Sec. 2. Temporary delay of implementation and phase-in of premium rate increases for certain properties
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For any property that is purchased after July 6, 2012, and before January 1, 2015, the risk premium rate charged for flood insurance under the national flood insurance program under the National Flood Insurance Act of 1968 (42 U.S.C. 4001 et seq.) shall— during the 12-month period beginning upon such purchase, be the amount of such risk premium rate chargeable for such property immediately before such purchase; and thereafter, be a rate that is not less than those estimated under section 1307(a)(1) of such Act ( 42 U.S.C. 4014(a)(1) ), as required by paragraph
(2)of that section, subject to paragraph
(2)of this subsection. Upon the expiration of any 12-month period referred to in paragraph (1)(A) with respect to any property, any increase in the risk premium rate charged for flood insurance for such property that is a result of paragraph (1)(B) shall be phased in over a 10-year period, at the rate of 10 percent for each year following the expiration of such 12-month period. For any property that is located in an area that is participating in the national flood insurance program under the National Flood Insurance Act of 1968, that is covered by a flood insurance policy on the date of a covered flood insurance rate map update, and for which the risk premium rate charged for flood insurance for such property has increased, or will increase, as a result of such update, the risk premium rate charged for flood insurance under the national flood insurance program shall, during the 12-month period beginning upon the effective date of such covered flood insurance rate map update, be the amount of such risk premium rate chargeable for such property immediately before the effective date of such update. Upon the expiration of any 12-month period referred to in paragraph
(1)with respect to any property, any increase in the risk premium rate charged for flood insurance for such property that is a result of such covered flood insurance rate map update shall be phased in over a 10-year period, at the rate of 10 percent for each year following the expiration of such 12-month period. For purposes of this subsection, the term covered flood insurance rate map update means any revision or updating of flood insurance rate maps under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 ( 42 U.S.C. 4002 et seq. ), or the Biggert-Waters Flood Insurance Reform Act of 2012 (subtitle A of title II of division F of Public Law 112–141 ), that takes effect after July 6, 2012, and before January 1, 2015.
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- Pub. L. 112-141
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Sec. 2
Temporary delay of implementation and phase-in of premium rate increases for certain properties
Pub. L.Pub. L. 112-141
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