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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9726 Introduced in House (IH)]

<DOC>

118th CONGRESS
  2d Session
                                H. R. 9726

To require the Administrator of the Federal Emergency Management Agency 
 to develop a flood insurance information tool, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                           September 20, 2024

 Mr. Cartwright (for himself, Mr. Carson, Mr. Carter of Louisiana, Mr. 
  Thanedar, Ms. Tokuda, and Ms. Wild) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL

 
To require the Administrator of the Federal Emergency Management Agency 
 to develop a flood insurance information tool, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``NFIP Premium Transparency Act''.

SEC. 2. DISSEMINATION OF FLOOD INSURANCE INFORMATION.

    The National Flood Insurance Act of 1968 (42 U.S.C. 4001 et. seq.) 
is amended by striking section 1313 and inserting the following:

``SEC. 1313. DISSEMINATION OF FLOOD INSURANCE INFORMATION.

    ``(a) In General.--The Administrator shall ensure that the 
declaration page for each flood insurance policy issued under the 
national flood insurance program for a property shall, not later than 
12 months after the date of the enactment of this subsection, include 
the following:
            ``(1) The current insurance premium for such property, 
        including a description of any discounts being applied 
        including any discounts associated with--
                    ``(A) building, construction, or substantial 
                improvement which began before the Administrator 
                published an initial rate map for the community, 
                eligible for less than actuarial rates under section 
                subsections (a)(2) and (g) of section 1307(a)(2);
                    ``(B) the newly mapped property discount under 
                section 1308(i);
                    ``(C) an estimate of the number years remaining 
                until the premium for such property shall match the 
                full-risk based premium for such property, having 
                accounted for the annual limitation on premium 
                increases under section 1308(e);
                    ``(D) available mitigation options and associated 
                premium savings;
                    ``(E) claim history;
                    ``(F) the community rating system under section 
                1315(b); and
                    ``(G) annual limitations on premium increases under 
                section 1308(e).
            ``(2) Any annual limitations on premium increases under 
        section 1308(e).
            ``(3) Any current risk factors, including the elevation of 
        the property above first floor height.
            ``(4) The replacement cost value.
            ``(5) Any special category that applies to the property, 
        including repetitive loss property or severe repetitive loss 
        property.
            ``(6) Any flood insurance requirement that applies to the 
        property as a result of disaster assistance previously provided 
        by the Administrator.
            ``(7) On and after the date that is 36 months after the 
        date of the enactment of this section, the website address 
        where the flood insurance information tool established pursuant 
        to subsection (c) may be located.
    ``(b) Explanation Required.--If any item of information required to 
be included on a declaration page under subsection (a) cannot be 
provided, an explanation of why such item of information cannot be 
provided shall be included on the declaration page.
    ``(c) Required Information Sharing.--The Administrator shall, 
beginning on the date that is 12 months after the date of the enactment 
of this subsection, share with each insurance company that issues a 
flood insurance policy under the national flood insurance program any 
information the Administrator has that relates to the items listed in 
subsection (a).
    ``(d) Flood Insurance Information Tool.--
            ``(1) In general.--The Administrator shall, not later than 
        36 months after the date of the enactment of this section, 
        develop a flood insurance information tool that is accessible 
        online and contains the following information with respect to 
        each property for which a flood insurance policy is issued 
        under the national flood insurance program:
                    ``(A) The current insurance premium for such 
                property, including a description of any reason why the 
                current premium is less than actuarial rates; including 
                due to grandfathering, pre-FIRM discount status, newly 
                mapped property status, or a Community Rating System 
                status.
                    ``(B) A description of any limitations on annual 
                premium increases.
                    ``(C) The risk premium rate for such property.
                    ``(D) The replacement cost value for such property, 
                and the date on which such value was calculated.
                    ``(E) A detailed flood history for such property 
                that includes a list of any prior claims under the 
                national flood insurance program associated with such 
                property and the dates of such claims.
                    ``(F) Any special category that applies to the 
                property, including repetitive loss property or severe 
                repetitive loss property.
                    ``(G) The date of the most recent flood hazard 
                determination of such property and the date of any 
                planned future flood hazard determination of such 
                property.
                    ``(H) Any flood insurance requirement that applies 
                to the property as a result of disaster assistance 
                previously provided by the Administrator.
                    ``(I) Any additional information the Administrator 
                determines appropriate.
            ``(2) Explanation required.--If any item of information 
        required to be included in the food insurance information tool 
        under paragraph (1) cannot be provided, an explanation of why 
        such item of information cannot be provided shall be included 
        in the flood insurance information tool.
            ``(3) Access to the flood insurance information tool.--The 
        Administrator shall, notwithstanding any conflicting provision 
        in the Privacy Act of 1974, provide access to the flood 
        insurance information tool, suite of tools, or discrete parts 
        of such tools, to--
                    ``(A) the public, for all information where the 
                Administrator has determined that release to the public 
                is in the best interest of the public; and
                    ``(B) owners of properties for which a flood 
                insurance policy is issued under the national flood 
                insurance program, for information where the 
                Administrator has determined that release to the public 
                is not in the best interest of the public.
            ``(4) Adjustment capability.--To the degree practicable, 
        the flood insurance information tool, or suite of tools, 
        developed by Administrator shall allow the capability for 
        users, with respect to each item of information listed in 
        paragraph (1) to, to the extent feasible--
                    ``(A) adjust variables that change over time and 
                impact flood risk, including, the elements set forth in 
                42 U.S.C. 4101b(b)(1) and 42 U.S.C. 4101b(b)(3); and
                    ``(B) evaluate how such adjustments or mitigation 
                activities would--
                            ``(i) reduce the risk of flooding; and
                            ``(ii) decrease premiums.
    ``(e) Replacement Cost Value Defined.--The term `replacement cost 
value' means the cost to replace that part of a building that is 
damaged by flood, without depreciation.
    ``(f) Additional Information Availability.--In addition to as 
required under subsection (a) through (d) of this subsection, the 
Administrator shall from time to time take such action as may be 
necessary in order to make information and data available to the 
public, and to any State or local agency or official, with regard to--
            ``(1) the flood insurance program, its coverage and 
        objectives; and
            ``(2) estimated and chargeable flood insurance premium 
        rates, including the basis for and differences between such 
        rates in accordance with the provisions of section 1308.''.

SEC. 3. REPORT.

    The Comptroller General of the United States shall, not later than 
2 years after the date on which the Administrator of the Federal 
Emergency Management Agency makes available the flood insurance 
information tool required to be developed under section 1313(c) of the 
National Flood Insurance Act of 1968, publish a report that analyzes 
the following:
            (1) Whether the following information could be added to 
        flood insurance information tool established by the 
        Administrator of the Federal Emergency Management Agency 
        pursuant to section 1313 of the National Flood Insurance Act of 
        1968:
                    (A) Any property acquisition programs for which the 
                property qualifies.
                    (B) Any nature based solutions that may be used to 
                reduce the flood risk for the property.
                    (C) Any planned or existing flood defenses in the 
                area in which a property is located.
                    (D) Any implications that additional development in 
                the area where property is located may have on flood 
                risk.
                    (E) Any standards established locally that affect 
                the repair or improvement of the property, including--
                            (i) any limitations on repairs or 
                        improvements based on the value of the 
                        property; and
                            (ii) any local standards that go beyond the 
                        standards required under the national flood 
                        insurance program.
                    (F) A description of any community rating system 
                rating that impacts the property and discounts that may 
                be available based on this rating system.
            (2) Whether access to the flood insurance information tool 
        established by the Administrator of the Federal Emergency 
        Management Agency pursuant to section 1313 of the National 
        Flood Insurance Act of 1968 could be provided to prospective 
        buyers of properties for which a flood insurance policy is 
        issued under the national flood insurance program.
            (3) Whether the flood insurance information tool 
        established by the Administrator of the Federal Emergency 
        Management Agency pursuant to section 1313 of the National 
        Flood Insurance Act of 1968 could allow users to, with respect 
        to each item of information listed in paragraph in the flood 
        insurance tool, adjust variables that impact flood risk, 
        including--
                    (A) relative sea level rise;
                    (B) extension of impervious cover; and
                    (C) and levee reliability changes.
            (4) Whether the types of information available within the 
        flood insurance information tool established by the 
        Administrator of the Federal Emergency Management Agency 
        pursuant to section 1313 of the National Flood Insurance Act of 
        1968 could be expanded further.
            (5) Whether the information provided by the flood insurance 
        tool established by the Administrator of the Federal Emergency 
        Management Agency pursuant to section 1313 of the National 
        Flood Insurance Act of 1968 could be used by policy holders as 
        part of any appeals procedure implemented by the Administrator 
        on or after the date of the enactment of this Act.
                                 <all>
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