Flood Insurance Fairness Act of 2015

Bill: 114-hr-2918
Sponsor: full_name: Rep. Curbelo, Carlos [R-FL-26]
Introduced: 2015-06-25
Policy area: Finance and Financial Sector
Subjects: Disaster relief and insurance

Floods and storm protection

Insurance industry and regulation
Latest action: action_date: 2015-06-25
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2015-06-25
action_desc: Introduced in House
text: <p><b>Flood Insurance Fairness Act of 2015</b></p> <p>Amends the National Flood Insurance Act of 1968 to repeal provisions that prohibit the Federal Emergency Management Agency (FEMA) from estimating subsidized risk premium rates for flood insurance coverage on: (1) residential property which is not the primary residence of an individual, and (2) any business property. Qualifies those properties for such rates.</p> <p>Requires FEMA, when developing guidance and rate tables necessary to implement this Act, to consult with Write Your Own companies, which are participating property and casualty insurance companies that write and service standard flood insurance policies in cooperation with FEMA.</p> <p>Directs Write Your Own companies to implement the changes required by the final guidance and rate tables within six to eight months after their issuance.</p>

tv_txt: I 114th CONGRESS 1st Session H. R. 2918 IN THE HOUSE OF REPRESENTATIVES June 25, 2015 Mr. Curbelo of Florida (for himself and Mr. Murphy of Florida ) 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.

1. Short title This Act may be cited as the Flood Insurance Fairness Act of 2015 . 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) ), as amended by section 5 of Public Law 113–89 , 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.