,i  #aae? ,,congress  #a/ ,session  ,h4 
,r4 #bbdf  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #bh1 #bjag,mr4 
,luetkemey] introduc$ ! foll[+ bill2 :i*
 0 ref]r$ to ! ,committee on ,f9ancial  
,s]vices  ,a ,,bill  ,to repeal !       
m&atory flood insurance cov]age         
requirem5t = comm]cial prop]ties locat$ 
9 flood haz>d areas & to provide =      
great] transf] ( risk "u ! ,national    
,flood ,insurance ,program to private   
capital & re9surance m>kets1 & = o!r    
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,taxpay] ,exposure         
,mitigation ,act ( #bjag4  #b4 ,opt-out 
( m&atory cov]age requirem5t = comm]cial
 prop]ties  7a7 ,am5dm5ts to ,flood     
,disa/] ,protection ,act ( #aigc ,!     
,flood ,disa/] ,protection ,act ( #aigc 
is am5d$--  7#a7 9 section #c7;a7 7#db  
,u4,s4,c4 #djjc7;a77-- 7,a7 9 p>agraph  
7#g71 by ins]t+ resid5tial be=e improv$ 
real e/ate2 &  7,b7 9 p>agraph 7#h71 by 
ins]t+ resid5tial be=e build+2 &  7#b7 9
 section #ajb 7#db ,u4,s4,c4 #djab;a7-- 

7,a7 9 subsection 7b7-- 7i7 9 p>agraph  
7#a77;,a7--  7,i7 by ins]t+ resid5tial  
be=e improv$ real e/ate2 &  7,,ii7 by   
ins]t+ resid5tial be=e build+ or mobile 
home2  7ii7 9 p>agraph 7#b7-- 7,i7 by   
ins]t+ resid5tial be=e improv$ real     
e/ate2 &  7,,ii7 by ins]t+ resid5tial   
be=e build+ or mobile home2 &  7iii7 9  
p>agraph 7#c7--  7,i7 9 subp>agraph     
7,a71 by ins]t+ resid5tial be=e improv$ 
real e/ate2 &  7,,ii7 9 ! matt] aft] &  
bel[ subp>agraph 7,b71 by ins]t+        
resid5tial be=e build+ or mobile home2  
7,b7 9 subsection 7c77#c71 by /rik+ 1 9 
! case ( any resid5tial prop]ty1 = any  
/ructure t is "p ( su* prop]ty & ins]t+ 
= any /ructure t is "p ( a resid5tial   
prop]ty2  7,c7 9 subsection 7e7--  7i7 9
 p>agraph 7#a7-- 7,i7 by ins]t+         
resid5tial be=e improv$ real e/ate2 &   
7,,ii7 by ins]t+ resid5tial be=e build+ 
or mobile home ea* place su* t]m appe>s2
 &  7ii7 9 p>agraph 7#e7--  7,i7 9      
subp>agraph 7,a7-- 7aa7 by ins]t+       
resid5tial be=e improv$ real e/ate ea*  

place su* t]m appe>s2 &  7bb7 by ins]t+ 
resid5tial be=e build+ or mobile home   
ea* place su* t]m appe>s2  7,,ii7 9     
subp>agraph 7,b71 by ins]t+ resid5tial  
be=e build+ or mobile home ea* place su*
 t]m appe>s2 &  7,,iii7 9 subp>agraph   
7,c71 by ins]t+ resid5tial be=e build+  
or mobile home2 &  7,d7 9 subsection    
7h7--  7i7 by ins]t+ resid5tial be=e    
improv$ real e/ate ea* place su* t]m    
appe>s2 &  7ii7 9 ! matt] prec$+        
p>agraph 7#a71 by ins]t+ resid5tial be=e
 build+ or mobile home4  7b7 ,am5dm5ts  
to ,national ,flood ,insurance ,act (   
#aifh ,! ,national ,flood ,insurance    
,act ( #aifh is am5d$-- 7#a7 9 section  
#acfd7;a7 7#db ,u4,s4,c4 #dajd;a7a77--  
7,a7 9 p>agraph 7#a71 by ins]t+         
resid5tial be=e improv$ real e/ate2     
7,b7 9 p>agraph 7#b71 by ins]t+         
resid5tial be=e improv$ real e/ate2 &   
7,c7 9 p>agraph 7#c77;,a71 by ins]t+    
resid5tial be=e build+2  7#b7 9 section 
#acfe 7#db ,u4,s4,c4 #dajd;b7--  7,a7 9 
subsection 7a7-- 7i7 by ins]t+          

resid5tial be=e improv$ real e/ate2 &   
7ii7 by ins]t+ resid5tial be=e build+2  
7,b7 9 subsection 7b77#b7--  7i7 by     
ins]t+ resid5tial be=e build+ ea* place 
su* t]m appe>s2 &  7ii7 by ins]t+       
resid5tial be=e improv$ real e/ate ea*  
place su* t]m appe>s2  7,c7 9 subsection
 7d71 by ins]t+ resid5tial be=e improv$ 
real e/ate ea* place su* t]m appe>s2 &  
7,d7 9 subsection 7e7--  7i7 by ins]t+  
resid5tial be=e improv$ real e/ate2 &   
7ii7 by ins]t+ resid5tial be=e build+   
ea* place su* t]m appe>s2 &  7#c7 9     
section #acgj 7#db ,u4,s4,c4 #daba7--   
7,a7 9 p>agraph 7#h71 by ins]t+         
resid5tial be=e improv$ real e/ate2 &   
7,b7 9 p>agraph 7#aj7-- 7i7 by ins]t+   
resid5tial aft] ! op5+ quotation m>ks2 &
  7ii7 by ins]t+ resid5tial be=e build+4
  7c7 ,rule ( con/ruction ,?is section &
 ! am5dm5ts made by ?is section may n be
 con/ru$ to prohibit ! ,adm9i/rator ( ! 
,f$]al ,em]g5cy ,managem5t ,ag5cy f (f]+
 flood insurance cov]age "u ! ,national 
,flood ,insurance ,program = eligible   

non-resid5tial prop]ties or to prohibit 
! pur*ase ( su* cov]age = su* eligible  
prop]ties4  #c4 ,risk transf] requirem5t
 ,subsection 7e7 ( section #acde ( !    
,national ,flood ,insurance ,act ( #aifh
 7#db ,u4,s4,c4 #djha7;e77 is am5d$--   
7#a7 by /rik+ 7e7 ,risk transf]1--,!    
,adm9i/rator & ins]t+ ! foll[+3  7e7    
,risk transf]  7#a7 ,au?ority ,!        
,adm9i/rator  2 &  7#b7 by add+ at ! end
 ! foll[+ new p>agraph3  7#b7 ,requir$  
risk transf] cov]age  7,a7 ,requirem5t  
,n lat] ?an ! expiration ( ! #ah-mon?   
p]iod beg9n+ ^u ! date ( ! enactm5t (   
?is p>agraph & at all times !reaft]1 !  
,adm9i/rator %all annually c$e a portion
 ( ! risk ( ! flood insurance program "u
 ?is title to ! private re9surance or   
capital m>kets1 or any comb9ation !re(1 
& at rates & t]ms t ! ,adm9i/rator      
det]m9es to be reasonable & appropriate1
 9 an am\nt t--  7i7 is suffici5t to    
ma9ta9 ! ability ( ! program to pay     
claims2 &  7ii7 manages & limits !      
annual exposure ( ! flood insurance     

program to flood losses 9 accordance ) !
 probable maximum loss t>get e/abli%$ = 
su* ye> "u subp>agraph 7,b74  7,b7      
,probable maximum loss t>get ,!         
,adm9i/rator %all = ea* fiscal ye>1     
e/abli% a probable maximum loss t>get = 
! national flood insurance program t    
%all be ! maximum probable loss "u !    
national flood insurance program t is   
expect$ to occur 9 su* fiscal ye>4  7,c7
 ,consid]ations ,9 e/abli%+ ! probable  
maximum loss t>get "u subp>agraph 7,b7 =
 ea* fiscal ye> & c>ry+ out subp>agraph 
7,a71 ! ,adm9i/rator %all consid]--  7i7
 ! probable maximum loss t>gets = o!r   
,unit$ ,/ates public natural cata/rophe 
insurance programs1 includ+ z ,/ate w9d 
pools & e>?quake programs2  7ii7 !      
probable maximum loss t>gets ( o!r risk 
managem5t organizations1 includ+ !      
,f$]al ,national ,mortgage ,association 
& ! ,f$]al ,home ,loan ,mortgage        
,corporation2  7iii7 cata/rophic1       
actu>ial1 & o!r appropriate data model+ 
results ( ! national flood insurance    

program portfolio2  7iv7 ! availability 
( funds 9 ! ,national ,flood ,insurance 
,fund e/abli%$ "u section #acaj 7#db    
,u4,s4,c4 #djag72  7v7 ! availability ( 
funds 9 ! ,national ,flood ,insurance   
,res]ve ,fund e/abli%$ "u section       
#acaj;,a 7#db ,u4,s4,c4 #djag;a72  7vi7 
! availability ( borr[+ au?ority "u     
section #acji 7#db ,u4,s4,c4 #djaf72    
7vii7 ! ability ( ! ,adm9i/rator to     
repay out/&+ debt2  7viii7 am\nts       
appropriat$ to ! ,adm9i/rator to c>ry   
out ! national flood insurance program2 
7ix7 re9surance1 capital m>kets1        
cata/rophe bonds1 collat]aliz$          
re9surance1 resili5ce bonds1 & o!r      
insurance-l9k$ securities1 & o!r risk   
transf] opportunities2 &  7x7 any o!r   
factor ! ,adm9i/rator det]m9es          
appropriate4  7,d7 ,multi-ye> contracts 
,no?+ 9 ?is p>agraph may be con/ru$ to  
prev5t or prohibit ! ,adm9i/rator f     
comply+ ) ! requirem5t "u subp>agraph   
7,a7 reg>d+ c$+ risk ?r\gh contracts    
hav+ a duration long] ?an "o ye>4  4    

#d4 ,private or community flood maps    
,section #ajjbae ( ! ,bigg]t-,wat]s     
,flood ,insurance ,re=m ,act ( #bjab    
7#db ,u4,s4,c4 #daja;a7 is am5d$ by add+
 at ! end ! foll[+ new subsection3  7m7 
,private or community flood maps  7#a7  
,/&>ds & proc$ures ,9 addition to ! o!r 
duties ( ! ,c\ncil "u ?is section1 n    
lat] ?an ! expiration ( ! #ab-mon? p]iod
 beg9n+ on ! date ( ! enactm5t ( ?is    
subsection1 ! ,c\ncil %all develop &    
e/abli% a set ( /&>ds1 guidel9es1 &     
proc$ures =--  7,a7 ,/ate & local       
gov]nm5ts1 f$]ally or ,/ate recogniz$   
,metropolitan ,plann+ ,organizations    
7,m,p,os71 f$]ally or ,/ate recogniz$   
,c\ncils ( ,local ,gov]nm5ts1 & f$]ally 
or ,/ate recogniz$ ,rural               
,transportation ,plann+ ,organizations  
to use 9 mapp+ flood risks & develop+   
alt]native maps to ! flood insurance    
rate maps develop$ by ! ,ag5cy2 &  7,b7 
c]tification1 by ! ,adm9i/rator & )9 #ij
 days ( submission1 ( su* maps = use "u 
! ,national ,flood ,insurance ,program 9

 ! case ( any area cov]$ by a flood     
insurance rate map develop$ or approv$  
by ! ,adm9i/rator :i* has n be5 updat$  
or reissu$ = #cf mon?s or long]4  7#b7  
,treatm5t ,^u c]tification ( a map      
pursuant to p>agraph 7#a77;,b71 su*     
map-- 7,a7 %all be consid]$ ! flood     
insurance rate map 9 effect = all       
purposes ( ! ,national ,flood ,insurance
 ,program1 ) respect to ! area cov]$ by 
! map2 &  7,b7 may n be revis$1 updat$1 
or replac$ pursuant to ! /&>ds1         
guidel9es1 & proc$ures e/abli%$ pursuant
 to p>agraph 7#a7 be=e ! expiration ( ! 
#cf-mon? p]iod beg9n+ ^u su*            
c]tification4  7#c7 ,exemption f        
rulemak+ ,until su* "t z ! ,adm9i/rator 
promulgates regulations implem5t+       
p>agraphs 7#a7 & 7#b7 ( ?is subsection1 
! ,adm9i/rator may adopt policies &     
proc$ures1 not)/&+ any o!r provisions ( 
law1 necess>y to implem5t su* p>agraphs 
)\t und]go+ notice & comm5t rulemak+ &  
)\t conduct+ regulatory analyses o!rwise
 requir$ by /atute1 regulation1 or      

executive ord]4  4