Sec. 3. REPEAL OF CERTAIN RATE INCREASES
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## SEC. 3 REPEAL OF CERTAIN RATE INCREASES **[**[42 U.S.C. 4014 note](/us/usc/t42/s4014)**]** ###
(a)Repeal ####
(1)In general Section 1307(g) of the National Flood Insurance Act of 1968 (42 U.S.C. 4014(g)) is amended— #####
(A)by striking paragraphs
(1)and (2); #####
(B)in paragraph (3), by striking “as a result of the deliberate choice of the holder of such policy” and inserting “, unless the decision of the policy holder to permit a lapse in flood insurance coverage was as a result of the property covered by the policy no longer being required to retain such coverage”; and #####
(C)by redesignating paragraphs
(3)and
(4)as paragraphs
(1)and (2), respectively. ####
(2)Effective date The Administrator shall make available such rate tables, as necessary to implement the amendments made by paragraph
(1)as if it were enacted as part of the Biggert-Waters Flood Insurance Reform Act of 2012 (Public Law 112-141; 126 Stat. 957). ####
(3)Implementation, coordination, and guidance #####
(A)Facilitation of timely refunds To ensure the participation of Write Your Own companies (as such term is defined in section 100202(a) of the Biggert-Waters Flood Insurance Reform Act of 2012 (42 U.S.C. 4004(a)), the Administrator and the Federal Emergency Management Agency shall consult with Write Your Own companies throughout the development of guidance and rate tables necessary to implement the provisions of and the amendments made by this Act. #####
(B)Implementation and guidance The Administrator shall issue final guidance and rate tables necessary to implement the provisions of and the amendments made by this Act not later than eight months following the date of the enactment of this Act. Write Your Own companies, in coordination with the Federal Emergency Management Agency, shall have not less than six months but not more than eight months following the issuance of such final guidance and rate tables to implement the changes required by such final guidance and rate tables. ####
(4)Refund of excess premium charges collected The Administrator shall refund directly to insureds any premiums for flood insurance coverage under the National Flood Insurance Program collected in excess of the rates required under the provisions of and amendments made by this section. To allow for necessary and appropriate implementation of such provisions and amendments, any premium changes necessary to implement such provisions and amendments, including any such premium refund due to policy holders, which shall be paid directly by the National Flood Insurance Program, shall not be charged or paid to policyholders by the National Flood Insurance Program until after the Administrator issues guidance and makes available such rate tables to implement the provisions of and amendments made by this Act. ###
(b)Assumption of Policies at Existing Premium Rates The Administrator shall provide that the purchaser of a property that, as of the date of such purchase, is covered under an existing flood insurance policy under this title may assume such existing policy and coverage for the remainder of the term of the policy at the chargeable premium rates under such existing policy. Such rates shall continue with respect to such property until the implementation of subsection (a).
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- Pub. L. 112-141
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Sec. 3
REPEAL OF CERTAIN RATE INCREASES
Pub. L.Pub. L. 112-141
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