H.R. 6254 (111th): To amend the National Flood Insurance Act of 1968 to provide for certain exceptions to the mandatory ...

...30-day waiting period before new or modified flood insurance coverage takes effect.

111th Congress, 2009–2010. Text as of Sep 29, 2010 (Introduced).

Status & Summary | PDF | Source: GPO

I

111th CONGRESS

2d Session

H. R. 6254

IN THE HOUSE OF REPRESENTATIVES

September 29, 2010

introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the National Flood Insurance Act of 1968 to provide for certain exceptions to the mandatory 30-day waiting period before new or modified flood insurance coverage takes effect.

1.

Exceptions to the mandatory 30-day waiting period for new flood insurance coverage to take effect under the National Flood Insurance Program

(a)

Waiver by the Secretary of Homeland Security

Section 1306(c)(2) of the National Flood Insurance Act of 1968 (42 U.S.C. 4013(c)(2)) is amended—

(1)

in subparagraph (A), by striking ; or and inserting ;;

(2)

in subparagraph (B), by striking the period and inserting ; or; and

(3)

by adding at the end the following new paragraph:

(C)

the purchase of flood insurance coverage for which the Secretary of Homeland Security waives the 30-day waiting period referred to in paragraph (1) due to an occurrence that the Secretary determines has caused the area covered by such flood insurance to be more susceptible to flooding than before such occurrence, which waiver the Secretary may apply retroactively.

.

(b)

Retroactive waiver for certain properties in areas newly susceptible to flooding

(1)

Waiver

Notwithstanding section 1306(c) of the National Flood Insurance Act of 1968 (42 U.S.C. 4013(c)), the Administrator of the Federal Emergency Management Agency shall ensure that flood insurance coverage of a covered property under a covered contract takes effect beginning on the date that all obligations for such coverage (including completion of the application and payment of any initial premiums owed) were satisfactorily completed.

(2)

Definitions

In this subsection:

(A)

Covered contract

The term covered contract means a new contract for flood insurance coverage under the National Flood Insurance Act of 1968 (42 U.S.C. 4001 et seq.) entered into on or before July 20, 2010, or any modification to coverage under an existing flood insurance contract under such Act made on or before that date.

(B)

Covered property

The term covered property means a property that is located in an area that, due to a wildfire that began on June 20, 2010, became more susceptible to flooding than before the occurrence of such wildfire.