fund shall be available for the purpose under this
paragraph in an amount not to exceed $2,000,000 in
each fiscal year beginning after the expiration of the
6-year period beginning on the date of the enactment
of the National Flood Insurance Reform Act of 1994;
and’’.
(b) SEPARATE ACCOUNT.—Section 1310(a) of the Na-
tional Flood Insurance Act of 1968 (42 U.S.C. 4017(a)) is
amended—
(1) by striking ‘‘is authorized to’’ and inserting
‘‘shall’’; and
(2) by inserting after ‘‘which shall be’’ the follow-
ing: ‘‘an account separate from any other accounts or
funds available to the Director and shall be’’.
SEC. 607. EFFECTIVE DATES OF POLICIES.
(a) 30-DAY DELAY.—Section 1306 of the National
Flood Insurance Act of 1968 (42 U.S.C. 4013), as amended
by the preceding provisions of this Act, is further amended
by adding at the end the following new subsection:
‘‘(c)(1) Except as provided in paragraph (2), coverage
under a new contract for flood insurance coverage under
this title entered into after the date of the enactment of the
National Flood Insurance Reform Act of 1994, and any
modification to coverage under an existing flood insurance
contract made after such date, shall become effective upon
the expiration of the 30-day period beginning on the date
that all obligations for such coverage (including completion
of the application and payment of any initial premiums
owed) are satisfactorily completed.
‘‘(2) Coverage under a flood insurance contract for
newly constructed property and coverage for newly acquired
property, that is obtained before or upon the completion of
the construction or transfer of title to the property, as appli-
cable, shall become effective at such time as the Director
shall by regulation provide.’’.
(b) STUDY.—The Director of the Federal Emergency
Management Agency shall conduct a study to determine the
appropriateness of existing requirements regarding the ef-
fective date and time of coverage under flood insurance con-
tracts obtained through the national flood insurance pro-
gram. In conducting the study, the Director shall determine
whether any delay between the time of purchase of flood
insurance coverage and the time of initial effectiveness of
the coverage should differ for various classes of properties
(based upon the type of property, location of the property,
or any other factors related to the property) or for various
circumstances under which such insurance was purchased.
Not later than the expiration of the 6-month period begin-
ning on the date of the enactment of this Act, the Director
shall submit to the Congress a report on the results of the
study.
SEC. 608. REGULATIONS.
The Director of the Federal Emergency Management
Agency, the Secretary of Housing and Urban Development,
and any appropriate head of any Federal agency may each
issue any regulations necessary to carry out the applicable
provisions of this Act and the applicable amendments made
by this Act.
SEC. 609. RELATION TO STATE AND LOCAL LAWS.
This Act and the amendments made by this Act may
not be construed to preempt, annul, alter, amend, or exempt
any person from compliance with any law, ordinance, or
regulation of any State or local government with respect
to land use, management, or control.
HR 3191 RH——2
HR 3191 RH——3
HR 3191 RH——4
HR 3191 RH——5
HR 3191 RH——6
HR 3191 RH——7
HR 3191 RH——8