Sec. 301. Use of other risk assessment tools in determining premium rates
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Subparagraph
(A)of section 1307(a)(1) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4014(a)(1)(A) ) is amended— in clause (i), by striking and at the end; and by adding at the end the following new clause: both the risk identified by the applicable flood insurance rate maps and by other risk assessment data and tools, including risk assessment models and scores from appropriate sources; and . Paragraph
(1)of section 1308(b) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4015(b)(1) ) is amended by inserting before ; and the following: , taking into account both the risk identified by the applicable flood insurance rate maps and by other risk assessment data and tools, including risk assessment models and scores from appropriate sources . The amendments made by subsections
(a)and
(b)shall be made, and shall take effect, upon the expiration of the 36-month period beginning on the date of the enactment of this Act. The Administrator of the Federal Emergency Management Agency shall issue regulations necessary to implement the amendments made by subsections
(a)and (b), which shall identify risk assessment data and tools to be used in identifying flood risk and appropriate sources for risk assessment models and scores to be so used. Such regulations shall be issued not later than the expiration of the 36-month period beginning on the date of the enactment of this Act and shall take effect upon the expiration of such period.
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