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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jun 25, 2015.
Flood Insurance Fairness Act of 2015
Amends the National Flood Insurance Act of 1968 to repeal provisions that prohibit the Federal Emergency Management Agency (FEMA) from estimating subsidized risk premium rates for flood insurance coverage on: (1) residential property which is not the primary residence of an individual, and (2) any business property. Qualifies those properties for such rates.
Requires FEMA, when developing guidance and rate tables necessary to implement this Act, to consult with Write Your Own companies, which are participating property and casualty insurance companies that write and service standard flood insurance policies in cooperation with FEMA.
Directs Write Your Own companies to implement the changes required by the final guidance and rate tables within six to eight months after their issuance.