Sec. 14. Federal Flood Insurance Advisory Committee
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/bill/115/hr/2875/rh/section-14A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
There is established an advisory committee to be known as the Federal Flood Insurance Advisory Committee (in this section referred to as the Committee ). The Committee shall consist of— the Administrator of the Federal Emergency Management Agency (in this section referred to as the Administrator ), or the designee thereof; the Secretary of the Treasury, or the designee thereof; and additional members appointed by the Administrator or the designee of the Administrator, who shall be— two representatives of the property and casualty insurance sector; one individual who served in the past, or is currently serving, as an insurance regulator of a State, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Commonwealth of the Northern Mariana Islands, the Virgin Islands, American Samoa, or any federally-recognized Indian tribe; one representative of the financial or insurance sectors who is involved in risk transfers, including reinsurance, resilience bonds, and other insurance-linked securities; one actuary with demonstrated high-level knowledge of catastrophic risk insurance; two insurance professionals with demonstrated experience with the sale of flood insurance under the National Flood Insurance Program; two representatives of catastrophic risk insurance programs; one insurance claims specialist; one representative of a recognized consumer advocacy organization; one individual having demonstrated expertise in the challenges in insuring low-income communities; one representative from an academic institution who has demonstrated expertise in insurance; and such other recognized experts in the field of insurance as the Administrator considers necessary.
In appointing members under paragraph (1)(C), the Administrator shall, to the maximum extent practicable, ensure the membership of the Committee has a balance of members reflecting geographic diversity, including representation from areas inland or with coastline identified by the Administrator as at high risk for flooding or as areas having special flood hazards. The Committee shall review, and make recommendations to the Administrator, upon request, on matters related to the insurance aspects of the National Flood Insurance Program, including ratemaking, technology to administer insurance, risk assessment, actuarial practices, claims practices, sales and insurance delivery, compensation and allowances, generally and based on the complexities of the program, and best insurance practices.
The members of the Committee shall elect one member to serve as the chairperson of the Committee (in this section referred to as the Chairperson ). Members of the Committee shall receive no additional compensation by reason of their service on the Committee. The Committee shall meet not less frequently than twice each year at the request of the Chairperson or a majority of its members, and may take action by a vote of the majority of the members in accordance with the Committee’s charter.
The Administrator, or a person designated by the Administrator, shall request and coordinate the initial meeting of the Committee. Upon the request of the Chairperson, the Administrator may detail, on a nonreimbursable basis, personnel of the Federal Emergency Management Agency to assist the Committee in carrying out its duties. In carrying out this section, the Committee may hold hearings, receive evidence and assistance, provide information, and conduct research, as it considers appropriate.
The Administrator, on an annual basis, shall report to the Committee on Financial Services of the House of Representatives, the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Office of Management and Budget on— the recommendations made by the Committee; actions taken by the Federal Emergency Management Agency to address such recommendations to improve the insurance aspects of the national flood insurance program; and any recommendations made by the Committee that have been deferred or not acted upon, together with an explanatory statement.