Sec. 207. Home structure values
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The Administrator shall conduct a study, the purpose of which shall be to— evaluate best practices in the insurance industry for risk rating and classification, including practices that consider replacement cost value when estimating premium rates; and with respect to the estimates made by the Administrator under section 1307(a)(1) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4014(a)(1) ), as in effect on the day before the date of enactment of this Act— assess options, methods, and strategies for including replacement cost value in the estimates; identify recommendations for including replacement cost value in the estimates; identify an appropriate methodology by which replacement cost value could be incorporated into the estimates; and develop a feasible implementation plan and projected timeline for including replacement cost value in the estimates.
Not later than 18 months after the date of enactment of this Act, the Administrator shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that contains— the results of the study conducted under paragraph
(1)(referred to in this paragraph as the study ); an analysis of the recommendations made by the study and the impacts that those recommendations would have on the National Flood Insurance Program, including cost considerations; a description of actions taken by the Administrator to implement the recommendations made by the study; a list of any recommendations made by the study that, as of the date on which the Administrator submits the report, the Administrator has deferred or upon which the Administrator has not acted; and an explanatory statement with respect to each recommendation described in subparagraph (D). Section 1307(a)(1)(A) 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; in clause (ii), by striking , and and inserting ; and ; and by adding at the end the following: the replacement cost value of an insured structure when determining underinsurance loading factors, consistent with the requirements of section 1308(e) and taking into account the results of the study conducted under section 206(a)(1) of the Flood Insurance Affordability and Sustainability Act of 2017 ; and . The amendments made by paragraph
(1)shall take effect on the date that is 1 year after the date on which the Administrator submits the report under subsection (a)(2).
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Sec. 207
Home structure values
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