; and (B) not later than 14 days before terminating the contract or other agreement, provides notice to the covered entity of the termination. (2) Appeal The Administrator shall establish a process for a covered entity to appeal a termination of a contract or other agreement under paragraph (1). (3) Early termination payouts The Administrator or a Write Your Own company is not required to make any early termination payout to a covered entity with respect to a contract or agreement with the Write Your Own company that the Administrator terminates under paragraph (1). . (b) Effective date; applicability The amendment made by subsection (a) shall— (1) take effect on the date of enactment of this Act; and (2) apply to any contract or other agreement between a covered entity and a Write Your Own company (as those terms are defined in section 1349(a) of the National Flood Insurance Act of 1968, as added by subsection (a)) entered into on or after the date of enactment of this Act. 408. Deadline for claim processing (a) In general Section 1312 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4019 ), as amended by section 406(a), is amended by inserting after subsection (g) the following: (h) Deadline for approval of claims (1) In general The Administrator shall provide that, in the case of a claim for damage to or loss of property that is covered by a policy for flood insurance made available under this title— (A) except as provided in paragraph (2), not later than 60 days after the date on which a proof of loss or comparable submission is provided to the Administrator— (i) an initial determination regarding approval of the claim for payment or disapproval of the claim shall be made; and (ii) notification of the determination described in clause (i) shall be provided to the policyholder making the claim