H.R. 1485: To amend the National Flood Insurance Act of 1968 to modify the phase-in increases in flood insurance premium ...

...rates for certain properties, and for other purposes.

113th Congress, 2013–2015. Text as of Apr 11, 2013 (Introduced).

Status & Summary | PDF | Source: GPO and Cato Institute Deepbills

I

113th CONGRESS

1st Session

H. R. 1485

IN THE HOUSE OF REPRESENTATIVES

April 11, 2013

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 modify the phase-in increases in flood insurance premium rates for certain properties, and for other purposes.

1.

Modification of phase-in increases of flood insurance premium rates for certain properties

(a)

Change of ownership of second homes, business properties, and primary residences

Section 1307(g)(2) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4014(g)(2) ) is amended by striking 2012 and inserting 2012, except for properties referred to in paragraphs (3) and (4) of section 1308(e) .

(b)

Second homes and business properties and change of ownership of primary residences

Section 1308(e) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4015(e) ) is amended—

(1)

in paragraph (1), by striking ; and and inserting a semicolon;

(2)

in paragraph (2)

(A)

by striking described in subparagraphs (A) through (E) and inserting described in subparagraphs (B), (C), and (E) ; and

(B)

by striking the period at the end and inserting a semicolon; and

(3)

by adding at the end the following new paragraphs:

(3)

described in subparagraphs (A) and (D) of section 1307(a)(2) shall be increased by 12.5 percent each year, until the average risk premium rate for such properties is equal to the average of the risk premium rates for properties described under paragraph (1); and

(4)

that are primary residences purchased after the date of the enactment of the Biggert-Waters Flood Insurance Reform Act of 2012 (title II of division F of Public Law 112–141 ), shall be increased by 12.5 percent each year as if such increase began on the date of the enactment of such Act, until the average risk premium rate for such properties is equal to the average of the risk premium rates for properties described under paragraph (1).

.

(c)

Effect on rates changed due to Biggert-Waters Flood Insurance Reform Act of 2012

The Administrator of the Federal Emergency Management Agency shall adjust the chargeable risk premium rates for flood insurance under the National Flood Insurance Act of 1968 (42 U.S.C. 4001 et seq.) for properties referred to in paragraphs (3) and (4) of section 1308(e) of such Act ( 42 U.S.C. 4015(e) ), as added by subsection (b) of this section, as if the amendments made by subsections (a) and (b) of this section were enacted at the same time as the Biggert-Waters Flood Insurance Reform Act of 2012 (title II of division F of Public Law 112–141 ).