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The Biggert-Waters Flood Insurance Reform Act of 2012 (BW12), section 100224(d) (42 U.S.C. 4081(note)) instructs the Federal Emergency Management Agency (FEMA) to issue a rule to formulate revised expense reimbursements to property and casualty insurance companies participating in the WYO Program for their expenses (including their operating and administrative expenses for adjustment of claims) in selling, writing, and servicing standard flood insurance policies, including how such companies shall be reimbursed in both catastrophic and noncatastrophic years. BW12 provides that such reimbursements shall be structured to ensure reimbursements track the actual expenses, including standard business costs and operating expenses, of such companies as closely as practicably possible.

Overall Description of Deadline: Not later than 12 months after the date of enactment of this Act [July 6, 2012], the Administrator shall issue a rule to formulate revised expense reimbursements to property and casualty insurance companies participating in the Write Your Own program for their expenses (including their operating and administrative expenses for adjustment of claims) in selling, writing, and servicing policies.