Flood Insurance Fairness Act of 2017

Bill: 115-hr-1401
Sponsor: full_name: Rep. Curbelo, Carlos [R-FL-26]
Introduced: 2017-03-07
Policy area: Finance and Financial Sector
Subjects: Disaster relief and insurance

Floods and storm protection

Insurance industry and regulation
Latest action: action_date: 2017-03-07
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2017-03-07
action_desc: Introduced in House
text: <p><b>Flood Insurance Fairness Act of 2017</b></p> <p>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.</p> <p>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.</p>

tv_txt: I 115th CONGRESS 1st Session H. R. 1401 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.

1. Short title This Act may be cited as the Flood Insurance Fairness Act of 2017 . 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.