Sec. 2. Cap on premiums
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Paragraph
(1)of section 1308(e) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4015(e)(1) ) is amended— by striking except — and inserting except as provided in paragraph (4); and ; by striking subparagraphs
(A)and (B); in subparagraph (C)— in clause (ii), by redesignating subclauses
(I)and
(II)as items
(aa)and (bb), respectively; by redesignating clauses
(i)through
(iii)as subclauses
(I)through (III), respectively; and by striking
(C)in the case of a property that— and inserting the following: The limitations under clauses
(i)and
(ii)of subparagraph
(A)shall not apply in the case of— a property identified under section 1307(g); or a property that— ; by striking under this title for any property and inserting the following: under this title— for any property ; by inserting
(A)subject to subparagraph (B), after the paragraph designation; and by inserting before subparagraph (B), as so redesignated by the amendment made by paragraph (3)(C) of this section, the following new clause: for any residential property having 4 or fewer residences and for which a valid National Flood Insurance Program Elevation Certificate has been filed with the National Flood Insurance Program within the proceeding calendar year, may not exceed $10,000 in any single year, except that such amount (as it may have been previously adjusted) shall be adjusted for inflation by the Administrator upon the expiration of the 5-year period beginning upon the enactment of the National Flood Insurance Program Policyholder Protection Act of 2017 and upon the expiration of each successive 5-year period thereafter, in accordance with an inflationary index selected by the Administrator. .
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U.S. Code