Title: NFIP RISC Act of 2020
Policy area: Finance and Financial Sector

Summary:
National Flood Insurance Program Reporting on Impact to Seaboards and Counties Act of 2020 or the NFIP RISC Act of 2020
This bill requires the Federal Emergency Management Agency to, prior to implementing any chargeable premium rate for National Flood Insurance Program coverage related to a change in flood-risk assessment methodology, report on this change.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8311 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 8311

 To require a report regarding the potential impacts of any changes to 
the risk-rating methodology for the National Flood Insurance Program of 
the Federal Emergency Management Agency before implementation, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 17, 2020

Mr. Rose of New York introduced the following bill; which was referred 
                 to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To require a report regarding the potential impacts of any changes to 
the risk-rating methodology for the National Flood Insurance Program of 
the Federal Emergency Management Agency before implementation, 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 ``National Flood Insurance Program 
Reporting on Impact to Seaboards and Counties Act of 2020'' or the 
``NFIP RISC Act of 2020''.

SEC. 2. CONGRESSIONAL FINDINGS.

    The Congress finds that--
            (1) 30 percent of the population of the United States and 
        50 percent of the gross domestic product of the United States 
        is located on the Atlantic coast or the Gulf of Mexico coast, 
        areas frequently hit by coastal storms and hurricanes;
            (2) 90 percent of all natural disasters involve flooding;
            (3) all 50 States have experienced floods and flash floods 
        between 2015 and 2020; and
            (4) in some States, enrollment in the National Flood 
        Insurance Program has decreased between 20 and 35 percent since 
        2011.

SEC. 3. REPORT ON IMPACTS OF CHANGES TO FLOOD INSURANCE METHODOLOGY.

    Not later than 6 months before implementing any chargeable premium 
rate for flood insurance coverage pursuant to section 1308 of the 
National Flood Insurance Act of 1968 that is related to a change in 
flood-risk assessment methodology, the Administrator shall submit a 
report to Congress regarding such effort. Such report shall include 
detailed information, by county, regarding the methodology and sources 
of data used to calculate new rates and an analysis of the expected 
impacts, by county to the extent applicable, including on--
            (1) enrollment in the National Flood Insurance Program or 
        in flood insurance coverage provided in the private market;
            (2) chargeable premium rates for flood insurance coverage 
        under such Program, which shall take into consideration the 
        actuarial risk to such properties and changes to premiums 
        subject to statutory limitations on annual increases;
            (3) property values, due to fluctuations in premium prices, 
        and communities in high flood-risk zones;
            (4) the extent to which the number of flood insurance 
        claims on a property will influence the property's rating;
            (5) the finances of the National Flood Insurance Program;
            (6) the community rating system and flood hazard area 
        mapping, including the funding for such systems, public 
        communications of any such changes, and floodplain management 
        procedures; and
            (7) flood mitigation programs, including changes to flood 
        mitigation grant programs resulting from a change in rating 
        methodology.
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