Sec. 2. Pilot program for properties with preexisting conditions
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Section 1311 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4018 ) is amended by adding at the end the following new subsection: The Administrator shall carry out a pilot program under this subsection to provide for companies participating in the Write Your Own Program (as such term is defined in section 1370(a) ( 42 U.S.C. 4121(a) )) to investigate preexisting structural conditions of insured properties and potentially insured properties that could result in the denial of a claim under a policy for flood insurance coverage under this title in the event of a flood loss to such property.
Participation in the pilot program shall be voluntary on the part of Write Your Own companies. Under the pilot program under this subsection, a Write Your Own company participating in the program shall— provide in policies for flood insurance coverage under this title covered by the program that, upon the request of the policyholder, the company shall provide for— an investigation of the property covered by such policy, using common methods, to determine whether preexisting structural conditions are present that could result in the denial of a claim under such policy for flood losses; and if such investigation is not determinative, an on-site inspection of the property to determine whether such preexisting structural conditions are present; upon completion of an investigation or inspection pursuant to subparagraph
(A)that determines that such a preexisting structural condition is present or absent, submit a report to the policyholder and Administrator describing the condition; and impose a surcharge on each policy described in subparagraph
(A)in such amount that the Administrator determines is appropriate to cover the costs of investigations and inspections performed pursuant to such policies and reimburse Write Your Own companies participating in the program under this subsection for such costs. Not later than December 31, 2023, the Administrator shall submit a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate describing the operation of the pilot program to that date. The Administrator may not provide any policy for flood insurance described in paragraph (2)(A) after December 31, 2024. Not later than March 31, 2025, the Administrator shall submit a final report regarding the pilot program under this section to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. The report shall include any findings and recommendations of the Administrator regarding the pilot program. .
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