Sec. 103. Delayed implementation of flood insurance rate increases; draft affordability framework
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Beginning on the date of enactment of this Act, the Administrator may not implement section 1308(h) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4015(h) ). Beginning on the date of enactment of this Act, the Administrator may not implement— section 1307(g)(1) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4014(g)(1) ); or section 1307(g)(3) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4014(g)(3) ) with respect to any policy described in that section, provided that the decision of the policy holder to permit a lapse in flood insurance coverage was as a result of the property covered by the policy no longer being required to retain such coverage.
The prohibitions set forth under paragraphs
(1)and
(2)shall expire 6 months after the later of— the date on which the Administrator proposes the draft affordability framework; or the date on which the Administrator certifies in writing to Congress that the Federal Emergency Management Agency has implemented a flood mapping approach that, when applied, results in technically credible flood hazard data in all areas where Flood Insurance Rate Maps are prepared or updated. Section 1307(g)(2) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4014(g)(2) ) is amended to read as follows: any property purchased after the expiration of the 6-month period set forth under section 103(a)(3) of the Homeowner Flood Insurance Affordability Act of 2014 ; . Notwithstanding paragraph
(1)or
(3)of section 1307(g) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4014(g)(1) and (3)), the Administrator may not reduce the risk premium rate subsidy for flood insurance for a property purchased on or before the expiration of the 6-month period set forth under subsection (a)(3) of this section based on the fact that— the property was not insured by the flood insurance program as of the date of enactment of the Biggert-Waters Flood Insurance Reform Act of 2012 ( Public Law 112–141 ; 126 Stat. 916); or on or before the expiration of that 6-month period, the policy for the property had lapsed in coverage as a result of the deliberate choice of the policy holder, provided that the decision of the policy holder to permit a lapse in coverage was as a result of the property no longer being required to retain such coverage. Beginning on the date of enactment of this Act and ending upon the expiration of the 6-month period set forth under subsection (a)(3), the Administrator shall restore the risk premium rate subsidies for flood insurance estimated under section 1307(a)(2) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4014(a)(2) ) for any property— with respect to which the Administrator may not, under subsection (a)(2)(A) of this section, implement section 1307(g)(1) of the National Flood Insurance Act of 1968; with respect to which the Administrator may not, under subsection (a)(2)(B) of this section, implement section 1307(g)(3) of the National Flood Insurance Act of 1968; or described in section 1307(g)(2) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4014(g)(2) ), as in effect on the day before the date of enactment of this Act. The Administrator shall prepare a draft affordability framework that proposes to address, via programmatic and regulatory changes, the issues of affordability of flood insurance sold under the National Flood Insurance Program, including issues identified in the affordability study. In carrying out the requirements under paragraph (1), the Administrator shall consider the following criteria: Accurate communication to consumers of the flood risk associated with their property. Targeted assistance to flood insurance policy holders based on their financial ability to continue to participate in the National Flood Insurance Program. Individual or community actions to mitigate the risk of flood or lower the cost of flood insurance. The impact of increases in risk premium rates on participation in the National Flood Insurance Program. The impact flood insurance rate map updates have on the affordability of flood insurance. Not later than 18 months after the date on which the Administrator submits the affordability study, the Administrator shall submit to the full Committee on Banking, Housing, and Urban Affairs and the full Committee on Appropriations of the Senate and the full Committee on Financial Services and the full Committee on Appropriations of the House of Representatives the draft affordability framework. The Administrator may enter into an agreement with another Federal agency to— complete the affordability study; or prepare the draft affordability framework. The Administrator shall clearly communicate full flood risk determinations to individual property owners regardless of whether their premium rates are full actuarial rates. Nothing in this section shall be construed to provide the Administrator with the authority to provide assistance to homeowners based on affordability that was not available prior to the enactment of the Biggert-Waters Flood Insurance Reform Act of 2012 ( Public Law 112–141 ; 126 Stat. 916).
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- Pub. L. 112-141
- 126 Stat. 916
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Sec. 103
Delayed implementation of flood insurance rate increases; draft affordability framework
Pub. L.Pub. L. 112-141
Stat.126 Stat. 916
Cites 4Cited by 0 across 0 sources