Sec. 1. Modification of phase-in increases of flood insurance premium rates for certain properties
327 words·~1 min read·
/bill/113/hr/1485/ih/section-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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) . Section 1308(e) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4015(e) ) is amended— in paragraph (1), by striking ; and and inserting a semicolon; in paragraph (2)— by striking described in subparagraphs
(A)through
(E)and inserting described in subparagraphs (B), (C), and
(E); and by striking the period at the end and inserting a semicolon; and by adding at the end the following new paragraphs: 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 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). . 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 ).
Connectionstraces to 3
Traces to 3 documents
1 reference not yet in our index
- Pub. L. 112-141
Citation graph
cites case law
Sec. 1
Modification of phase-in increases of flood insurance premium rates for certain properties
Pub. L.Pub. L. 112-141
Cites 4Cited by 0 across 0 sources