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H.R. 4866 (114th): Flood Insurance Rate Increase Suspension Act of 2016


The text of the bill below is as of Mar 23, 2016 (Introduced). The bill was not enacted into law.


I

114th CONGRESS

2d Session

H. R. 4866

IN THE HOUSE OF REPRESENTATIVES

March 23, 2016

(for himself and Mr. Bilirakis) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To delay increases in flood insurance premium rates for certain properties for 12 months, and for other purposes.

1.

Short title

This Act may be cited as the Flood Insurance Rate Increase Suspension Act of 2016.

2.

12-month delay in premium increases

(a)

Delay

Any increases in the chargeable risk premium rates for flood insurance coverage made available under the National Flood Insurance Act of 1968 that are required by sections 1307(a)(2) and 1308(e)(4) of such Act (42 U.S.C. 4014(a)(2), 4015(e)(4)) shall not take effect until the expiration of the 12-month period beginning on the date of the enactment of this Act.

(b)

Annual increases

Beginning upon the expiration of the period referred to in subsection (a), the increases in chargeable risk premium rates referred to in such subsection shall be made on a yearly basis as provided in such section 1308(e)(4).