,,ib ,union ,calendar ,no4 #ahe #aaeth ,,congress #ast ,session ,h4 ,r4 #bbdf ,report ,no4 #aae-bee ,,in ,,the ,,house ,,of ,,representatives ,april #bh1 #bjag ,mr4 ,luetkemeyer introduced the following bill2 which was referred to the ,committee on ,financial ,services ,july #be1 #bjag ,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed ,strike out all after the enacting clause and insert the part printed in italic ,for text of introduced bill1 see copy of bill as introduced on ,april #bh1 #bjag ,a ,,bill ,to repeal the mandatory flood insurance coverage requirement for commercial properties located in flood hazard areas and to provide for greater transfer of risk under the ,national ,flood ,insurance ,program to private capital and reinsurance markets1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,taxpayer ,exposure ,mitigation ,act of #bjag4 #b4 ,opt-out of mandatory coverage requirement for commercial properties 7a7 ,amendments to ,flood ,disaster ,protection ,act of #aigc ,the ,flood ,disaster ,protection ,act of #aigc is amended-- 7#a7 in section #c7;a7 7#db ,u4,s4,c4 #djjc7;a77-- 7,a7 in paragraph 7#aj71 by striking and at the end2 7,b7 in paragraph 7#aa71 by striking the period at the end and inserting 2 and2 and 7,c7 by adding at the end the following new paragraph3 7#ab7 residential improved real estate means improved real estate that-- 7,a7 is primarily used for residential purposes1 as defined by the ,federal entities for lending regulation2 and 7,b7 secures financing or financial assistance provided through a federally related single family loan progam1 as defined by the ,federal entities for lending regulation4 2 and 7#b7 in section #ajb 7#db ,u4,s4,c4 #djab;a7-- 7,a7 in subsection 7b7-- 7i7 in paragraph 7#a77;,a7-- 7,i7 by inserting residential before improved real estate2 and 7,,ii7 by inserting residential before building or mobile home2 7ii7 in paragraph 7#b7-- 7,i7 by inserting residential before improved real estate2 and 7,,ii7 by inserting residential before building or mobile home2 and 7iii7 in paragraph 7#c7-- 7,i7 in subparagraph 7,a71 by inserting residential before improved real estate2 and 7,,ii7 in the matter after and below subparagraph 7,b71 by inserting residential before building or mobile home2 7,b7 in subsection 7c77#c71 by striking 1 in the case of any residential property1 for any structure that is a part of such property and inserting for any structure that is part of a residential property2 7,c7 in subsection 7e7-- 7i7 in paragraph 7#a7-- 7,i7 by inserting residential before improved real estate2 and 7,,ii7 by inserting residential before building or mobile home each place such term appears2 and 7ii7 in paragraph 7#e7-- 7,i7 in subparagraph 7,a7-- 7aa7 by inserting residential before improved real estate each place such term appears2 and 7bb7 by inserting residential before building or mobile home each place such term appears2 7,,ii7 in subparagraph 7,b71 by inserting residential before building or mobile home each place such term appears2 and 7,,iii7 in subparagraph 7,c71 by inserting residential before building or mobile home2 and 7,d7 in subsection 7h7-- 7i7 by inserting residential before improved real estate each place such term appears2 and 7ii7 in the matter preceding paragraph 7#a71 by inserting residential before building or mobile home4 7b7 ,amendments to ,national ,flood ,insurance ,act of #aifh ,the ,national ,flood ,insurance ,act of #aifh is amended-- 7#a7 in section #acfd7;a7 7#db ,u4,s4,c4 #dajd;a7a77-- 7,a7 in paragraph 7#a71 by inserting residential before improved real estate2 7,b7 in paragraph 7#b71 by inserting residential before improved real estate2 and 7,c7 in paragraph 7#c77;,a71 by inserting residential before building2 7#b7 in section #acfe 7#db ,u4,s4,c4 #dajd;b7-- 7,a7 in subsection 7a7-- 7i7 by inserting residential before improved real estate2 and 7ii7 by inserting residential before building2 7,b7 in subsection 7b77#b7-- 7i7 by inserting residential before building each place such term appears2 and 7ii7 by inserting residential before improved real estate each place such term appears2 7,c7 in subsection 7d71 by inserting residential before improved real estate each place such term appears2 and 7,d7 in subsection 7e7-- 7i7 by inserting residential before improved real estate2 and 7ii7 by inserting residential before building each place such term appears2 and 7#c7 in section #acgj 7#db ,u4,s4,c4 #daba7-- 7,a7 in paragraph 7#h71 by inserting residential before improved real estate2 7,b7 by redesignating paragraphs 7#ad7 and 7#ae7 as paragraphs 7#ae7 and 7#af71 respectively2 and 7,c7 by inserting after paragraph 7#ac7 the following new paragraph3 7#ad7 the term residential improved real estate means improved real estate that-- 7,a7 is primarily used for residential purposes1 as defined by the ,federal entities for lending regulation2 and 7,b7 secures financing or financial assistance provided through a federally related single family loan progam1 as defined by the ,federal entities for lending regulation2 4 7c7 ,rule of construction ,this section and the amendments made by this section may not be construed to prohibit the ,administrator of the ,federal ,emergency ,management ,agency from offering flood insurance coverage under the ,national ,flood ,insurance ,program for eligible non-residential properties1 other residential multifamily properties1 or structures financed with commercial loans1 or to prohibit the purchase of such coverage for such eligible properties4 #c4 ,risk transfer requirement ,subsection 7e7 of section #acde of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djha7;e77 is amended-- 7#a7 by striking 7e7 ,risk transfer4--,the ,administrator and inserting the following3 7e7 ,risk transfer 7#a7 ,authority ,the ,administrator 2 and 7#b7 by adding at the end the following new paragraph3 7#b7 ,required risk transfer coverage 7,a7 ,requirement ,not later than the expiration of the #ah-month period beginning upon the date of the enactment of this paragraph and at all times thereafter1 the ,administrator shall annually cede a portion of the risk of the flood insurance program under this title to the private reinsurance or capital markets1 or any combination thereof1 and at rates and terms that the ,administrator determines to be reasonable and appropriate1 in an amount that-- 7i7 is sufficient to maintain the ability of the program to pay claims2 and 7ii7 manages and limits the annual exposure of the flood insurance program to flood losses in accordance with the probable maximum loss target established for such year under subparagraph 7,b74 7,b7 ,probable maximum loss target ,the ,administrator shall for each fiscal year1 establish a probable maximum loss target for the national flood insurance program that shall be the maximum probable loss under the national flood insurance program that is expected to occur in such fiscal year4 7,c7 ,considerations ,in establishing the probable maximum loss target under subparagraph 7,b7 for each fiscal year and carrying out subparagraph 7,a71 the ,administrator shall consider-- 7i7 the probable maximum loss targets for other ,united ,states public natural catastrophe insurance programs1 including as ,state wind pools and earthquake programs2 7ii7 the probable maximum loss targets of other risk management organizations1 including the ,federal ,national ,mortgage ,association and the ,federal ,home ,loan ,mortgage ,corporation2 7iii7 catastrophic1 actuarial1 and other appropriate data modeling results of the national flood insurance program portfolio2 7iv7 the availability of funds in the ,national ,flood ,insurance ,fund established under section #acaj 7#db ,u4,s4,c4 #djag72 7v7 the availability of funds in the ,national ,flood ,insurance ,reserve ,fund established under section #acaj;,a 7#db ,u4,s4,c4 #djag;a72 7vi7 the availability of borrowing authority under section #acji 7#db ,u4,s4,c4 #djaf72 7vii7 the ability of the ,administrator to repay outstanding debt2 7viii7 amounts appropriated to the ,administrator to carry out the national flood insurance program2 7ix7 reinsurance1 capital markets1 catastrophe bonds1 collateralized reinsurance1 resilience bonds1 and other insurance-linked securities1 and other risk transfer opportunities2 and 7x7 any other factor the ,administrator determines appropriate4 7,d7 ,multi-year contracts ,nothing in this paragraph may be construed to prevent or prohibit the ,administrator from complying with the requirement under subparagraph 7,a7 regarding ceding risk through contracts having a duration longer than one year4 4 #d4 ,community flood maps 7a7 ,technical ,mapping ,advisory ,council ,section #ajjbae of the ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab 7#db ,u4,s4,c4 #daja;a7 is amended-- 7#a7 in subsection 7c7-- 7,a7 in paragraph 7#e77;,b71 by striking and at the end2 7,b7 by redesignating paragraph 7#f7 as paragraph 7#i72 and 7,c7 by inserting after paragraph 7#e7 the following new paragraphs3 7#f7 recommend to the ,administrator methods or actions to make the flood mapping processes more efficient2 7#g7 recommend to the ,administrator methods or actions to minimize any cost1 data1 and paperwork requirements of the flood mapping processes2 7#h7 assist communities1 and in particular smaller communities1 in locating the resources required to participate in the development of flood elevations and flood hazard area designations2 and 2 and 7#b7 by adding at the end the following new subsection3 7m7 ,community flood maps 7#a7 ,standards and procedures ,in addition to the other duties of the ,council under this section1 not later than the expiration of the #ab-month period beginning on the date of the enactment of this subsection1 the ,council shall recommend to the ,administrator standards and requirements for chief executive officers1 or entities designated by chief executive officers1 of ,states and communities participating in the ,national ,flood ,insurance ,program to use in mapping flood hazards located in ,states and communities that choose to develop alternative maps to the flood insurance rate maps developed by the ,agency4 ,the recommended standards and requirements shall include procedures for providing notification and appeal rights to individuals within the communities of the proposed flood elevation determinations4 7#b7 ,exemption from rulemaking ,until such time as the ,administrator promulgates regulations implementing paragraph 7#a7 of this subsection1 the ,administrator may1 notwithstanding any other provision of law1 adopt policies and procedures necessary to implement such paragraphs without undergoing notice and comment rulemaking and without conducting regulatory analyses otherwise required by statute1 regulation1 or executive order4 4 7b7 ,,fema identification of flood-prone areas ,subsection 7a7 of section #acfj of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #daja7;a77 is amended-- 7#a7 in paragraph 7#b71 by striking the period at the end and inserting 2 and2 7#b7 by redesignating paragraphs 7#a7 and 7#b7 as subparagraphs 7,a71 and 7,b71 respectively1 and realigning such subparagraphs so as to be indented #d ems from the left margin2 7#c7 by striking is authorized to consult and inserting the following3 is authorized-- 7#a7 to consult 2 7#d7 by adding at the end the following new paragraph3 7#b7 to receive proposed alternative maps from communities developed pursuant to standards and requirements recommended by the ,technical ,mapping ,advisory ,council1 as required by section #ajjbae7m7 of the ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab 7#db ,u4,s4,c4 #daja;a7m77 and adopted by the ,administrator as required by section #ajjbaf7;c77#c7 of such ,act 7#db ,u4,s4,c4 #daja;b7c77#c771 so that the ,administrator may-- 7,a7 publish information with respect to all flood plain areas1 including coastal areas located in the ,united ,states1 which have special flood hazards1 and 7,b7 establish or update flood-risk zone data in all such areas1 and make estimates with respect to the rates of probable flood caused loss for the various flood risk zones for each of these areas until the date specified in section #acai4 4 7c7 ,national ,flood ,mapping ,program ,section #ajjbaf of the ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab 7#db ,u4,s4,c4 #daja;b7 is amended-- 7#a7 in subsection 7a71 by inserting prepared by the ,administrator1 or by a community pursuant to section #acfj7;a77#b7 of the ,national ,flood ,insurance ,act of #aifh1 after ,program rate maps2 7#b7 in subsection 7c7-- 7,a7 in paragraph 7#a77;,b71 by striking and at the end2 7,b7 in paragraph 7#b77;,c71 by striking the period at the end and inserting a semicolon2 and 7,c7 by adding at the end the following new paragraphs3 7#c7 establish and adopt standards and requirements for development by ,states and communities of alternative flood insurance rate maps to be submitted to the ,administrator pursuant to section #acfj7;a77#b7 of the ,national ,flood ,insurance ,act of #aifh1 taking into consideration the recommendations of the ,technical ,mapping ,advisory ,council made pursuant to section #ajjbae7m7 of this ,act 7#db ,u4,s4,c4 #daja;a7m772 and 7#d7 in the case of proposed alternative maps received by the ,administrator pursuant to such section #acfj7;a77#b71 not later than the expiration of the #f-month period beginning upon receipt of such proposed alternative maps-- 7,a7 determine whether such maps were developed in accordance with the standards and requirements adopted pursuant to paragraph 7#c7 of this subsection2 and 7,b7 approve or disapprove such proposed maps for use under ,national ,flood ,insurance ,program4 2 and 7#c7 in subsection 7d77#a71 by inserting maximum before #cj-;day period each place such term appears in subparagraphs 7,b7 and 7,c74 ,july #be1 #bjag ,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed