No NFIP Subsidies for Millionaires Act

Bill: 117-s-2832
Sponsor: full_name: Sen. Lee, Mike [R-UT]
Introduced: 2021-09-23
Policy area: Finance and Financial Sector
Latest action: action_date: 2021-09-23
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2021-09-23
action_desc: Introduced in Senate
text: <p><strong>No NFIP Subsidies for Millionaires Act </strong></p> <p>This bill requires that the premium rate for flood insurance provided through the National Flood Insurance Program (NFIP) for single-family homes valued at more than $1 million be based on sound actuarial principles and not be subject to any rate caps. Under current law, certain types of property are not charged actuarial rates for NFIP coverage. </p>

tv_txt: II 117th CONGRESS 1st Session S. 2832 IN THE SENATE OF THE UNITED STATES September 23, 2021 Mr. Lee (for himself and Mr. Scott of Florida ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To prohibit the National Flood Insurance Program from providing flood insurance subsidies for single-family residences that are valued at more than $1,000,000, and for other purposes.

1. Short title This Act may be cited as the No NFIP Subsidies for Millionaires Act . 2. Prohibition on flood insurance subsidies for single-family homes valued at over $1,000,000 Section 1307 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4014 ) is amended— (1) by redesignating subsection (h) as subsection (i); and (2) by inserting after subsection (g) the following: (h) Prohibition on subsidies for single-Family homes valued at over $1,000,000 The premium rate for flood insurance under this title for a property consisting of 1 residence with an assessed value, at the time of acquiring or renewing the flood insurance policy, of more than $1,000,000— (1) shall be based on sound actuarial principles; and (2) shall not be subject to any cap on the increase in the premium rate for flood insurance. .