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H.R. 1401 (115th): Flood Insurance Fairness Act of 2017

The text of the bill below is as of Mar 7, 2017 (Introduced).


I

115th CONGRESS

1st Session

H. R. 1401

IN THE HOUSE OF REPRESENTATIVES

March 7, 2017

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

A BILL

To ensure fairness in premium rates for coverage under the National Flood Insurance Program for residences and business properties, and for other purposes.

1.

Short title

This Act may be cited as the Flood Insurance Fairness Act of 2017.

2.

Repeal of certain rate increases

(a)

Repeal of prohibition on subsidized rates

Paragraph (2) of section 1307(a) of the National Flood Insurance Act of 1968 (42 U.S.C. 4014) is amended—

(1)

by striking subparagraph (A);

(2)

in subparagraph (C), by inserting or after the semicolon at the end;

(3)

by striking subparagraph (D); and

(4)

by redesignating subparagraphs (B), (C), and (E) as subparagraphs (A), (B), and (C) respectively.

(b)

Conforming amendments relating to limitation on annual rate increases

Paragraph (4) of section 1308(e) of the National Flood Insurance Act of 1968 (42 U.S.C. 4015(e)(4)) is amended by striking (A) through (E) and inserting (A) through (C).

(c)

Implementation

(1)

Effective date

The Administrator of the Federal Emergency Management Agency (in this subsection referred to as the Administrator) shall make available such rate tables as necessary to implement the amendments made by subsections (a) and (b) effective on the date of the enactment of this Act.

(2)

Implementation, coordination, and guidance

(A)

Inclusion of write-your-own companies

To ensure the participation of Write-Your-Own companies (as such term is defined in section 100202(a) of the Biggert-Waters Flood Insurance Reform Act of 2012 (42 U.S.C. 4004(a))), the Administrator and the Federal Emergency Management Agency shall consult with Write-Your-Own companies throughout the development of guidance and rate tables necessary to implement the amendments made by subsections (a) and (b).

(B)

Implementation and guidance

The Administrator shall issue final guidance and rate tables necessary to implement the amendments made by subsections (a) and (b) not later than eight months following the date of the enactment of this Act. Write-Your-Own companies, in coordination with the Federal Emergency Management Agency, shall have not less than six months but not more than eight months following the issuance of such final guidance and rate tables to implement the changes required by such final guidance and rate tables.