Risk Premium Rates Law and Legal Definition
According to 44 CFR 59.1 (Title 44 - Emergency Management And Assistance; Chapter I - Federal Emergency Management Agency, Department Of Homeland Security; Subchapter B - Insurance And Hazard Mitigation; Part 59 - General Provisions; Subpart A – General),risk premium rates means “those rates established by the Federal Insurance Administrator pursuant to individual community studies and investigations which are undertaken to provide flood insurance in accordance with section 1307 of the Act and the accepted actuarial principles. "Risk premium rates" include provisions for operating costs and allowances.”
