; or (B) the maximum amount of insurance proceeds which would have been payable with respect to such facility or residence if such facility had been covered by flood insurance under the National Flood Insurance Act of 1968 on such date. (3) Exception Paragraphs (1) and (2) shall not apply to a private nonprofit facility or residence that is not covered by flood insurance solely because of the local government’s failure to participate in the flood insurance program under the National Flood Insurance Act of 1968. (d) Cause of action If the Corporation disallows a claim or the claimant refuses to accept the amount allowed upon any claim, the claimant may, before the expiration of the 1-year period beginning upon the claimant’s receipt of written notice of the disallowance or partial disallowance of the claim, institute an action on such claim against the Corporation in the United States District Court for the District of Columbia. Original exclusive jurisdiction is hereby conferred upon such Court to hear and determine such action without regard to the amount in controversy. B National Disaster Insurance Corporation and Disaster Insurance Advisory Commission 821. National disaster insurance corporation (a) Establishment There is authorized to be established a body corporate to be known as the National Disaster Insurance Corporation, which shall be subject to the provisions of this title. The Corporation shall not be an agency or establishment of the Federal Government. The principal office of the Corporation shall be located in the District of Columbia or the metropolitan area thereof. (b) Function The purpose of the Corporation shall be to carry out the insurance program under subtitle A. (c) Governance (1) Board of directors The Corporation shall be under the direction of a board of directors who shall be elected by the participants in the Corporation. Members of the board shall not be considered, by reason of such membership, to be employees of the Federal Government. (2) Initial board Except as otherwise