty insurance company for selling, writing, and servicing flood insurance policies is not more than 22.46 percent of the aggregate amount of premiums charged by the insurance company; and (2) an insurance company pays a portion of the reimbursement described in paragraph (1) to agents of the company as a commission, in an amount that is not less than 15 percent of the aggregate amount of the premiums sold by the agent.. (b) Technical and conforming amendments Section 1311 of the National Flood Insurance Act of 1968 (42 U.S.C. 4018), as amended by subsection (a), is amended— (1) in subsection (a), by striking The Administrator and inserting In general.—The Administrator; and (2) in subsection (c), as so redesignated by subsection (a) of this section, by striking For purposes of subsection (a) and inserting Definitions.—For purposes of this section.