Sec. 12. Federal Flood Insurance Advisory Committee
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Section 1318 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4025 ) is amended to read as follows: 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; and additional members appointed by the Administrator or the designee of the Administrator, who shall include— three representatives of Write Your Own companies; 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 agents or brokers with demonstrated experience with the sale of flood insurance under the National Flood Insurance Program, one of whom shall have demonstrated expertise in the challenges in insuring low-income communities; one insurance claims specialist; one representative of a recognized consumer advocacy organization; and one representative from an academic institution who has demonstrated expertise in insurance.
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 Administrator shall submit, and the Committee shall review and make recommendations 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, the public-private partnership under the Write Your Own arrangement, general best insurance practices, and any significant changes proposed to be made regarding the operation of the National Flood Insurance Program.
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. Members may be reimbursed by the Federal Government for travel expenses, including per diem in lieu of subsistence, at rates consistent with rates authorized for employees of Federal agencies under subchapter 1 of chapter 57 of title 5, United States Code, while away from home or regular places of business in performance of service for 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. To the greatest extent possible, the Committee shall operate in a transparent manner that adheres to the requirements of the Federal Advisory Committee Act, with the exception that the Committee shall be permitted to freely communicate both during and between meetings under paragraph
(f)in a confidential manner to discuss non-public information regarding the operations of the National Flood Insurance Program and other sensitive and non-public issues. If such communication occurs, the Committee shall, to the greatest extent possible, report a summary of such discussions in an appropriate public manner. Upon the request of the Chairperson, the Administrator may detail, on a non- reimbursable 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. This section shall not be construed to eliminate or alter any requirement on the Administrator associated with the notification or consultation of specified individuals or groups of individuals as required elsewhere by statute. .
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Sec. 12
Federal Flood Insurance Advisory Committee
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