Title: Flood Insurance Fairness Act of 2017
Policy area: Finance and Financial Sector

Summary:
Flood Insurance Fairness Act of 2017
This bill amends the National Flood Insurance Act of 1968 to allow, under the National Flood Insurance Program, subsidized risk premium rates for flood insurance coverage on: (1) non-primary residences, and (2) business property.
In developing guidance and rate tables necessary to implement this Act, the Federal Emergency Management Agency (FEMA) shall consult with "Write Your Own" companies that write and service standard flood insurance policies in their own names.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1401 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 1401

  To ensure fairness in premium rates for coverage under the National 
Flood Insurance Program for residences and business properties, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 7, 2017

   Mr. Curbelo of Florida (for himself and Mr. Crist) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
  To ensure fairness in premium rates for coverage under the National 
Flood Insurance Program for residences and business properties, 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 ``Flood Insurance Fairness Act of 
2017''.

SEC. 2. REPEAL OF CERTAIN RATE INCREASES.

    (a) Repeal of Prohibition on Subsidized Rates.--Paragraph (2) of 
section 1307(a) of the National Flood Insurance Act of 1968 (42 U.S.C. 
4014) is amended--
            (1) by striking subparagraph (A);
            (2) in subparagraph (C), by inserting ``or'' after the 
        semicolon at the end;
            (3) by striking subparagraph (D); and
            (4) by redesignating subparagraphs (B), (C), and (E) as 
        subparagraphs (A), (B), and (C) respectively.
    (b) Conforming Amendments Relating to Limitation on Annual Rate 
Increases.--Paragraph (4) of section 1308(e) of the National Flood 
Insurance Act of 1968 (42 U.S.C. 4015(e)(4)) is amended by striking 
``(A) through (E)'' and inserting ``(A) through (C)''.
    (c) Implementation.--
            (1) Effective date.--The Administrator of the Federal 
        Emergency Management Agency (in this subsection referred to as 
        the ``Administrator'') shall make available such rate tables as 
        necessary to implement the amendments made by subsections (a) 
        and (b) effective on the date of the enactment of this Act.
            (2) Implementation, coordination, and guidance.--
                    (A) Inclusion of write-your-own companies.--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 
                amendments made by subsections (a) and (b).
                    (B) Implementation and guidance.--The Administrator 
                shall issue final guidance and rate tables necessary to 
                implement the amendments made by subsections (a) and 
                (b) 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.
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