Flood Insurance Rate Increase Suspension Act of 2016

Bill: 114-hr-4866
Sponsor: full_name: Rep. Jolly, David W. [R-FL-13]
Introduced: 2016-03-23
Policy area: Finance and Financial Sector
Subjects: Disaster relief and insurance

Floods and storm protection
Latest action: action_date: 2016-03-23
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2016-03-23
action_desc: Introduced in House
text: <p><b>Flood Insurance Rate Increase Suspension Act of 2016</b></p> <p>This bill bars from taking effect for a 12-month period any increases in mandatory chargeable risk premium rates for flood insurance coverage under the National Flood Insurance Act of 1968. </p> <p>Beginning upon the expiration of the 12-month period, the increases in chargeable risk premium rates shall be made on a yearly basis.</p>

tv_txt: I 114th CONGRESS 2d Session H. R. 4866 IN THE HOUSE OF REPRESENTATIVES March 23, 2016 Mr. Jolly (for himself and Mr. Bilirakis ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To delay increases in flood insurance premium rates for certain properties for 12 months, and for other purposes.

1. Short title This Act may be cited as the Flood Insurance Rate Increase Suspension Act of 2016 . 2. 12-month delay in premium increases (a) Delay Any increases in the chargeable risk premium rates for flood insurance coverage made available under the National Flood Insurance Act of 1968 that are required by sections 1307(a)(2) and 1308(e)(4) of such Act ( 42 U.S.C. 4014(a)(2) , 4015(e)(4)) shall not take effect until the expiration of the 12-month period beginning on the date of the enactment of this Act. (b) Annual increases Beginning upon the expiration of the period referred to in subsection (a), the increases in chargeable risk premium rates referred to in such subsection shall be made on a yearly basis as provided in such section 1308(e)(4).