; (3) not later than January 1 of the year beginning 6 years after the date of the enactment of this section, operate the Program for the perils of severe convective storm and wildfire; and (4) not later than the earlier of January 1 of the year beginning 8 years after the date of the enactment of this section or the date on which the feasibility report described in paragraph (2) of section 4 is submitted, operate the Program for the peril of earthquake. (e) National flood insurance program discontinuation On the date that the Secretary begins operating the Program with respect to the peril of flood, the Administrator of the Federal Emergency Management Agency shall— (1) discontinue the issuance and renewal of policies under the national flood insurance program; and (2) continue to operate the national flood insurance program until— (A) policies under such program issued prior to the discontinuation date under paragraph (1) have expired; and (B) all claims on policies under such program issued prior to the discontinuation date have been closed. (f) Threshold for payment (1) In general The Secretary shall, after consulting with the advisory committee established under subsection (i), establish a financial threshold at which a participating insurer may receive amounts from the fund established under subsection (j). (2) Threshold calculation The threshold established under paragraph (1) shall be an amount not greater than 40 percent of the probable maximum loss of an individual participating insurer for each catastrophe peril included in the Program. (3) Considerations In establishing the threshold described in paragraph (1), the Secretary shall consider— (A) the amount of reinsurance necessary to meaningfully reduce the cost to the participating insurer to— (i) provide coverage for catastrophe perils covered by the Program; and (ii) encourage States to require participating insurers to offer an all-perils property insurance policy