Sec. 103. Elimination of Community Rating System
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Congress finds the following: The Community Rating System, while well-intentioned, has provided discounts to policyholders that are not actuarially justified. The discounts described in paragraph
(1)have furthered the financial insolvency of the National Flood Insurance Program. With the transition by the Agency towards individualized premiums rather than community-based premiums, the Community Rating System should be phased out. Section 1315(b) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4022(b) ) is amended by adding at the end the following: Not earlier than 2 years and not later than 4 years after the date of enactment of this paragraph, the Administrator shall— terminate the community rating system program established under paragraph (1); and remove credits from the premium rates for policyholders within participating communities. .
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Sec. 103
Elimination of Community Rating System
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