#aaeth ,,congress #ast ,session ,h4 ,r4 #bhgd ,,an ,,act ,to achieve reforms to improve the financial stability of the ,national ,flood ,insurance ,program1 to enhance the development of more accurate estimates of flood risk through new technology and better maps1 to increase the role of private markets in the management of flood insurance risks1 and to provide for alternative methods to insure against flood peril1 and for other purposes4 #a4 ,short title and table of contents 7a7 ,short title ,this ,act may be cited as the #bast ,century ,flood ,reform ,act4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title and table of contents4 ,title ,i--,policyholder protections and information ,sec4 #aja4 ,extension of ,national ,flood ,insurance ,program4 ,sec4 #ajb4 ,annual limitation on premium increases4 ,sec4 #ajc4 ,flood insurance affordability program4 ,sec4 #ajd4 ,disclosure of premium methodology4 ,sec4 #aje4 ,consideration of coastal and inland locations in premium rates4 ,sec4 #ajf4 ,monthly installment payment of premiums4 ,sec4 #ajg4 ,enhanced clear communication of flood risks4 ,sec4 #ajh4 ,availability of flood insurance information upon request4 ,sec4 #aji4 ,disclosure of flood risk information upon transfer of property4 ,sec4 #aaj4 ,voluntary community-based flood insurance pilot program4 ,sec4 #aaa4 ,use of replacement cost in determining premium rates4 ,sec4 #aab4 ,cap on premiums4 ,sec4 #aac4 ,premium rates for certain mitigated properties4 ,sec4 #aad4 ,study of flood insurance coverage for units in cooperative housing4 ,sec4 #aae4 ,pilot program for properties with preexisting conditions4 ,sec4 #aaf4 ,federal ,flood ,insurance ,advisory ,committee4 ,sec4 #aag4 ,interagency guidance on compliance4 ,sec4 #aah4 ,,gao study of claims adjustment practices4 ,sec4 #aai4 ,,gao study of flood insurance coverage treatment of earth movement4 ,sec4 #abj4 ,definitions4 ,title ,,ii--,increasing consumer choice through private market development ,sec4 #bja4 ,private flood insurance4 ,sec4 #bjb4 ,opt-out of mandatory coverage requirement for commercial properties4 ,sec4 #bjc4 ,elimination of non-compete requirement4 ,sec4 #bjd4 ,public availability of program information4 ,sec4 #bje4 ,refund of premiums upon cancellation of policy because of replacement with private flood insurance4 ,sec4 #bjf4 ,,gao study of flood damage savings accounts4 ,sec4 #bjg4 ,demonstration program for flood damage savings accounts4 ,title ,,iii--,mapping fairness ,sec4 #cja4 ,use of other risk assessment tools in determining premium rates4 ,sec4 #cjb4 ,appeals regarding existing flood maps4 ,sec4 #cjc4 ,appeals and publication of projected special flood hazard areas4 ,sec4 #cjd4 ,communication and outreach regarding map changes4 ,sec4 #cje4 ,sharing and use of maps and data4 ,sec4 #cjf4 ,community flood maps4 ,title ,,iv--,protecting consumers and individuals through improved mitigation ,sec4 #dja4 ,provision of ,community ,rating ,system premium credits to maximum number of communities practicable4 ,sec4 #djb4 ,community accountability for repetitively flooded areas4 ,sec4 #djc4 ,increased cost of compliance coverage4 ,title ,v--,program integrity ,sec4 #eja4 ,independent actuarial review4 ,sec4 #ejb4 ,adjustments to homeowner flood insurance affordability surcharge4 ,sec4 #ejc4 ,national ,flood ,insurance ,reserve ,fund compliance4 ,sec4 #ejd4 ,designation and treatment of multiple-loss properties4 ,sec4 #eje4 ,elimination of coverage for properties with excessive lifetime claims4 ,sec4 #ejf4 ,pay for performance and streamlining costs and reimbursement4 ,sec4 #ejg4 ,enforcement of mandatory purchase requirements4 ,sec4 #ejh4 ,satisfaction of mandatory purchase requirement in ,states allowing all-perils policies4 ,sec4 #eji4 ,flood insurance purchase requirements4 ,sec4 #eaj4 ,clarifications2 deadline for approval of claims4 ,sec4 #eaa4 ,risk transfer requirement4 ,sec4 #eab4 ,,gao study of simplification of ,national ,flood ,insurance ,program4 ,sec4 #eac4 ,,gao study on enforcement of mandatory purchase requirements4 ,title ,,vi--,administrative reforms ,sec4 #fja4 ,penalties for fraud and false statements in the ,national ,flood ,insurance ,program4 ,sec4 #fjb4 ,enhanced policyholder appeals process rights4 ,sec4 #fjc4 ,deadline for approval of claims4 ,sec4 #fjd4 ,litigation process oversight and reform4 ,sec4 #fje4 ,prohibition on hiring disbarred attorneys4 ,sec4 #fjf4 ,technical assistance reports4 ,sec4 #fjg4 ,improved disclosure requirement for standard flood insurance policies4 ,sec4 #fjh4 ,reserve ,fund amounts4 ,sec4 #fji4 ,sufficient staffing for ,office of ,flood ,insurance ,advocate4 ,sec4 #faj4 ,limited exemption for disaster or catastrophe claims adjusters4 ,i ,policyholder protections and information #aja4 ,extension of ,national ,flood ,insurance ,program 7a7 ,financing ,section #acji7;a7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djaf7;a77 is amended by striking ,september #cj1 #bjag and inserting ,september #cj1 #bjbb4 7b7 ,program expiration ,section #acai of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djbf7 is amended by striking ,september #cj1 #bjag and inserting ,september #cj1 #bjbb4 #ajb4 ,annual limitation on premium increases ,section #acjh7;e7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djae7;e77 is amended-- 7#a7 in paragraph 7#a71 by striking #ah percent and inserting #ae percent2 and 7#b7 in paragraph 7#b7-- 7,a7 by striking #e percent and inserting #f4e percent2 and 7,b7 by inserting before the semicolon at the end the following3 1 except that 7,a7 during the #ab-month period on the date of the enactment of the #bast ,century ,flood ,reform ,act this paragraph shall be applied by substituting #e percent for #f4e percent1 7,b7 during the #ab-month period beginning upon the expiration of the period referred to in clause 7,a71 this paragraph shall be applied by substituting #e4e percent for #f4e percent1 and 7,c7 during the #ab-month period beginning upon the expiration of the period referred to in clause 7,b71 this paragraph shall be applied by substituting #f4j percent for #f4e percent4 #ajc4 ,flood insurance affordability program ,chapter ,i of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djaa et seq47 is amended by adding at the end the following new section3 #acbf4 ,flood insurance affordability program 7a7 ,authority ,the ,administrator shall carry out a program under this section to provide financial assistance1 through ,state programs carried out by participating ,states1 for eligible low-income households residing in eligible properties to purchase policies for flood insurance coverage made available under this title4 7b7 ,participation ,participation in the program under this section shall be voluntary on the part of a ,state or consortium of ,states4 7c7 ,state administration ,each participating ,state shall delegate to a ,state agency or nonprofit organization the responsibilities for administrating the ,state's program under this section4 7d7 ,eligible households 7#a7 ,in general ,during any fiscal year1 assistance under the program under this section may be provided only for a household that has an income1 as determined for such fiscal year by the participating ,state in which such household resides1 that is less than the income limitation established for such fiscal year for purposes of the ,state program by the participating ,state1 except that-- 7,a7 assistance under the program under this section may not be provided for a household having a income that exceeds the greater of-- 7i7 the amount equal to #aej percent of the poverty level for such ,state2 or 7ii7 the amount equal to #fj percent of the median income of households residing in such ,state2 and 7,b7 a ,state may not exclude a household from eligibility in a fiscal year solely on the basis of household income if such income is less than #aaj percent of the poverty level for the ,state in which such household resides4 7#b7 ,state verification of income eligibility ,in verifying income eligibility for purposes of paragraph 7#a71 the participating ,state may apply procedures and policies consistent with procedures and policies used by the ,state agency administering programs under part ,a of title ,,iv of the ,social ,security ,act 7#db ,u4,s4,c4 #fja et seq471 under title ,,xx of the ,social ,security ,act 7#db ,u4,s4,c4 #acig et seq471 under subtitle ,b of title ,,vi of the ,omnibus ,budget ,reconciliation ,act of #aiha 7#db ,u4,s4,c4 #iija et seq42 relating to community services block grant program71 under any other provision of law that carries out programs which were administered under the ,economic ,opportunity ,act of #aifd 7#db ,u4,s4,c4 #bgja et seq47 before ,august #ac1 #aiha1 or under other income assistance or service programs 7as determined by the ,state74 7#c7 ,certification by ,state of eligibility households ,for each fiscal year1 each participating ,state shall certify to the ,administrator compliance of households who are to be provided assistance under the ,state program during such fiscal year with the income requirements under paragraph 7#a74 7e7 ,eligible properties ,assistance under the program under this section may be provided only for a residential property-- 7#a7 that has #d or fewer residences2 7#b7 that is owned and occupied by an eligible household2 7#c7 for which a base flood elevation is identified on a flood insurance rate map of the ,administrator that is in effect2 7#d7 for which such other information is available as the ,administrator considers necessary to determine the flood risk associated with such property2 and 7#e7 that is located in a community that is participating in the national flood insurance program4 7f7 ,types of assistance ,under the program under this section1 a participating ,state shall elect to provide financial assistance for eligible households in one of the following forms3 7#a7 ,limitation on rate increases ,by establishing a limitation on the rate of increases in the amount of chargeable premiums paid by eligible households for flood insurance coverage made available under this title4 7#b7 ,limitation on rates ,by establishing a limitation on the amount of chargeable premiums paid by eligible households for flood insurance coverage made available under this title4 7g7 ,notification to ,,fema ,under the program under this section1 a participating ,state shall1 on a fiscal year basis and at the time and in the manner provided by the ,administrator-- 7#a7 identify for the ,administrator the eligible households residing in the ,state who are to be provided assistance under the ,state program during such fiscal year2 and 7#b7 notify the ,administrator of the type and levels of assistance elected under subsection 7f7 to be provided under the ,state program with respect to such eligible households residing in the ,state4 7h7 ,amount of assistance ,under the program under this section1 in each fiscal year the ,administrator shall1 notwithstanding section #acjh1 make flood insurance coverage available for purchase by households identified as eligible households for such fiscal year by a participating ,state pursuant to subsection 7e7 at chargeable premium rates that are discounted by an amount that is based on the type and levels of assistance elected pursuant to subsection 7f7 by the participating ,state for such fiscal year4 7i7 ,billing statement ,in the case of an eligible household for which assistance under the program under this section is provided with respect to a policy for flood insurance coverage1 the annual billing statement for such policy shall include statements of the following amounts3 7#a7 ,the estimated risk premium rate for the property under section #acjg7;a77#a74 7#b7 ,if applicable1 the estimated risk premium rate for the property under section #acjg7;a77#b74 7#c7 ,the chargeable risk premium rate for the property taking into consideration the discount pursuant to subsection 7h74 7#d7 ,the amount of the discount pursuant to subsection 7h7 for the property4 7#e7 ,the number and dollar value of claims filed for the property1 over the life of the property1 under a flood insurance policy made available under the ,program and the effect1 under this ,act1 of filing any further claims under a flood insurance policy with respect to that property4 7j7 ,funding through ,state affordability surcharges 7#a7 ,imposition and collection ,notwithstanding section #acjh1 for each fiscal year in which flood insurance coverage under this title is made available for properties in a participating ,state at chargeable premium rates that are discounted pursuant to subsection 7f71 the ,administrator shall impose and collect a ,state affordability surcharge on each policy for flood insurance coverage for a property located in such participating ,state that is 7,a7 not a residential property having #d or fewer residences1 or 7,b7 is such a residential property but is owned by a household that is not an eligible household for purposes of such fiscal year4 7#b7 ,amount ,the amount of the ,state affordability surcharge imposed during a fiscal year on each such policy for a property in a participating ,state shall be-- 7,a7 sufficient such that the aggregate amount of all such ,state affordability surcharges imposed on properties in such participating ,state during such fiscal year is equal to the aggregate amount by which all policies for flood insurance coverage under this title sold during such fiscal year for properties owned by eligible households in the participating ,state are discounted pursuant to subsection 7f72 and 7,b7 the same amount for each property in the participating ,state being charged such a surplus4 7k7 ,treatment of other surcharges ,the provision of assistance under the program under this section with respect to any property and any limitation on premiums or premium increases pursuant to subsection 7f7 for the property shall not affect the applicability or amount of any surcharge under section #acjh;,a for the property1 of any increase in premiums charged for the property pursuant to section #acaj;,a7c71 or of any equivalency fee under section #acjh;,b for the property4 7l7 ,definitions ,for purposes of this section1 the following definitions shall apply3 7#a7 ,participating ,state ,the term participating ,state means1 with respect to a fiscal year1 a ,state that is participating in the program under this section for such fiscal year4 7#b7 ,eligible household ,the term eligible household means1 with respect to a fiscal year and a participating ,state1 a household that has an income that is less than the amount of the income limitation for the fiscal year established for purposes of the ,state program of such participating ,state pursuant to subsection 7g77#a74 7#c7 ,poverty level ,the term poverty level' means1 with respect to a household in any ,state1 the income poverty line as prescribed and revised at least annually pursuant to section #fgc7b7 of the ,community ,services ,block ,grant ,act 7#db ,u4,s4,c4 #iijb7b771 as applicable to such ,state4 7#d7 ,state ,the term ,state shall include a consortium of ,states established for purposes of administrating the program under this section with respect to the member ,states of the consortium4 7#e7 ,state program ,the term ,state program means a program carried out in compliance with this section by a participating ,state in conjunction with the program under this section of the ,administrator4 7m7 ,regulations ,the ,administrator shall issue such regulations as may be necessary to carry out the program under this section4 4 #ajd4 ,disclosure of premium methodology ,section #acjh of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djae7 is amended by adding at the end the following new subsection3 7n7 ,disclosure of premium methodology 7#a7 ,disclosure ,six months prior to the effective date of risk premium rates1 the ,administrator shall cause to be published in the ,federal ,register an explanation of the bases for1 and methodology used to determine1 the chargeable premium rates to be effective for flood insurance coverage under this title4 7#b7 ,alignment with industry practices ,the disclosure required under paragraph 7#a7 shall1 to the extent practicable1 be aligned with industry patterns and practices and shall include information and data recommended by the ,state insurance commissioners guidelines on rate filings4 7#c7 ,public meetings ,the ,administrator shall1 on an annual basis1 hold at least one public meeting in each of the geographical regions of the ,united ,states1 as defined by the ,administrator for purposes of the ,national ,flood ,insurance ,program1 for the purpose of explaining the methodology described in paragraph 7#a7 and answering questions and receiving comments regarding such methodology4 ,the ,administrator shall provide notice of each such public meeting in advance1 in such manner1 and in using such means as are reasonably designed to notify interested parties and members of the public of the date and time1 location1 and purpose of such meeting1 and of how to submit questions or comments4 4 #aje4 ,consideration of coastal and inland locations in premium rates 7a7 ,estimates of premium rates ,subparagraph 7,a7 of section #acjg7;a77#a7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djad7;a77#a77;,a77 is amended-- 7#a7 in clause 7i71 by striking and at the end2 and 7#b7 by adding at the end the following new clause3 7iii7 the differences in flood risk for properties impacted by coastal flood risk and properties impacted by riverine1 or inland flood risk2 and 4 7b7 ,establishment of chargeable premium rates ,paragraph 7#a7 of section #acjh7;b7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djae7;b77#a77 is amended by inserting due to differences in flood risk resulting from coastal flood hazards and riverine1 or inland flood hazards and after including differences in risks4 7c7 ,revised rates ,not later than the expiration of the two-year period beginning on the date of the enactment of this ,act1 the ,administrator of the ,federal ,emergency ,management ,agency shall revise risk premium rates under the ,national ,flood ,insurance ,program to implement the amendments made by this section4 #ajf4 ,monthly installment payment of premiums 7a7 ,authority ,subsection 7g7 of section #acjh of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djae7;g77 is amended-- 7#a7 by striking the subsection designation and all that follows through ,with respect and inserting the following3 7g7 ,frequency of premium collection 7#a7 ,options ,with respect 2 and 7#b7 by adding at the end the following3 7#b7 ,monthly installment payment of premiums 7,a7 ,exemption from rulemaking ,until such time as the ,administrator promulgates regulations implementing paragraph 7#a7 of this subsection1 the ,administrator may adopt policies and procedures1 notwithstanding any other provisions of law and in alignment and consistent with existing industry escrow and servicing standards1 necessary to implement such paragraph without undergoing notice and comment rulemaking and without conducting regulatory analyses otherwise required by statute1 regulation1 or ,executive order4 7,b7 ,pilot program ,the ,administrator may initially implement paragraph 7#a7 of this subsection as a pilot program that provides for a gradual phase-in of implementation4 7,c7 ,policyholder protection ,the ,administrator may-- 7i7 during the #ab-month period beginning on the date of the enactment of this subparagraph1 charge policyholders choosing to pay premiums in monthly installments a fee for the total cost of the monthly collection of premiums not to exceed #be annually2 and 7ii7 after the expiration of the #ab-month period referred to in clause 7i71 adjust the fee charged annually to cover the total cost of the monthly collection of premiums as determined by the report submitted pursuant to subparagraph 7,d74 7,d7 ,report ,not later than six months after the date of the enactment of this ,act1 the ,comptroller ,general shall submit a report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 that sets forth all of the costs associated with the monthly payment of premiums1 including any up-front costs associated with infrastructure development1 the impact on all policyholders including those that exercise the option to pay monthly and those that do not1 options for minimizing the costs1 particularly the costs to policyholders1 and the feasibility of adopting practices that serve to minimize costs to policyholders such as automatic payments and electronic payments4 7,e7 ,annual ,reports ,on an annual basis1 the ,administrator shall report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate the ongoing costs associated with the monthly payment of premiums4 4 7b7 ,implementation ,clause 7ii7 of section #acjg7;a77#a77;,b7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djad7;a77#a77;,b77ii77 is amended by inserting before any administrative expenses the following3 the costs associated with the monthly collection of premiums provided for in section #acjh7;g7 7#db ,u4,s4,c4 #djae7;g771 but only if such costs exceed the operating costs and allowances set forth in clause 7i7 of this subparagraph1 and4 #ajg4 ,enhanced clear communication of flood risks 7a7 ,in general ,subsection 7l7 of section #acjh of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djae7l77 is amended to read as follows3 7l7 ,clear communications 7#a7 ,newly issued and renewed policies ,for all policies for flood insurance coverage under the ,national ,flood ,insurance ,program that are newly issued or renewed1 the ,administrator shall clearly communicate to policyholders-- 7,a7 their full flood risk determinations1 regardless of whether their premium rates are full actuarial rates2 and 7,b7 the number and dollar value of claims filed for the property1 over the life of the property1 under a flood insurance policy made available under the ,program and the effect1 under this ,act1 of filing any further claims under a flood insurance policy with respect to that property4 4 7b7 ,effective date ,subsection 7l7 of section #acjh of the ,national ,flood ,insurance ,act of #aifh1 as added by subsection 7a7 of this section1 shall take effect beginning upon the expiration of the #ab-month period that begins on the date of the enactment of this ,act4 ,such subsection 7l71 as in effect immediately before the amendment made by paragraph 7#a71 shall apply during such #ab-month period4 #ajh4 ,availability of flood insurance information upon request ,section #acac of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djbj7 is amended-- 7#a7 by inserting 7a7 ,public information and data4-- after ,sec4 #acac42 and 7#b7 by adding at the end the following new subsection3 7b7 ,availability of flood insurance information upon request ,not later than #cj days after a request for such information by the current owner of a property1 the ,administrator shall provide to the owner any information1 including historical information1 available to the ,administrator on flood insurance program coverage1 payment of claims1 and flood damages for the property at issue1 and any information the ,administrator has on whether the property owner may be required to purchase coverage under the ,national ,flood ,insurance ,program due to previous receipt of ,federal disaster assistance1 including assistance provided by the ,small ,business ,administration1 the ,department of ,housing and ,urban ,development1 or the ,federal ,emergency ,management ,agency1 or any other type of assistance that subjects the property to the mandatory purchase requirement under section #ajb of the ,flood ,disaster ,protection ,act of #aigc 7#db ,u4,s4,c4 #djab;a74 4 #aji4 ,disclosure of flood risk information upon transfer of property 7a7 ,in general ,chapter #a of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djaa et seq471 as amended by the preceding provisions of this ,act1 is further amended by adding at the end the following new section3 #acbg4 ,disclosure of flood risk information upon transfer of property 7a7 ,requirement for participation in program ,after ,september #cj1 #bjbb1 no new flood insurance coverage may be provided under this title for any real property located in any area 7or subdivision thereof7 unless an appropriate body has imposed1 by statute or regulation1 a duty on any seller or lessor of improved real estate located in such area to provide to any purchaser or lessee of such property a property flood hazard disclosure which the ,administrator has determined meets the requirements of subsection 7b74 7b7 ,disclosure requirements ,a property flood hazard disclosure for a property shall meet the requirements of this subsection only if the disclosure-- 7#a7 is made in writing2 7#b7 discloses any actual knowledge of the seller or lessor of-- 7,a7 prior physical damage caused by flood to any building located on the property2 7,b7 prior insurance claims for losses covered under the ,national ,flood ,insurance ,program or private flood insurance with respect to such property2 7,c7 any previous notification regarding the designation of the property as a multiple loss property2 and 7,d7 any ,federal legal obligation to obtain and maintain flood insurance running with the property1 such as any obligation due to a previous form of disaster assistance under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act received by any owner of the property2 and 7#c7 is delivered by or on behalf of the seller or lessor to the purchaser or lessee before such purchaser or lessee becomes obligated under any contract for purchase or lease of the property4 4 7b7 ,availability of flood insurance coverage ,subsection 7c7 of section #acje of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djab7;c77 is amended-- 7#a7 in paragraph 7#a71 by striking and at the end2 7#b7 in paragraph 7#b71 by striking the period at the end and inserting 2 and2 and 7#c7 by adding at the end the following new paragraph3 7#c7 given satisfactory assurance that by ,september #cj1 #bjbb1 property flood hazard disclosure requirements will have been adopted for the area that meet the requirements of section #acbf4 4 #aaj4 ,voluntary community-based flood insurance pilot program 7a7 ,establishment ,the ,administrator of the ,federal ,emergency ,management ,agency 7in this section referred to as the ,administrator7 may carry out a community-based flood insurance pilot program to make available1 for purchase by participating communities1 a single1 community-wide flood insurance policy under the ,national ,flood ,insurance ,program that-- 7#a7 covers all residential and non-residential properties within the community2 and 7#b7 satisfies1 for all such properties within the community1 the mandatory purchase requirements under section #ajb of the ,flood ,disaster ,protection ,act of #aigc 7#db ,u4,s4,c4 #djab;a74 7b7 ,participation ,participation by a community in the pilot program under this section shall be entirely voluntary on the part of the community4 7c7 ,requirements for community-wide policies ,the ,administrator shall ensure that a community-wide flood insurance policy made available under the pilot program under this section incorporates the following requirements3 7#a7 ,a mapping requirement for properties covered by the policy4 7#b7 ,a cap on premiums4 7#c7 ,a deductible4 7#d7 ,certification or accreditation of mitigation infrastructure when available and appropriate4 7#e7 ,a community audit4 7#f7 ,the ,community ,rating ,system under section #acae7;b7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djbb7;b774 7#g7 ,a method of preventing redundant claims payments by the ,national ,flood ,insurance ,program in the case of a claim by an individual property owner who is covered by a community-wide flood insurance policy and an individual policy obtained through the ,program4 7#h7 ,coverage for damage arising from flooding that complies with the standards under the ,national ,flood ,insurance ,program appropriate to the nature and type of property covered4 7d7 ,timing ,the ,administrator may establish the demonstration program under this section not later than the expiration of the #ahj-;day period beginning on the date of the enactment of this ,act and the program shall terminate on ,september #cj1 #bjbb4 7e7 ,definition of community ,for purposes of this section1 the term community means any unit of local government1 within the meaning given such term under the laws of the applicable ,state4 #aaa4 ,use of replacement cost in determining premium rates 7a7 ,study of risk rating redesign flood insurance premium rating options 7#a7 ,study ,the ,administrator of the ,federal ,emergency ,management ,agency shall conduct a study to-- 7,a7 evaluate insurance industry best practices for risk rating and classification1 including practices related to replacement cost value in premium rate estimations2 7,b7 assess options1 methods1 and strategies for including replacement cost value in the ,administrator's estimates under section #acjg7;a77#a7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djad7;a77#a772 7,c7 provide recommendations for including replacement cost value in the estimate of the risk premium rates for flood insurance under such section #acjg7;a77#a72 7,d7 identify an appropriate methodology to incorporate replacement cost value into the ,administrator's estimates under such section #acjg7;a77#a72 7,e7 develop a feasible implementation plan and projected timeline for including replacement cost value in the estimates of risk premium rates for flood insurance made available under the ,national ,flood ,insurance ,program4 7#b7 ,report 7,a7 ,requirement ,not later than the expiration of the #ab-month period beginning on the date of the enactment of this ,act1 the ,administrator shall submit to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate a report that contains the results and conclusions of the study required under paragraph 7#a74 7,b7 ,contents ,the report submitted under subparagraph 7,a7 shall include-- 7i7 an analysis of the recommendations resulting from the study under paragraph 7#a7 and any potential impacts on the ,national ,flood ,insurance ,program1 including cost considerations2 7ii7 a description of any actions taken by the ,administrator to implement the study recommendations2 and 7iii7 a description of any study recommendations that have been deferred or not acted upon1 together with a statement explaining the reasons for such deferral or inaction4 7b7 ,use of replacement cost value in premium rates2 implementation 7#a7 ,estimated rates ,paragraph 7#a7 of section #acjg7;a7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djad7;a77#a77 is amended1 in the matter preceding subparagraph 7,a71 by inserting after flood insurance the following3 1 which shall incorporate replacement cost value1 and4 7#b7 ,chargeable rates ,subsection 7b7 of section #acjh of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djae7;b77 is amended1 in the matter preceding paragraph 7#a71 by inserting after ,such rates the following3 shall incorporate replacement cost value and4 7#c7 ,effective date ,the amendments under paragraphs 7#a7 and 7#b7 of this subsection shall be made upon the expiration of the #ab-month period beginning on the date of the enactment of this ,act4 7#d7 ,applicability and phase-in ,the ,administrator of the ,federal ,emergency ,management ,agency shall apply the amendments under paragraphs 7#a7 and 7#b7 to flood insurance coverage made available under the ,national ,flood ,insurance ,act of #aifh for properties located in various geographic regions in the ,united ,states such that-- 7,a7 over the period beginning upon the expiration of the period referred to in paragraph 7#c7 of this subsection and ending on ,december #ca1 #bjbj1 the requirement under such amendments shall be gradually phased in geographically throughout the ,united ,states as sufficient information for such implementation becomes available2 and 7,b7 after the expiration of such period referred to in subparagraph 7,a71 such amendments shall apply to all flood insurance coverage made available under the ,national ,flood ,insurance ,act of #aifh4 #aab4 ,cap on premiums ,paragraph 7#a7 of section #acjh7;e7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djae7;e77#a77 is amended-- 7#a7 by striking except -- and inserting except as provided in paragraph 7#d72 and2 7#b7 by striking subparagraphs 7,a7 and 7,b72 7#c7 in subparagraph 7,c7-- 7,a7 in clause 7ii71 by redesignating subclauses 7,i7 and 7,,ii7 as items 7aa7 and 7bb71 respectively2 7,b7 by redesignating clauses 7i7 through 7iii7 as subclauses 7,i7 through 7,,iii71 respectively2 and 7,c7 by striking 7,c7 in the case of a property that-- and inserting the following3 7,b7 ,the limitations under clauses 7i7 and 7ii7 of subparagraph 7,a7 shall not apply in the case of-- 7i7 a property identified under section #acjg7;g72 or 7ii7 a property that-- 2 7#d7 by striking under this title for any property and inserting the following3 under this title-- 7i7 for any property 2 7#e7 by inserting 7,a7 subject to subparagraph 7,b71 after the paragraph designation2 and 7#f7 by inserting before subparagraph 7,b71 as so redesignated by the amendment made by paragraph 7#c77;,c7 of this section1 the following new clause3 7ii7 for any residential property having #d or fewer residences and for which there is elevation data meeting standards of the ,administrator1 may not exceed #aj1jjj in any single year1 except that such amount 7as it may have been previously adjusted7 shall be adjusted for inflation by the ,administrator upon the expiration of the #e-year period beginning upon the date of the enactment of the #bast ,century ,flood ,reform ,act and upon the expiration of each successive #e-year period thereafter1 in accordance with an inflationary index selected by the ,administrator4 4 #aac4 ,premium rates for certain mitigated properties 7a7 ,mitigation strategies ,paragraph 7#a7 of section #acfa7;d7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #dajb7;d77#a77 is amended-- 7#a7 in subparagraph 7,a71 by striking and at the end2 7#b7 in subparagraph 7,b71 by striking and at the end2 and 7#c7 by inserting after subparagraph 7,b7 the following new subparagraphs3 7,c7 with respect to buildings in dense urban environments1 methods that can be deployed on a block or neighborhood scale2 and 7,d7 elevation of mechanical systems2 and 4 7b7 ,mitigation credit ,subsection 7k7 of section #acjh of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djae7k77 is amended-- 7#a7 by striking shall take into account and inserting the following3 shall-- 7#a7 take into account 2 7#b7 in paragraph 7#a71 as so designated by the amendment made by paragraph 7#a7 of this subsection1 by striking the period at the end and inserting 2 and2 and 7#c7 by adding at the end the following new paragraph3 7#b7 offer a reduction of the risk premium rate charged to a policyholder1 as determined by the ,administrator1 if the policyholder implements any mitigation method described in paragraph 7#a74 4 #aad4 ,study of flood insurance coverage for units in cooperative housing ,the ,administrator of the ,federal ,emergency ,management ,agency shall conduct a study to analyze and determine the feasibility of providing flood insurance coverage under the ,national ,flood ,insurance ,program under the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djja et seq47 for individual dwelling units in cooperative housing projects4 ,not later than the expiration of the #bd-month period beginning on the date of the enactment of this ,act1 the ,administrator shall submit a report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate regarding the findings and conclusions of the study conducted pursuant to this section1 which shall include a plan setting forth specific actions to implement the development of such flood insurance coverage4 #aae4 ,pilot program for properties with preexisting conditions ,section #acaa of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djah7 is amended by adding at the end the following new subsection3 7c7 ,pilot program for investigation of preexisting structural conditions 7#a7 ,voluntary program ,the ,administrator shall carry out a pilot program under this subsection to provide for companies participating in the ,write ,your ,own program 7as such term is defined in section #acgj7;a7 7#db ,u4,s4,c4 #daba7;a777 to investigate preexisting structural conditions of insured properties and potentially insured properties that could result in the denial of a claim under a policy for flood insurance coverage under this title in the event of a flood loss to such property4 ,participation in the pilot program shall be voluntary on the part of ,write ,your ,own companies4 7#b7 ,investigation of properties ,under the pilot program under this subsection1 a ,write ,your ,own company participating in the program shall-- 7,a7 provide in policies for flood insurance coverage under this title covered by the program that1 upon the request of the policyholder1 the company shall provide for-- 7i7 an investigation of the property covered by such policy1 using common methods1 to determine whether preexisting structural conditions are present that could result in the denial of a claim under such policy for flood losses2 and 7ii7 if such investigation is not determinative1 an on-site inspection of the property to determine whether such preexisting structural conditions are present2 7,b7 upon completion of an investigation or inspection pursuant to subparagraph 7,a7 that determines that such a preexisting structural condition is present or absent1 submit a report to the policyholder and ,administrator describing the condition2 and 7,c7 impose a surcharge on each policy described in subparagraph 7,a7 in such amount that the ,administrator determines is appropriate to cover the costs of investigations and inspections performed pursuant to such policies and reimburse ,write ,your ,own companies participating in the program under this subsection for such costs4 7#c7 ,interim report ,not later than ,december #ca1 #bjba1 the ,administrator shall submit a report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate describing the operation of the pilot program to that date4 7#d7 ,sunset ,the ,administrator may not provide any policy for flood insurance described in paragraph 7#b77;,a7 after ,december #ca1 #bjbb4 7#e7 ,final report ,not later than ,march #ca1 #bjbc1 the ,administrator shall submit a final report regarding the pilot program under this section to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate4 ,the report shall include any findings and recommendations of the ,administrator regarding the pilot program4 4 #aaf4 ,federal ,flood ,insurance ,advisory ,committee 7a7 ,establishment ,there is established an advisory committee to be known as the ,federal ,flood ,insurance ,advisory ,committee 7in this section referred to as the ,committee74 7b7 ,membership 7#a7 ,members ,the ,committee shall consist of-- 7,a7 the ,administrator of the ,federal ,emergency ,management ,agency 7in this section referred to as the ,administrator71 or the designee thereof2 7,b7 the ,secretary of the ,treasury1 or the designee thereof2 and 7,c7 additional members appointed by the ,administrator or the designee of the ,administrator1 who shall be-- 7i7 two representatives of the property and casualty insurance sector2 7ii7 one individual who served in the past1 or is currently serving1 as an insurance regulator of a ,state1 the ,district of ,columbia1 the ,commonwealth of ,puerto ,rico1 ,guam1 the ,commonwealth of the ,northern ,mariana ,islands1 the ,virgin ,islands1 ,american ,samoa1 or any federally-recognized ,indian tribe2 7iii7 one representative of the financial or insurance sectors who is involved in risk transfers1 including reinsurance1 resilience bonds1 and other insurance-linked securities2 7iv7 one actuary with demonstrated high-level knowledge of catastrophic risk insurance2 7v7 two insurance professionals with demonstrated experience with the sale of flood insurance under the ,national ,flood ,insurance ,program2 7vi7 two representatives of catastrophic risk insurance programs2 7vii7 one insurance claims specialist2 7viii7 one representative of a recognized consumer advocacy organization2 7ix7 one individual having demonstrated expertise in the challenges in insuring low-income communities2 7x7 one representative from an academic institution who has demonstrated expertise in insurance2 and 7xi7 such other recognized experts in the field of insurance as the ,administrator considers necessary4 7#b7 ,qualifications ,in appointing members under paragraph 7#a77;,c71 the ,administrator shall1 to the maximum extent practicable1 ensure the membership of the ,committee has a balance of members reflecting geographic diversity1 including representation from areas inland or with coastline identified by the ,administrator as at high risk for flooding or as areas having special flood hazards4 7c7 ,duties ,the ,committee shall review1 and make recommendations to the ,administrator1 upon request1 on matters related to the insurance aspects of the ,national ,flood ,insurance ,program1 including ratemaking1 technology to administer insurance1 risk assessment1 actuarial practices1 claims practices1 sales and insurance delivery1 compensation and allowances1 generally and based on the complexities of the program1 and best insurance practices4 7d7 ,chairperson ,the members of the ,committee shall elect one member to serve as the chairperson of the ,committee 7in this section referred to as the ,chairperson74 7e7 ,compensation ,members of the ,committee shall receive no additional compensation by reason of their service on the ,committee4 7f7 ,meetings and actions 7#a7 ,in general ,the ,committee shall meet not less frequently than twice each year at the request of the ,chairperson or a majority of its members1 and may take action by a vote of the majority of the members in accordance with the ,committee's charter4 7#b7 ,initial meeting ,the ,administrator1 or a person designated by the ,administrator1 shall request and coordinate the initial meeting of the ,committee4 7g7 ,staff of ,,fema ,upon the request of the ,chairperson1 the ,administrator may detail1 on a nonreimbursable basis1 personnel of the ,federal ,emergency ,management ,agency to assist the ,committee in carrying out its duties4 7h7 ,powers ,in carrying out this section1 the ,committee may hold hearings1 receive evidence and assistance1 provide information1 and conduct research1 as it considers appropriate4 7i7 ,reports to ,congress ,the ,administrator1 on an annual basis1 shall report to the ,committee on ,financial ,services of the ,house of ,representatives1 the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 and the ,office of ,management and ,budget on-- 7#a7 the recommendations made by the ,committee2 7#b7 actions taken by the ,federal ,emergency ,management ,agency to address such recommendations to improve the insurance aspects of the national flood insurance program2 and 7#c7 any recommendations made by the ,committee that have been deferred or not acted upon1 together with an explanatory statement4 #aag4 ,interagency guidance on compliance ,the ,federal entities for lending regulation 7as such term is defined in section #c7;a7 of the ,flood ,disaster ,protection ,act of #aigc 7#db ,u4,s4,c4 #djjc7;a7771 in consultation with the ,administrator of the ,federal ,emergency ,management ,agency1 shall update and reissue the document entitled ,interagency ,questions and ,answers ,regarding ,flood ,insurance not later than the expiration of the #ab-month period beginning on the date of the enactment of this ,act and not less frequently than biennially thereafter4 #aah4 ,,gao study of claims adjustment practices ,the ,comptroller ,general of the ,united ,states shall conduct a study of the policies and practices for adjustment of claims for losses under flood insurance coverage made available under the ,national ,flood ,insurance ,act1 which shall include-- 7#a7 a comparison of such policies and practices with the policies and practices for adjustment of claims for losses under other insurance coverage2 7#b7 an assessment of the quality of the adjustments conducted and the effects of such policies and practices on such quality2 7#c7 identification of any incentives under such policies and practices that affect the speed with which such adjustments are conducted2 and 7#d7 identification of the affects of such policies and practices on insureds submitting such claims for losses4 #aai4 ,,gao study of flood insurance coverage treatment of earth movement ,the ,comptroller ,general of the ,united ,states shall conduct a study of the treatment1 under flood insurance coverage made available under the ,national ,flood ,insurance ,act1 of earth movement and subsidence1 including earth movement and subsidence caused by flooding1 which shall include-- 7#a7 identification and analysis of the effects of such treatment on the ,national ,flood ,insurance ,program and insureds under the program2 7#b7 an assessment of the availability and affordability of coverage in the private insurance market for earth movement and subsidence caused by flooding2 7#c7 an assessment of the effects on the ,national ,flood ,insurance ,program of covering earth movement and subsidence caused by flooding2 and 7#d7 a projection of the increased premiums that would be required to make coverage for earth movement losses actuarially sound and not fiscally detrimental to the continuation of the ,national ,flood ,insurance ,program4 #abj4 ,definitions 7a7 ,national ,flood ,insurance ,act of #aifh ,subsection 7a7 of section #acgj of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #daba7;a77 is amended-- 7#a7 in paragraph 7#ad71 by striking and at the end2 7#b7 in paragraph 7#ae71 by striking the period at the end and inserting a semicolon2 and 7#c7 by adding at the end the following new paragraphs3 7#af7 the term ,write ,your ,own ,program means the program under which the ,federal ,emergency ,management ,agency enters into a standard arrangement with private property insurance companies to sell contracts for flood insurance coverage under this title under their own business lines of insurance1 and to adjust and pay claims arising under such contracts2 and 7#ag7 the term ,write ,your ,own company means a private property insurance company that participates in the ,write ,your ,own ,program4 4 7b7 ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab ,subsection 7a7 of section #ajjbjb of the ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab 7#db ,u4,s4,c4 #djjd7;a77 is amended by striking paragraph 7#e7 and inserting the following new paragraph3 7#e7 ,write ,your ,own ,the terms ,write ,your ,own ,program and ,write ,your ,own company have the meanings given such terms in section #acgj7;a7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #daba7;a774 4 ,,ii ,increasing consumer choice through private market development #bja4 ,private flood insurance 7a7 ,mandatory purchase requirement 7#a7 ,amount and term of coverage ,section #ajb of the ,flood ,disaster ,protection ,act of #aigc 7#db ,u4,s4,c4 #djab;a7 is amended by striking ,sec4 #ajb4 7a7 and all that follows through the end of subsection 7a7 and inserting the following3 #ajb4 7a7 ,amount and term of coverage ,after the expiration of sixty days following the date of the enactment of this ,act1 no ,federal officer or agency shall approve any financial assistance for acquisition or construction purposes for use in any area that has been identified by the ,administrator as an area having special flood hazards and in which the sale of flood insurance has been made available under the ,national ,flood ,insurance ,act of #aifh1 unless the building or mobile home and any personal property to which such financial assistance relates is covered by flood insurance3 ,provided1 ,that the amount of flood insurance 7#a7 in the case of ,federal flood insurance1 is at least equal to the development or project cost of the building1 mobile home1 or personal property 7less estimated land cost71 the outstanding principal balance of the loan1 or the maximum limit of ,federal flood insurance coverage made available with respect to the particular type of property1 whichever is less2 or 7#b7 in the case of private flood insurance1 is at least equal to the development or project cost of the building1 mobile home1 or personal property 7less estimated land cost71 the outstanding principal balance of the loan1 or the maximum limit of ,federal flood insurance coverage made available with respect to the particular type of property1 whichever is less3 ,provided further1 ,that if the financial assistance provided is in the form of a loan or an insurance or guaranty of a loan1 the amount of flood insurance required need not exceed the outstanding principal balance of the loan and need not be required beyond the term of the loan4 ,the requirement of maintaining flood insurance shall apply during the life of the property1 regardless of transfer of ownership of such property4 4 7#b7 ,requirement for mortgage loans ,subsection 7b7 of section #ajb of the ,flood ,disaster ,protection ,act of #aigc 7#db ,u4,s4,c4 #djab;a7b77 is amended-- 7,a7 by striking paragraph 7#g72 7,b7 by redesignating paragraph 7#f7 as paragraph 7#g72 7,c7 by striking the subsection designation and all that follows through the end of paragraph 7#e7 and inserting the following3 7b7 ,requirement for mortgage loans 7#a7 ,regulated lending institutions ,each ,federal entity for lending regulation 7after consultation and coordination with the ,financial ,institutions ,examination ,council established under the ,federal ,financial ,institutions ,examination ,council ,act of #aigd7 shall by regulation direct regulated lending institutions not to make1 increase1 extend1 or renew any loan secured by improved real estate or a mobile home located or to be located in an area that has been identified by the ,administrator as an area having special flood hazards and in which flood insurance has been made available under the ,national ,flood ,insurance ,act of #aifh1 unless the building or mobile home and any personal property securing such loan is covered for the term of the loan by flood insurance3 ,provided1 ,that the amount of flood insurance 7,a7 in the case of ,federal flood insurance1 is at least equal to the outstanding principal balance of the loan or the maximum limit of ,federal flood insurance coverage made available with respect to the particular type of property1 whichever is less2 or 7,b7 in the case of private flood insurance1 is at least equal to the outstanding principal balance of the loan or the maximum limit of ,federal flood insurance coverage made available with respect to the particular type of property1 whichever is less4 7#b7 ,federal agency lenders and mortgage insurance and guarantee agencies 7,a7 ,federal agency lenders ,a ,federal agency lender may not make1 increase1 extend1 or renew any loan secured by improved real estate or a mobile home located or to be located in an area that has been identified by the ,administrator as an area having special flood hazards and in which flood insurance has been made available under the ,national ,flood ,insurance ,act of #aifh1 unless the building or mobile home and any personal property securing such loan is covered for the term of the loan by flood insurance in accordance with paragraph 7#a74 ,each ,federal agency lender may issue any regulations necessary to carry out this paragraph4 ,such regulations shall be consistent with and substantially identical to the regulations issued under paragraph 7#a74 7,b7 ,other ,federal mortgage entities 7i7 ,coverage requirements ,each covered ,federal mortgage entity shall implement procedures reasonably designed to ensure that1 for any loan that-- 7,i7 is secured by improved real estate or a mobile home located in an area that has been identified1 at the time of the origination of the loan or at any time during the term of the loan1 by the ,administrator as an area having special flood hazards and in which flood insurance is available under the ,national ,flood ,insurance ,act of #aifh1 and 7,,ii7 is made1 insured1 held1 or guaranteed by such entity1 or backs or on which is based any trust certificate or other security for which such entity guarantees the timely payment of principal and interest1 the building or mobile home and any personal property securing the loan is covered for the term of the loan by flood insurance in the amount provided in paragraph 7#a74 7ii7 ,definition ,for purposes of this subparagraph1 the term covered ,federal mortgage entity means-- 7,i7 the ,secretary of ,housing and ,urban ,development1 with respect to mortgages insured under the ,national ,housing ,act2 7,,ii7 the ,secretary of ,agriculture1 with respect to loans made1 insured1 or guaranteed under title ,v of the ,housing ,act of #aidi2 and 7,,iii7 the ,government ,national ,mortgage ,association4 7,c7 ,requirement to accept flood insurance ,each ,federal agency lender and each covered ,federal mortgage entity shall accept flood insurance as satisfaction of the flood insurance coverage requirement under subparagraph 7,a7 or 7,b71 respectively1 if the flood insurance coverage meets the requirements for coverage under such subparagraph and the requirements relating to financial strength issued pursuant to paragraph 7#d74 7#c7 ,government-sponsored enterprises for housing ,the ,federal ,national ,mortgage ,association and the ,federal ,home ,loan ,mortgage ,corporation shall implement procedures reasonably designed to ensure that1 for any loan that is-- 7,a7 secured by improved real estate or a mobile home located in an area that has been identified1 at the time of the origination of the loan or at any time during the term of the loan1 by the ,administrator as an area having special flood hazards and in which flood insurance is available under the ,national ,flood ,insurance ,act of #aifh1 and 7,b7 purchased or guaranteed by such entity1 the building or mobile home and any personal property securing the loan is covered for the term of the loan by flood insurance in the amount provided in paragraph 7#a74 ,the ,federal ,national ,mortgage ,association and the ,federal ,home ,loan ,mortgage ,corporation shall accept flood insurance as satisfaction of the flood insurance coverage requirement under paragraph 7#a7 if the flood insurance coverage provided meets the requirements for coverage under that paragraph and the requirements relating to financial strength issued pursuant to paragraph 7#d74 7#d7 ,requirements regarding financial strength ,the ,director of the ,federal ,housing ,finance ,agency1 in consultation with the ,federal ,national ,mortgage ,association1 the ,federal ,home ,loan ,mortgage ,corporation1 the ,secretary of ,housing and ,urban ,development1 the ,government ,national ,mortgage ,association1 and the ,secretary of ,agriculture shall develop and implement requirements relating to the financial strength of private insurance companies from which such entities and agencies will accept private flood insurance1 provided that such requirements shall not affect or conflict with any ,state law1 regulation1 or procedure concerning the regulation of the business of insurance4 7#e7 ,applicability 7,a7 ,existing coverage ,except as provided in subparagraph 7,b71 paragraph 7#a7 shall apply on the date of enactment of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid4 7,b7 ,new coverage ,paragraphs 7#b7 and 7#c7 shall apply only with respect to any loan made1 increased1 extended1 or renewed after the expiration of the #a-year period beginning on the date of enactment of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid4 ,paragraph 7#a7 shall apply with respect to any loan made1 increased1 extended1 or renewed by any lender supervised by the ,farm ,credit ,administration only after the expiration of the period under this subparagraph4 7,c7 ,continued effect of regulations ,notwithstanding any other provision of this subsection1 the regulations to carry out paragraph 7#a71 as in effect immediately before the date of enactment of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid1 shall continue to apply until the regulations issued to carry out paragraph 7#a7 as amended by section #ebb7;a7 of such ,act take effect4 7#f7 ,rule of construction ,except as otherwise specified1 any reference to flood insurance in this section shall be considered to include ,federal flood insurance and private flood insurance4 ,nothing in this subsection shall be construed to supersede or limit the authority of a ,federal entity for lending regulation1 the ,federal ,housing ,finance ,agency1 a ,federal agency lender1 a covered ,federal mortgage entity 7as such term is defined in paragraph 7#b77;,b77ii771 the ,federal ,national ,mortgage ,association1 or the ,federal ,home ,loan ,mortgage ,corporation to establish requirements relating to the financial strength of private insurance companies from which the entity or agency will accept private flood insurance1 provided that such requirements shall not affect or conflict with any ,state law1 regulation1 or procedure concerning the regulation of the business of insurance4 2 and 7,d7 by adding at the end the following new paragraphs3 7#h7 ,definitions ,in this section3 7,a7 ,flood insurance ,the term flood insurance means-- 7i7 ,federal flood insurance2 and 7ii7 private flood insurance4 7,b7 ,federal flood insurance ,the term ,federal flood insurance means an insurance policy made available under the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djja et seq474 7,c7 ,mutual aid society ,the term mutual aid society means an organization-- 7i7 the members of which-- 7,i7 share a common set of ethical or religious beliefs2 and 7,,ii7 in accordance with the beliefs described in subclause 7,i71 agree to cover expenses arising from damage to property of the members of the organization1 including damage caused by flooding2 and 7ii7 that has a demonstrated history of fulfilling the terms of agreements to cover expenses arising from damage to property of the members of the organization caused by flooding4 7,d7 ,private flood insurance ,the term private flood insurance means-- 7i7 an insurance policy that-- 7,i7 is issued by an insurance company that is-- 7aa7 licensed1 admitted1 or otherwise approved to engage in the business of insurance in the ,state in which the insured building is located1 by the insurance regulator of that ,state2 or 7bb7 eligible as a nonadmitted insurer to provide insurance in the home ,state of the insured1 in accordance with sections #eba through #ebg of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ae ,u4,s4,c4 #hbja through #hbjf72 7,,ii7 is issued by an insurance company that is not otherwise disapproved as a surplus lines insurer by the insurance regulator of the ,state in which the property to be insured is located2 and 7,,iii7 provides flood insurance coverage that complies with the laws and regulations of that ,state2 or 7ii7 an agreement with a mutual aid society for such society to cover expenses arising from damage to property of the members of such society caused by flooding1 unless the ,state in which the property to be insured is located has-- 7,i7 determined that the specific mutual aid society may not provide such coverage or provide such coverage in such manner2 or 7,,ii7 specifically provided through law or regulation that mutual aid societies may not provide such coverage or provide such coverage in such manner4 7,e7 ,state ,the term ,state means any ,state of the ,united ,states1 the ,district of ,columbia1 the ,commonwealth of ,puerto ,rico1 ,guam1 the ,northern ,mariana ,islands1 the ,virgin ,islands1 and ,american ,samoa4 4 7b7 ,effect of private flood insurance coverage on continuous coverage requirements ,section #acjh of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djae71 as amended by the preceding provisions of this ,act1 is further amended by adding at the end the following3 7o7 ,effect of private flood insurance coverage on continuous coverage requirements ,for purposes of applying any statutory1 regulatory1 or administrative continuous coverage requirement1 including under section #acjg7;g77#a71 the ,administrator shall consider any period during which a property was continuously covered by private flood insurance 7as defined in section #ajb7;b77#h7 of the ,flood ,disaster ,protection ,act of #aigc 7#db ,u4,s4,c4 #djab;a7b77#h777 to be a period of continuous coverage4 4 #bjb4 ,opt-out of mandatory coverage requirement for commercial properties 7a7 ,amendments to ,flood ,disaster ,protection ,act of #aigc ,effective on ,january #a1 #bjai1 the ,flood ,disaster ,protection ,act of #aigc1 as amended by the preceding provisions of this ,act1 is further 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 program1 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#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 estate each place such term appears2 and 7,,ii7 by inserting residential before building or mobile home each place such term appears2 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 a 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 ,effective on ,january #a1 #bjai1 the ,national ,flood ,insurance ,act of #aifh1 as amended by the preceding provisions of this ,act1 is further 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 through 7#ag7 as paragraphs 7#ae7 through 7#ah71 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 program1 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 #bjc4 ,elimination of non-compete requirement ,section #acde of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djha7 is amended by adding at the end the following new subsection3 7f7 ,authority ,to provide other flood coverage 7#a7 ,in general ,the ,administrator may not1 as a condition of participating in the ,write ,your ,own ,program 7as such term is defined in section #acgj7;a77 or in otherwise participating in the utilization by the ,administrator of the facilities and services of insurance companies1 insurers1 insurance agents and brokers1 and insurance adjustment organizations pursuant to the authority in this section1 nor as a condition of eligibility to engage in any other activities under the ,national ,flood ,insurance ,program under this title1 restrict any such company1 insurer1 agent1 broker1 or organization from offering and selling private flood insurance 7as such term is defined in section #ajb7;b77#i7 of the ,flood ,disaster ,protection ,act of #aigc 7#db ,u4,s4,c4 #djab;a7b77#i7774 7#b7 ,financial assistance_/subsidy arrangement ,after the date of the enactment of this subsection-- 7,a7 the ,administrator may not include in any agreement entered into with any insurer for participation in the ,write ,your ,own ,program any provision establishing a condition prohibited by paragraph 7#a71 including the provisions of ,article ,,xiii of the ,federal ,emergency ,management ,agency1 ,federal ,insurance ,administration1 ,financial ,assistance_/,subsidy ,arrangement1 as adopted pursuant to section #fb4bc7;a7 of title #dd of the ,code of ,federal ,regulations2 and 7,b7 any such provision in any such agreement entered into before such date of enactment shall not have any force or effect1 and the ,administrator may not take any action to enforce such provision4 4 #bjd4 ,public availability of program information ,part ,c of chapter ,,ii of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djha et seq47 is amended by adding at the end the following new section3 #acdi4 ,public availability of program information 7a7 ,flood risk information 7#a7 ,in general ,except as provided in paragraph 7#b71 to facilitate the ,national ,flood ,insurance ,program becoming a source of information and data for research and development of technology that better understands flooding1 the risk of flooding1 and the predictability of perils of flooding1 the ,administrator shall make publicly available all data1 models1 assessments1 analytical tools1 and other information in the possession of the ,administrator relating to the ,national ,flood ,insurance ,program under this title that is used in assessing flood risk or identifying and establishing flood elevations and premiums1 including-- 7,a7 data relating to risk on individual properties and loss ratio information and other information identifying losses under the program2 7,b7 current and historical policy information1 limited to the amount and term only1 for properties currently covered by flood insurance and for properties that are no longer covered by flood insurance2 7,c7 current and historical claims information1 limited to the date and amount paid only1 for properties currently covered by flood insurance and for properties that are no longer covered by flood insurance2 7,d7 identification of whether a property was constructed before or after the effective date of the first flood insurance rate map for a community2 7,e7 identification of properties that have been mitigated through elevation1 a buyout1 or any other mitigation action2 and 7,f7 identification of unmitigated multiple-loss properties4 7#b7 ,open source data system ,in carrying out paragraph 7#a71 the ,administrator shall establish an open source data system by which all information required to be made publicly available by such subsection may be accessed by the public on an immediate basis by electronic means4 7b7 ,community information ,not later than the expiration of the #ab-month period beginning upon the date of the enactment of this section1 the ,administrator shall establish and maintain a publicly searchable database that provides information about each community participating in the ,national ,flood ,insurance ,program1 which shall include the following information3 7#a7 ,the status of the community's compliance with the ,national ,flood ,insurance ,program1 including any findings of noncompliance1 the status of any enforcement actions initiated by a ,state or by the ,administrator1 and the number of days of any such continuing noncompliance4 7#b7 ,the number of properties located in the community's special flood hazard areas that were built before the effective date of the first flood insurance rate map for the community4 7#c7 ,the number of properties located in the community's special flood hazard areas that were built after the effective date of the first flood insurance rate map for the community4 7#d7 ,the total number of current and historical claims located outside the community's special flood hazard areas4 7#e7 ,the total number of multiple-loss properties in the community4 7#f7 ,the portion of the community1 stated as a percentage and in terms of square miles1 that is located within special flood hazard areas4 7c7 ,identification of properties ,the information provided pursuant to subsections 7a7 and 7b7 shall be based on data that identifies properties at the zip code or census block level1 and shall include the name of the community and ,state in which a property is located4 7d7 ,protection of personally identifiable information ,the information provided pursuant to subsections 7a7 and 7b7 shall be disclosed in a format that does not reveal individually identifiable information about property owners in accordance with the section #eeb;a of title #e1 ,united ,states ,code4 7e7 ,definition of loss ratio ,for purposes of this section1 the term loss ratio means1 with respect to the ,national ,flood ,insurance ,program1 the ratio of the amount of claims paid under the ,program to the amount of premiums paid under the ,program4 4 #bje4 ,refund of premiums upon cancellation of policy because of replacement with private flood insurance ,section #acjf of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djac7 is amended by adding at the end the following new subsection3 7e7 ,refund of unearned premiums for policies canceled because of replacement with private flood insurance 7#a7 ,required refund ,subject to subsection 7c71 if at any time an insured under a policy for flood insurance coverage for a property that is made available under this title cancels such policy because other duplicate flood insurance coverage for the same property has been obtained from a source other than the ,national ,flood ,insurance ,program under this title1 the ,administrator shall refund to the former insured a portion of the premiums paid for the coverage made available under this title1 as determined consistent with industry practice according to the portion of the term of the policy that such coverage was in effect1 but only if a copy of declarations page of the new policy obtained from a source other than the program under this title is provided to the ,administrator4 7#b7 ,effective date of cancellation ,for purposes of this subsection1 a cancellation of a policy for coverage made available under the national flood insurance program under this title1 for the reason specified in paragraph 7#a71 shall be effective-- 7,a7 on the effective date of the new policy obtained from a source other than the program under this title1 if the request for such cancellation was received by the ,administrator before the expiration of the #f-month period beginning on the effective date of the new policy2 or 7,b7 on the date of the receipt by the ,administrator of the request for cancellation1 if the request for such cancellation was received by the ,administrator after the expiration of the #f-month period beginning on the effective date of the new policy4 7#c7 ,prohibition of refunds for properties receiving increased cost of compliance claims ,no premium amounts paid for coverage made available under this title may be refunded pursuant to this subsection-- 7,a7 with respect to coverage for any property for which measures have been implemented using amounts received pursuant to a claim under increased cost of compliance coverage made available pursuant to section #acjd7;b72 or 7,b7 if a claim has been paid or is pending under the policy term for which the refund is sought4 4 #bjf4 ,,gao study of flood damage savings accounts 7a7 ,in general ,the ,comptroller ,general of the ,united ,states shall conduct a study to analyze the feasibility and effectiveness1 and problems involved1 in reducing flood insurance premiums and eliminating the need for purchase of flood insurance coverage by authorizing owners of residential properties to establish flood damage savings accounts described in subsection 7b7 in lieu of complying with the mandatory requirements under section #ajb of the ,flood ,disaster ,protection ,act of #aigc 7#db ,u4,s4,c4 #djab;a7 to purchase flood insurance for such properties4 7b7 ,flood damage savings account ,a flood damage savings account described in this subsection is a savings account-- 7#a7 that would be established by an owner of residential property with respect to such property in accordance with requirements established by the ,administrator of the ,federal ,emergency ,management ,agency2 and 7#b7 the proceeds of which would be available for use only to cover losses to such properties resulting from flooding1 pursuant to adjustment of a claim for such losses in the same manner and according to the same procedures as apply to claims for losses under flood insurance coverage made available under the ,national ,flood ,insurance ,act of #aifh4 7c7 ,issues ,such study shall include an analysis of1 and recommendation regarding1 each of the following issues3 7#a7 ,whether authorizing the establishment of such flood damage savings accounts would be effective and efficient in reducing flood insurance premiums1 eliminating the need for purchase of flood insurance coverage made available under the ,national ,flood ,insurance ,program1 and reducing risks to the financial safety and soundness of the ,national ,flood ,insurance ,fund4 7#b7 ,possible options for structuring such flood damage savings accounts1 including-- 7,a7 what types of institutions could hold such accounts and the benefits and problems with each such type of institution2 7,b7 considerations affecting the amounts required to be held in such accounts2 and 7,c7 options regarding considerations the conditions under which such an account may be terminated4 7#c7 ,the feasibility and effectiveness1 and problems involved in1 authorizing the ,administrator of the ,federal ,emergency ,management ,agency to make secondary flood insurance coverage available under the ,national ,flood ,insurance ,program to cover the portion of flood losses or damages to properties for which such flood damage savings accounts have been established that exceed the amounts held in such accounts4 7#d7 ,the benefits and problems involved in authorizing the establishment of such accounts for non-residential properties4 7d7 ,report ,not later than the expiration of the #ab-month period beginning on the date of the enactment of this ,act1 the ,comptroller ,general shall submit a report to the ,committee on ,financial ,services of the ,house of ,representatives1 the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 and the ,administrator that sets forth the analysis1 conclusions1 and recommendations resulting from the study under this section4 ,such report shall identify elements that should be taken into consideration by the ,administrator in designing and carrying out the demonstration program under section #bjg4 #bjg4 ,demonstration program for flood damage savings accounts 7a7 ,plan ,if the ,comptroller ,general of the ,united ,states concludes in the report required under section #bjf that a demonstration program under this section is feasible and should be considered1 then the ,administrator of the ,federal ,emergency ,management ,agency shall1 not later than the expiration of the #ab-month period beginning upon the submission of the report under section #bjf7;d71 submit to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate a plan and guidelines for a demonstration program1 to be carried out by the ,administrator1 to demonstrate the feasibility and effectiveness of authorizing the establishment of flood damage savings accounts1 taking into consideration the analysis1 conclusions1 and recommendations included in such report4 7b7 ,authority ,the ,administrator of the ,federal ,emergency ,management ,agency shall carry out a program to demonstrate the feasibility and effectiveness of authorizing the establishment of flood damage savings accounts in the manner provided in plan and guidelines for the demonstration program submitted pursuant to subsection 7a74 7c7 ,scope ,the demonstration program under this section shall provide for the establishment of flood damage savings accounts with respect to not more than #e percent of the residential properties that have #d or fewer residences and that are covered by flood insurance coverage made available under the ,national ,flood ,insurance ,program4 7d7 ,timing ,the ,administrator shall commence the demonstration program under this section not later than the expiration of the #ab-month period beginning upon the submission of the plan and guidelines for the demonstration pursuant to subsection 7a74 7e7 ,geographical diversity ,the ,administrator shall ensure that properties for which flood damage savings accounts are established under the demonstration are located in diverse geographical areas throughout the ,united ,states4 7f7 ,report ,upon the expiration of the #b-year period beginning upon the date of the commencement of the demonstration program under this section1 the ,administrator shall submit a report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate describing and assessing the demonstration1 and setting forth conclusions and recommendations regarding continuing and expanding the demonstration4 7g7 ,feasibility ,the ,administrator shall implement this section only after determining that implementation is supported by the ,comptroller's conclusions and recommendations contained in the report required under section #bjf4 ,,iii ,mapping fairness #cja4 ,use of other risk assessment tools in determining premium rates 7a7 ,estimates of premium rates ,subparagraph 7,a7 of section #acjg7;a77#a7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djad7;a77#a77;,a771 as amended by the preceding provisions of this ,act1 is further amended-- 7#a7 in clause 7ii71 by striking and at the end2 and 7#b7 by adding at the end the following new clause3 7iv7 both the risk identified by the applicable flood insurance rate maps and by other risk assessment data and tools1 including risk assessment models and scores from appropriate sources2 and 4 7b7 ,establishment of chargeable premium rates ,paragraph 7#a7 of section #acjh7;b7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djae7;b77#a77 is amended by inserting before the semicolon at the end the following3 1 taking into account both the risk identified by the applicable flood insurance rate maps and by other risk assessment data and tools1 including risk assessment models and scores from appropriate sources4 7c7 ,effective date and regulations 7#a7 ,effective date ,the amendments made by subsections 7a7 and 7b7 shall be made1 and shall take effect1 upon the expiration of the #cf-month period beginning on the date of the enactment of this ,act4 7#b7 ,regulations ,the ,administrator of the ,federal ,emergency ,management ,agency shall issue regulations necessary to implement the amendments made by subsections 7a7 and 7b71 which shall identify risk assessment data and tools to be used in identifying flood risk and appropriate sources for risk assessment models and scores to be so used4 ,such regulations shall be issued not later than the expiration of the #cf-month period beginning on the date of the enactment of this ,act and shall take effect upon the expiration of such period4 #cjb4 ,appeals regarding existing flood maps 7a7 ,in general ,section #acfj of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #daja7 is amended by adding at the end the following new subsection3 7k7 ,appeals of existing maps 7#a7 ,right to appeal ,subject to paragraph 7#f71 a ,state or local government1 or the owner or lessee of real property1 who has made a formal request to the ,administrator to update a flood map that the ,administrator has denied may at any time appeal such a denial as provided in this subsection4 7#b7 ,basis for appeal ,the basis for appeal under this subsection shall be the possession of knowledge or information that-- 7,a7 the base flood elevation level or designation of any aspect of a flood map is scientifically or technically inaccurate2 or 7,b7 factors exist that mitigate the risk of flooding1 including ditches1 banks1 walls1 vegetation1 levees1 lakes1 dams1 reservoirs1 basin1 retention ponds1 and other natural or manmade topographical features4 7#c7 ,appeals process 7,a7 ,administrative adjudication ,an appeal under this subsection shall be determined by a final adjudication on the record1 and after opportunity for an administrative hearing4 7,b7 ,rights upon adverse decision ,if an appeal pursuant to subparagraph 7,a7 does not result in a decision in favor of the ,state1 local government1 owner1 or lessee1 such party may appeal the adverse decision to the ,scientific ,resolution ,panel provided for in section #acfc;,a1 which shall recommend a non-binding decision to the ,administrator4 7#d7 ,relief 7,a7 ,wholly successful appeals ,in the case of a successful appeal resulting in a policyholder's property being removed from a special flood hazard area1 such policyholder may cancel the policy at any time within the current policy year1 and the ,administrator shall provide such policyholder a refund in the amount of any premiums paid for such policy year1 plus any premiums paid for flood insurance coverage that the policyholder was required to purchase or maintain during the #b-year period preceding such policy year4 7,b7 ,partially successful appeals ,in the case of any appeal in which mitigating factors were determined to have reduced1 but not eliminated1 the risk of flooding1 the ,administrator shall reduce the amount of flood insurance coverage required to be maintained for the property concerned by the ratio of the successful portion of the appeal as compared to the entire appeal4 ,the ,administrator shall refund to the policyholder any payments made in excess of the amount necessary for such new coverage amount1 effective from the time when the mitigating factor was created or the beginning of the second policy year preceding the determination of the appeal1 whichever occurred later4 7,c7 ,additional relief ,the ,administrator may provide additional refunds in excess of the amounts specified in subparagraphs 7,a7 and 7,b7 if the ,administrator determines that such additional amounts are warranted4 7#e7 ,recovery of costs ,when1 incident to any appeal which is successful in whole or part regarding the designation of the base flood elevation or any aspect of the flood map1 including elevation or designation of a special flood hazard area1 the community1 or the owner or lessee of real property1 as the case may be1 incurs expense in connection with the appeal1 including services provided by surveyors1 engineers1 and scientific experts1 the ,administrator shall reimburse such individual or community for reasonable expenses to an extent measured by the ratio of the successful portion of the appeal as compared to the entire appeal1 but not including legal services1 in the effecting of an appeal based on a scientific or technical error on the part of the ,federal ,emergency ,management ,agency4 ,no reimbursement shall be made by the ,administrator in respect to any fee or expense payment1 the payment of which was agreed to be contingent upon the result of the appeal4 ,the ,administrator may use such amounts from the ,national ,flood ,insurance ,fund established under section #acaj as may be necessary to carry out this paragraph4 7#f7 ,inapplicability to community flood maps ,this subsection shall not apply with respect to any flood map that is in effect pursuant to certification under the standards1 guidelines1 and procedures established pursuant to section #ajjbae7m77#a77;,b7 of the ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab 7#db ,u4,s4,c4 #daja;a7m77#a77;,b774 7#g7 ,guidance ,the ,administrator shall issue guidance to implement this subsection1 which shall not be subject to the notice and comment requirements under section #eec of title #e1 ,united ,states ,code4 4 7b7 ,deadline ,the ,administrator of the ,federal ,emergency ,management ,agency shall issue the guidance referred to section #acfj7k77#g7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #daja7k77#g771 as added by the amendment made by subsection 7a7 of this section1 not later than the expiration of the #f-month period beginning on the date of the enactment of this ,act4 #cjc4 ,appeals and publication of projected special flood hazard areas 7a7 ,appeals ,section #acfc of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #dajd7 is amended-- 7#a7 in subsection 7b71 by striking the second sentence and inserting the following3 ,any owner or lessee of real property within the community who believes the owner's or lessee's rights to be adversely affected by the ,administrator's proposed determination may appeal such determination to the local government no later than #ij days after the date of the second publication42 7#b7 in subsection 7d71 by striking subsection 7e7 and inserting subsection 7f72 7#c7 by redesignating subsections 7e71 7f71 and 7g7 as subsections 7f71 7g71 and 7h71 respectively2 and 7#d7 by inserting after subsection 7d7 the following new subsection3 7e7 ,determination by ,administrator in the absence of appeals ,if the ,administrator has not received any appeals1 upon expiration of the #ij-;day appeal period established under subsection 7b7 of this section the ,administrator's proposed determination shall become final4 ,the community shall be given a reasonable time after the ,administrator's final determination in which to adopt local land use and control measures consistent with the ,administrator's determination4 4 7b7 ,publication ,subsection 7a7 of section #acfc of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #dajd7;a77 is amended by striking in the ,federal ,register4 7c7 ,inapplicability to private and community flood maps ,section #acfc of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #dajd71 as amended by the preceding provisions of this section1 is further amended by adding at the end the following new subsection3 7i7 ,inapplicability to community flood maps ,this section shall not apply with respect to any flood map that is in effect pursuant to certification under the standards1 guidelines1 and procedures established pursuant to section #ajjbae7m77#a7 of the ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab 7#db ,u4,s4,c4 #daja;a7m77#a771 which shall include procedures for providing notification and appeal rights to individuals within the communities of the proposed flood elevation determinations4 4 #cjd4 ,communication and outreach regarding map changes ,paragraph 7#a7 of section #ajjbaf7;d7 of the ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab 7#db ,u4,s4,c4 #daja;b7d77#a77 is amended-- 7#a7 in subparagraph 7,b71 by inserting maximum before #cj-;day period2 and 7#b7 in subparagraph 7,c71 by inserting maximum before #cj-;day period4 #cje4 ,sharing and use of maps and data ,subsection 7b7 of section #ajjbaf of the ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab 7#db ,u4,s4,c4 #daja;b7b77 is amended-- 7#a7 in paragraph 7#a7-- 7,a7 in subparagraph 7,b71 by striking and at the end2 7,b7 in subparagraph 7,c71 by striking the period at the end and inserting 2 and 2 and 7,c7 by adding at the end the following new subparagraph3 7,d7 consult and coordinate with the ,department of ,defense1 the ,united ,states ,geological ,survey1 and the ,national ,oceanic and ,atmospheric ,administration for the purpose of obtaining the most-up-to-date maps and other information of such agencies1 including information on topography1 water flow1 and any other issues1 relevant to mapping for flood insurance purposes4 2 and 7#b7 in paragraph 7#c7-- 7,a7 in subparagraph 7,d71 by striking and at the end2 7,b7 by redesignating subparagraph 7,e7 as subparagraph 7,f72 and 7,c7 by inserting after subparagraph 7,d7 the following new subparagraph3 7,e7 any other information relevant to mapping for flood insurance purposes obtained pursuant to paragraph 7#a77;,d72 and 4 #cjf4 ,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 and 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 4 ,,iv ,protecting consumers and individuals through improved mitigation #dja4 ,provision of ,community ,rating ,system premium credits to maximum number of communities practicable ,subsection 7b7 of section #acae of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djbb7;b77 is amended-- 7#a7 in paragraph 7#b71 by striking may and inserting shall2 and 7#b7 in paragraph 7#c71 by inserting 1 and the ,administrator shall provide credits to the maximum number of communities practicable after under this program4 #djb4 ,community accountability for repetitively flooded areas 7a7 ,in general ,section #acfa of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #dajb7 is amended by adding at the end the following new subsection3 7e7 ,community accountability for repetitively damaged areas 7#a7 ,in general ,the ,administrator shall1 by regulation1 require any covered community 7as such term is defined in paragraph 7#e77-- 7,a7 to identify the areas within the community where properties described in paragraph 7#e77;,b7 or flood-damaged facilities are located to determine areas repeatedly damaged by floods and to assess1 with assistance from the ,administrator1 the continuing risks to such areas2 7,b7 to develop a community-specific plan for mitigating continuing flood risks to such repetitively flooded areas and to submit such plan and plan updates to the ,administrator at appropriate intervals2 7,c7 to implement such plans2 7,d7 to make such plan1 plan updates1 and reports on progress in reducing flood risk available to the public1 subject to section #eeb;a of title #e1 ,united ,states ,code4 7#b7 ,incorporation into existing plans ,plans developed pursuant to paragraph 7#a7 may be incorporated into mitigation plans developed under section #acff of this ,act 7#db ,u4,s4,c4 #dajd;c7 and hazard mitigation plans developed under section #cbb of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eafe74 7#c7 ,assistance to communities 7,a7 ,data ,to assist communities in preparation of plans required under paragraph 7#a71 the ,administrator shall1 upon request1 provide covered communities with appropriate data regarding the property addresses and dates of claims associated with insured properties within the community4 7,b7 ,mitigation grants ,in making determinations regarding financial assistance under the authorities of this ,act1 the ,administrator may consider the extent to which a community has complied with this subsection and is working to remedy problems with addressing repeatedly flooded areas4 7#d7 ,sanctions 7,a7 ,in general ,the ,administrator shall1 by regulations issued in accordance with the procedures established under section #eec of title #e1 ,united ,states ,code1 regarding substantive rules1 provide appropriate sanctions for covered communities that fail to comply with the requirements under this subsection or to make sufficient progress in reducing the flood risks to areas in the community that are repeatedly damaged by floods4 7,b7 ,notice ,before imposing any sanction pursuant to this paragraph1 the ,administrator shall provide the covered community involved with notice of the non-compliance that could result in the imposition of sanctions1 which shall include recommendations for actions to bring the covered community into compliance4 7,c7 ,considerations ,in determining appropriate sanctions to impose under this paragraph1 the ,administrator shall consider the resources available to the covered community involved1 including ,federal funding1 the portion of the covered community that lies within an area having special flood hazards1 and other factors that make it difficult for the covered community to conduct mitigation activities for existing flood-prone structures4 7#e7 ,covered community ,for purposes of this subsection1 the term covered community means a community-- 7,a7 that is participating1 pursuant to section #acae1 in the national flood insurance program2 and 7,b7 within which are located-- 7i7 #ej or more repetitive loss structures for each of which1 during any #aj-year period1 two or more claims for payments under flood insurance coverage have been made with a cumulative amount exceeding #a1jjj2 7ii7 #e or more severe repetitive loss structures 7as such term is defined in section #acff7;h77 for which mitigation activities meeting the standards for approval under section #acff7;c77#b77;,a7 have not been conducted2 or 7iii7 a public facility or a private nonprofit facility 7as such terms are as defined in section #ajb of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eabb771 that has received assistance for repair1 restoration1 reconstruction1 or replacement under section #djf of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eagb7 in connection with more than one flooding event in the most recent #aj-year period4 7#f7 ,repetitive-loss structure ,for purposes of this subsection1 the term repetitive loss structure has the meaning given such term in section #acgj 7#db ,u4,s4,c4 #daba74 7#g7 ,reports to congress ,not later than the expiration of the #f-year period beginning upon the date of the enactment of this subsection1 and not less than every #b years thereafter1 the ,administrator shall submit a report to the ,congress regarding the progress in implementing plans developed pursuant to paragraph 7#a77;,b74 4 7b7 ,regulations ,the ,administrator of the ,federal ,emergency ,management ,agency shall issue regulations necessary to carry out subsection 7e7 of section #acfa of the ,national ,flood ,insurance ,act of #aifh1 as added by the amendment made by subsection 7a7 of this section1 not later than the expiration of the #ab-month period that begins on the date of the enactment of this ,act4 #djc4 ,increased cost of compliance coverage 7a7 ,coverage of properties at high risk of future flood damage ,subsection 7b7 of section #acjd of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djaa7;b77 is amended-- 7#a7 in paragraph 7#d71 by redesignating subparagraphs 7,a7 through 7,d7 as clauses 7i7 through 7iv71 respectively1 and realigning such clauses1 as so redesignated1 so as to be indented #f ems from the left margin2 7#b7 by redesignating paragraphs 7#a7 through 7#d7 as subparagraphs 7,a7 through 7,d71 respectively1 and realigning such subparagraphs1 as so redesignated1 so as to be indented #d ems from the left margin2 7#c7 by striking the subsection designation and all that follows through ,the national and inserting the following3 7b7 ,additional coverage for compliance with land use and control measures 7#a7 ,authority2 eligible properties ,the national 2 7#d7 in subparagraph 7,c7 7as so redesignated by paragraph 7#b7 of this subsection71 by striking ,fund and all that follows and inserting ,fund to require the implementation of such measures22 7#e7 in subparagraph 7,d77iv7 7as so redesignated by paragraphs 7#a7 and 7#b7 of this subsection71 by striking the period at the end and inserting a semicolon2 and 7#f7 by adding at the end the following new subparagraphs3 7,e7 properties that have been identified by the ,administrator1 or by a community in accordance with such requirements as the ,administrator shall establish1 as at a high risk of future flood damage2 and 7,f7 properties that are located within an area identified pursuant to section #acfa7;e77#a77;,a7 7#db ,u4,s4,c4 #dajb7;e77#a77;,a77 by a covered community 7as such term is defined in paragraph 7#c7 of such section #acfa7;e774 4 7b7 ,coverage amount ,section #acjd7;b7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djaa7;b77 is amended-- 7#a7 in paragraph 7#a7 7as so designated by subsection 7a77#c7 of this section71 by striking the last sentence 7relating to a surcharge72 and 7#b7 by adding at the end the following new paragraph3 7#b7 ,coverage amount 7,a7 ,primary coverage ,each policy for flood insurance coverage made available under this title shall provide coverage under this subsection having an aggregate liability for any single property of #cj1jjj4 7,b7 ,enhanced coverage ,the ,administrator shall make additional coverage available under this subsection1 in excess of the limit specified in subparagraph 7,a71 having an aggregate liability for any single property of up to #fj1jjj4 4 7c7 ,amount of surcharge ,subsection 7b7 of section #acjd of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djaa7;b771 as amended by the preceding provisions of this section1 is further amended by adding at the end the following new paragraph3 7#c7 ,surcharge for coverage 7,a7 ,primary coverage ,the ,administrator shall impose a surcharge on each insured of such amount per policy as the ,administrator determines is appropriate to provide cost of compliance coverage in accordance with paragraph 7#b77;,a74 7,b7 ,enhanced coverage ,for each flood policy for flood insurance coverage under this title under which additional cost of compliance coverage is provided pursuant to paragraph 7#b77;,b71 the ,administrator shall impose a surcharge1 in addition to the surcharge under subparagraph 7,a7 of this paragraph1 in such amount as the ,administrator determines is appropriate for the amount of such coverage provided4 4 7d7 ,use of certain materials ,subsection 7b7 of section #acjd of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djaa7;b771 as amended by the preceding provisions of this section1 is further amended by adding at the end the following new paragraph3 7#d7 ,use of certain materials ,the ,administrator shall require that any measures implemented using amounts made available from coverage provided pursuant to this subsection be carried out using materials1 identified by the ,administrator1 that minimize the impact of flooding on the usability of the covered property and reduce the duration that flooding renders the property unusable or uninhabitable4 4 7e7 ,continued flood insurance requirement ,subsection 7b7 of section #acjd of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djaa7;b771 as amended by the preceding provisions of this section1 is further amended by adding at the end the following new paragraph3 7#e7 ,continued flood insurance requirement ,the ,administrator may require1 as a condition of providing cost of compliance coverage under this subsection for a property1 that the owner of the property enter into such binding agreements as the ,administrator considers necessary to ensure that the owner of the property 7and any subsequent owners7 will maintain flood insurance coverage under this title for the property in such amount1 and at all times during a period having such duration1 as the ,administrator considers appropriate to carry out the purposes of this subsection4 4 ,v ,program integrity #eja4 ,independent actuarial review ,section #acji of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djaf7 is amended by adding at the end the following new subsection3 7e7 ,independent actuarial review 7#a7 ,fiduciary responsibility ,the ,administrator has a responsibility to ensure that the ,national ,flood ,insurance ,program remains financially sound4 ,pursuant to this responsibility1 the ,administrator shall from time to time review and eliminate nonessential costs and positions within the ,program1 unless otherwise authorized or required by law1 as the ,administrator determines to be necessary4 7#b7 ,annual independent actuarial study ,the ,administrator shall provide for an independent actuarial study of the ,national ,flood ,insurance ,program to be conducted annually1 which shall analyze the financial position of the program based on the long-term estimated losses of the program4 ,the ,administrator shall submit a report 7together with the independent actuarial study7 annually to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate describing the results of such study1 including a determination of whether the ,program has collected revenue sufficient to cover the administrative expenses of carrying out the flood insurance program1 which are reflected in the risk premium rates1 cost of capital1 all other costs associated with the transfer of risks1 and expected claims payments during the reporting period1 and an overall assessment of the financial status of the ,program4 7#c7 ,determination of actuarial budget deficit 7,a7 ,requirement ,within the report submitted under paragraph 7#b71 the ,administrator shall issue a determination of whether there exists an actuarial budget deficit for the ,program for the year covered in the report4 ,the report shall recommend any changes to the ,program1 if necessary1 to ensure that the program remains financially sound4 7,b7 ,basis of determination ,the determination required by subparagraph 7,a7 shall be based solely upon whether the portion of premiums estimated and collected by the ,program during the reporting period is sufficient to cover the administrative expenses of carrying out the flood insurance program1 which are reflected in the risk premium rates1 cost of capital1 all other costs associated with the transfer of risk1 and expected claims payments for the reporting period4 7#d7 ,quarterly reports ,during each fiscal year1 on a calendar quarterly basis1 the ,secretary shall cause to be published in the ,federal ,register or comparable method1 with notice to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 information which shall specify-- 7,a7 the cumulative volume of policies that have been underwritten under the ,national ,flood ,insurance ,program during such fiscal year through the end of the quarter for which the report is submitted2 7,b7 the types of policies insured1 categorized by risk2 7,c7 any significant changes between actual and projected claim activity2 7,d7 projected versus actual loss rates2 7,e7 the cumulative number of currently insured repetitive-loss properties1 severe repetitive-loss properties1 and extreme repetitive-loss properties that have been identified during such fiscal year through the end of the quarter for which the report is submitted2 7,f7 the cumulative number of properties that have undergone mitigation assistance1 through the ,national ,flood ,insurance ,program1 during such fiscal year through the end of the quarter for which the report is submitted2 and 7,g7 the number and location1 by ,state or territory1 of each policyholder that has been identified for such fiscal year as an eligible household for purposes of the flood insurance affordability program under section #acbf4 ,the first quarterly report under this paragraph shall be submitted on the last day of the first quarter of fiscal year #bjah1 or on the last day of the first full calendar quarter following the enactment of the #bast ,century ,flood ,reform ,act1 whichever occurs later4 4 #ejb4 ,adjustments to homeowner flood insurance affordability surcharge 7a7 ,in general ,section #acjh;,a of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djae;a7 is amended-- 7#a7 in subsection 7a71 by striking the first sentence and inserting the following3 ,the ,administrator shall impose and collect a non-refundable annual surcharge1 in the amount provided in subsection 7b71 on all policies for flood insurance coverage under the ,national ,flood ,insurance ,program that are newly issued or renewed after the date of the enactment of this section42 and 7#b7 by striking subsection 7b7 and inserting the following new subsection3 7b7 ,amount ,the amount of the surcharge under subsection 7a7 shall be #dj1 except as follows3 7#a7 ,non-primary residences eligible for ,,prp ,the amount of the surcharge under subsection 7a7 shall be #abe in the case of in the case of a policy for any property that is-- 7,a7 a residential property that is not the primary residence of an individual1 and 7,b7 eligible for preferred risk rate method premiums4 7#b7 ,non-residential properties and non-primary residences not eligible for ,,prp ,the amount of the surcharge under subsection 7a7 shall be #bge in case of in the case of a policy for any property that is-- 7,a7 a non-residential property2 or 7,b7 a residential property that is-- 7i7 not the primary residence of an individual2 and 7ii7 not eligible for preferred risk rate method premiums4 4 7b7 ,applicability ,the amendment made by subsection 7a7 shall apply with respect to policies for flood insurance coverage under the ,national ,flood ,insurance ,act of #aifh that are newly issued or renewed after the expiration of the #ab-month period beginning on the date of the enactment of this ,act4 #ejc4 ,national ,flood ,insurance ,reserve ,fund compliance ,section #acaj;,a of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djag;,a7 is amended-- 7#a7 in subsection 7c77#b77;,d71 by inserting before the period at the end the following3 1 including any provisions relating to chargeable premium rates or annual increases of such rates2 7#b7 in subsection 7c77#c71 by striking subparagraph 7,a7 and inserting the following new subparagraph3 7,a7 ,parity ,in exercising the authority granted under paragraph 7#a7 to increase premiums1 the ,administrator shall institute a single annual1 uniform rate of assessment for all individual policyholders4 2 and 7#c7 in subsection 7d7-- 7,a7 by striking paragraph 7#a7 and inserting the following new paragraph3 7#a7 ,in general ,beginning in fiscal year #bjah and not ending until the fiscal year in which the ratio required under subsection 7b7 is achieved-- 7,a7 in each fiscal year the ,administrator shall place in the ,reserve ,fund an amount equal to not less than #g4e percent of the reserve ratio required under subsection 7b72 and 7,b7 if in any given fiscal year the ,administrator fails to comply with subparagraph 7,a71 for the following fiscal year the ,administrator shall increase the rate of the annual assessment pursuant to subsection 7c77#c77;,a7 by at least one percentage point over the rate of the annual assessment pursuant to subsection 7c77#c77;,a7 in effect on the first day of such given fiscal year4 2 7,b7 in paragraph 7#b71 by inserting before the period at the end the following3 nor to increase assessments pursuant to paragraph 7#a77;,b72 and 7,c7 in paragraph 7#c71 by inserting before the period at the end the following3 and paragraph 7#a77;,b7 shall apply until the fiscal year in which the ratio required under subsection 7b7 is achieved4 #ejd4 ,designation and treatment of multiple-loss properties 7a7 ,definition ,section #acgj of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #daba71 as amended by the preceding provisions of this ,act1 is further amended-- 7#a7 in subsection 7a7-- 7,a7 by striking paragraph 7#g72 and 7,b7 by redesignating paragraphs 7#h7 through 7#ah7 as paragraphs 7#g7 through 7#ag71 respectively2 and 7#b7 by adding at the end the following new subsection3 7d7 ,multiple-,loss properties 7#a7 ,definitions ,as used in this title3 7,a7 ,multiple-loss property ,the term multiple-loss property means any property that is a repetitive-loss property1 a severe repetitive-loss property1 or an extreme repetitive-loss property4 7,b7 ,qualified claims payment ,the term qualified claims payment means a claims payment of any amount made under flood insurance coverage under this title in connection with loss resulting from a flood event that occurred after the date of the enactment of the #bast ,century ,flood ,reform ,act1 but not including any claim that occurred before a structure was made compliant with ,state and local floodplain management requirements4 7,c7 ,repetitive-loss property ,the term repetitive-loss property means a structure that has incurred flood damage for which two or more separate claims payments of any amount have been made under flood insurance coverage under this title4 7,d7 ,severe repetitive-loss property ,the term severe repetitive-loss property means a structure that has incurred flood damage for which-- 7i7 #d or more separate claims payments have been made under flood insurance coverage under this title1 with the amount of each such claim exceeding #e1jjj1 and with the cumulative amount of such claims payments exceeding #bj1jjj2 or 7ii7 at least #b separate claims payments have been made under flood insurance coverage under this title1 with the cumulative amount of such claims payments exceeding the value of the structure4 7,e7 ,extreme repetitive-loss property ,the term extreme repetitive-loss property means a structure that has incurred flood damage for which at least #b separate claims have been made under flood insurance coverage under this title1 with the cumulative amount of such claims payments exceeding #aej percent of the maximum coverage amount available for the structure4 7#b7 ,treatment of claims before compliance with ,state and local requirements ,the ,administrator shall not consider claims that occurred before a structure was made compliant with ,state and local floodplain management requirements for purposes of determining a structure's status as a multiple-loss property4 4 7b7 ,premium adjustment to reflect current flood risk 7#a7 ,in general ,section #acjh of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djae71 as amended by the preceding provisions of this ,act1 is further amended by adding at the end the following new subsection3 7p7 ,premium adjustment to reflect current flood risk 7#a7 ,in general ,except as provided in paragraph 7#b71 the ,administrator shall rate a property for which two or more qualified claims payments have been made and that is charged a risk premium rate estimated under section #acjg7;a77#a7 7#db ,u4,s4,c4 #djad7;a77#a77 based on the current risk of flood reflected in the flood insurance rate map in effect at the time of rating4 7#b7 ,adjustment for existing policies ,notwithstanding subsection 7e7 of this section1 for policies for flood insurance under this title in force on the date of the enactment of this ,act for properties described in paragraph 7#a7-- 7,a7 for any property for which two qualified claims payments have been made1 the ,administrator shall increase risk premium rates by #aj percent each year until such rates comply with paragraph 7#a7 of this subsection2 and 7,b7 for any property for which three or more qualified claims payments have been made1 the ,administrator shall increase risk premium rates by #ae percent each year until such rates comply with paragraph 7#a7 of this subsection4 4 7#b7 ,conforming amendment ,section #acjg7;g77#b7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djad7;g77#b77 is amended by striking subparagraph 7,b7 and inserting the following new subparagraph3 7,b7 in connection with a multiple-loss property4 4 7c7 ,pre-,,firm multiple-loss property 7#a7 ,termination of subsidy ,section #acjg of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djad7 is amended-- 7,a7 in subsection 7a77#b7-- 7i7 by striking subparagraph 7,c7 and inserting the following new subparagraph3 7,c7 any extreme repetitive-loss property2 2 7ii7 in subparagraph 7,d71 by striking or2 7iii7 in subparagraph 7,e7-- 7,i7 in clause 7i71 by striking fair2 and 7,,ii7 in clause 7ii7-- 7aa7 by striking fair2 and 7bb7 by striking and and inserting or2 and 7iv7 by adding at the end the following new subparagraph3 7,f7 any property for which two or more qualified claims payments have been made2 and 2 and 7,b7 by striking subsection 7h74 7#b7 ,annual limitation on premium increases ,subsection 7e7 of section #acjh of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djae7;e77 is amended-- 7,a7 in paragraph 7#c71 by striking and at the end2 7,b7 in paragraph 7#d7-- 7i7 by striking the chargeable risk and inserting notwithstanding paragraph 7#e71 the chargeable risk2 and 7ii7 by striking described under paragraph 7#c74 and inserting estimated under section #acjg7;a77#a72 and2 and 7,c7 by adding at the end the following new paragraph3 7#e7 the chargeable risk premium rates for flood insurance under this title for any properties described in subparagraph 7,f7 of section #acjg7;a77#b7 shall be increased-- 7,a7 for any property for which two qualified claims payments have been made1 by #aj percent each year1 until the average risk premium rate for such property is equal to the average of the risk premium rates for properties estimated under section #acjg7;a77#a72 and 7,b7 for any property for which three or more qualified claims payments have been made1 by #ae percent each year1 until the average risk premium rate for such property is equal to the average of the risk premium rates for properties estimated under section #acjg7;a77#a74 4 7d7 ,minimum deductibles for certain multiple-loss properties 7#a7 ,clerical amendment ,the ,national ,flood ,insurance ,act of #aifh1 as amended by the preceding provisions of this ,act1 is further amended-- 7,a7 by transferring subsection 7b7 of section #acab 7#db ,u4,s4,c4 #djai7;b77 to section #acjf 7#db ,u4,s4,c4 #djac71 inserting such subsection at the end of such section1 and redesignating such subsection as subsection 7f72 and 7,b7 in section #acab 7#db ,u4,s4,c4 #djai71 by redesignating subsection 7c7 as subsection 7b74 7#b7 ,certain multiple-loss properties ,subsection 7f7 of section #acjf of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djac7;e771 as so transferred and redesignated by paragraph 7#a7 of this subsection1 is amended adding at the end the following new paragraph3 7#c7 ,certain multiple-loss properties ,notwithstanding paragraph 7#a7 or 7#b71 the minimum annual deductible for damage to any severe repetitive-loss property or extreme repetitive-loss property shall be not less than #e1jjj4 4 7e7 ,claim history validation ,beginning not later than the expiration of the #ahj-;day period beginning on the date of the enactment of this ,act1 the ,administrator of the ,federal ,emergency ,management ,agency shall undertake efforts to validate the reasonable accuracy of claim history data maintained pursuant to the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djja et seq474 7f7 ,increased cost of compliance coverage ,subparagraph 7,a7 of section #acjd7;b77#a7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djaa7;b77#a77;,a771 as amended by the preceding provisions of this ,act1 is further amended by striking repetitive loss structures and inserting multiple-loss properties4 7g7 ,availability of insurance for multiple-,loss properties 7#a7 ,in general ,the ,national ,flood ,insurance ,act of #aifh is amended by inserting after section #acjd 7#db ,u4,s4,c4 #djaa7 the following new section3 #acjd;,a4 ,availability of insurance for multiple-loss properties 7a7 ,date and information identifying current flood risk ,the ,administrator may provide flood insurance coverage under this title for a multiple-loss property only if the owner of the property submits to the ,administrator such data and information necessary to determine such property's current risk of flood1 as determined by the ,administrator1 at the time of application for or renewal of such coverage4 7b7 ,refusal ,to ,mitigate 7#a7 ,in general ,except as provided pursuant to paragraph 7#b71 the ,administrator may not make flood insurance coverage available under this title for any extreme repetitive-loss property for which a claim payment for flood loss was made under coverage made available under this title that occurred after the date of enactment of the #bast ,century ,flood ,reform ,act if the property owner refuses an offer of mitigation for the property under section #acff7;a77#b7 7#db ,u4,s4,c4 #dajd;c7a77#b774 7#b7 ,exceptions2 appeals ,the ,director shall develop guidance to provide appropriate exceptions to the prohibition under paragraph 7#a7 and to allow for appeals to such prohibition4 4 7#b7 ,effective ,date ,section #acjd;,a of the ,national ,flood ,insurance ,act of #aifh1 as added by paragraph 7#a7 of this subsection1 shall apply beginning upon the expiration of the #ab-month period beginning on the date of the enactment of this ,act4 7h7 ,rates for properties newly mapped into areas with special flood hazards ,subsection 7i7 of section #acjh of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djae7;i77 is amended-- 7#a7 by striking the subsection designation and all that follows through ,notwithstanding and inserting the following3 7i7 ,rates for properties newly mapped into areas with special flood hazards 7#a7 ,in general ,except as provided in paragraph 7#b7 and notwithstanding 2 7#b7 by redesignating paragraphs 7#a7 and 7#b7 as subparagraphs 7,a7 and 7,b71 respectively1 and moving the left margins of such subparagraphs1 as so redesignated1 and the matter following subparagraph 7,b71 #b ems to the right2 and 7#c7 by adding at the end the following new paragraph3 7#b7 ,inapplicability to multiple-loss properties ,paragraph 7#a7 shall not apply to multiple-loss properties4 4 7i7 ,clear communication of multiple-loss property status 7#a7 ,in general ,subsection 7l7 of section #acjh of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djae7l771 as amended by the preceding provisions of this ,act1 is further amended by adding at the end the following new paragraph3 7#b7 ,multiple-loss properties ,pursuant to paragraph 7#a71 the ,administrator shall clearly communicate to all policyholders for multiple-loss properties before the effectiveness of any such new or renewed coverage and after each qualified claims payment for the property-- 7,a7 the availability of flood mitigation assistance under section #acff2 and 7,b7 the effect on the premium rates charged for such a property of filing any further claims under a flood insurance policy with respect to that property4 4 7j7 ,mitigation assistance program ,section #acff of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #dajd;c7 is amended-- 7#a7 in subsection 7a7-- 7,a7 in the matter preceding paragraph 7#a71 by inserting after the period at the end of the first sentence the following3 ,priority under the program shall be given to providing assistance with respect to multiple-loss properties42 7,b7 in paragraph 7#a71 by inserting and after the semicolon at the end2 and 7,c7 by striking paragraphs 7#b7 and 7#c7 and inserting the following3 7#b7 to property owners1 in coordination with the ,state and community1 in the form of direct grants under this section for carrying out mitigation activities that reduce flood damage to extreme repetitive-loss properties4 ,the ,administrator shall take such actions as may be necessary to ensure that grants under this subsection are provided in a manner that is consistent with the delivery of coverage for increased cost of compliance provided under section #acjd7;b74 2 7#b7 in subsection 7c77#b77;,a77ii71 by striking severe repetitive loss structures and inserting multiple-loss properties2 7#c7 in subsection 7d7-- 7,a7 in paragraph 7#a7-- 7i7 by striking ,severe repetitive loss structures and inserting ,extreme repetitive-loss properties2 and 7ii7 by striking severe repetitive loss structures and inserting extreme repetitive-loss properties2 7,b7 in paragraph 7#b7-- 7i7 by striking ,repetitive loss structures and inserting ,severe repetitive-loss properties2 7ii7 by striking repetitive loss structures and inserting severe repetitive-loss properties2 and 7iii7 by striking #ij percent and inserting #ajj percent2 7,c7 by redesignating paragraph 7#c7 as paragraph 7#d72 and 7,d7 by inserting after paragraph 7#b7 the following new paragraph3 7#c7 ,repetitive-loss property ,in the case of mitigation activities to repetitive-loss properties1 in an amount up to #ajj percent of all eligible costs4 2 7#d7 in subsection 7h7-- 7,a7 by striking paragraphs 7#b7 and 7#c72 7,b7 by striking the subsection designation and all that follows through shall apply32 and 7,c7 in paragraph 7#a7-- 7i7 by striking ,community and inserting ,definition of community2 7ii7 by striking ,the and inserting ,for purposes of this section1 the2 7iii7 by redesignating such paragraph as subsection 7j72 7iv7 in subparagraph 7,b71 by striking subparagraph 7,a7 and inserting paragraph 7#a72 7v7 by redesignating subparagraphs 7,a7 and 7,b7 as paragraphs 7#a7 and 7#b71 respectively2 7vi7 in paragraph 7#a71 as so redesignated by clause 7v7 of this subparagraph1 by redesignating clauses 7i7 and 7ii7 as subparagraphs 7,a7 and 7,b71 respectively 7and moving the margins two ems to the left72 and 7vii7 by moving the left margins of subsection 7j7 7as so redesignated7 and paragraphs 7#a7 and 7#b71 all as so redesignated1 two ems to the left2 and 7#e7 by inserting after subsection 7g7 the following new subsections3 7h7 ,alignment with increased cost of compliance ,notwithstanding any provision of law1 any funds appropriated for assistance under this title may be transferred to the ,national ,flood ,insurance ,fund established under section #acaj 7#db ,u4,s4,c4 #djag7 for the payment of claims to enable the ,administrator to deliver grants under subsection 7a77#b7 of this section to align with the delivery of coverage for increased cost of compliance for extreme repetitive-loss properties4 7i7 ,funding 7#a7 ,authorization of appropriations ,notwithstanding any other provision of law1 assistance provided under this section shall be funded by-- 7,a7 #bbe1jjj1jjj in each fiscal year1 subject to offsetting collections1 through risk premium rates for flood insurance coverage under this title1 and shall be available subject to section #acaj7;f72 7,b7 any penalties collected under section #ajb7;f7 the ,flood ,disaster ,protect ,act of #aigc 7#db ,u4,s4,c4 #djab;a7f72 and 7,c7 any amounts recaptured under subsection 7e7 of this section4 ,the ,administrator may not use more than #e percent of amounts made available under this subsection to cover salaries1 expenses1 and other administrative costs incurred by the ,administrator to make grants and provide assistance under this section4 7#b7 ,availability ,amounts appropriated pursuant to this subsection for any fiscal year may remain available for obligation until expended4 4 7k7 ,repeal ,section #acfg of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #dajd;d7 is repealed4 #eje4 ,elimination of coverage for properties with excessive lifetime claims ,section #acje of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djab7 is amended by adding at the end the following new subsection3 7e7 ,prohibition of coverage for properties with excessive lifetime claims ,the ,administrator may not make available any new or renewed coverage for flood insurance under this title for any multiple-loss property for which the aggregate amount in claims payments that have been made after the expiration of the #ah-month period beginning on the date of the enactment of this subsection under flood insurance coverage under this title exceeds three times the amount of the replacement value of the structure4 4 #ejf4 ,pay for performance and streamlining costs and reimbursement ,section #acde of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djha71 as amended by the preceding provisions of this ,act1 is further amended by adding at the end the following subsection3 7g7 ,write ,your ,own allowance and program savings 7#a7 ,allowance rate 7,a7 ,limitation ,the allowance paid to companies participating in the ,write ,your ,own ,program 7as such term is defined in section #acgj 7#db ,u4,s4,c4 #djjd77 with respect to a policy for flood insurance coverage made available under this title shall not be greater than #bg4i percent of the chargeable premium for such coverage4 7,b7 ,inapplicability ,subparagraph 7,a7 shall not apply to actual and necessary costs related to section #acab7;a7 7#db ,u4,s4,c4 #djai7;a771 or to payments deemed necessary by the ,administrator4 7,c7 ,implementation ,the limitation in subparagraph 7,a7 shall be imposed by equal reductions over the #c-year period beginning on the date of the enactment of this subsection4 7#b7 ,program savings 7,a7 ,implementation ,the ,administrator1 within three years of the date of the enactment of this ,act1 shall reduce the costs and unnecessary burdens for the companies participating in the ,write ,your ,own program by at least half of the amount by which the limitation under paragraph 7#a77;,a7 reduced costs compared to the costs as of the date of the enactment of this subsection4 7,b7 ,consideration of savings ,in meeting the requirement of subparagraph 7,a71 the ,administrator shall consider savings including-- 7i7 indirect payments by the ,administrator of premium2 7ii7 eliminating unnecessary communications requirements2 7iii7 reducing the frequency of ,national ,flood ,insurance ,program changes2 7iv7 simplifying the flood rating system2 and 7v7 other ways of streamlining the ,program to reduce costs while maintaining customer service and distribution4 4 #ejg4 ,enforcement of mandatory purchase requirements 7a7 ,penalties ,paragraph 7#e7 of section #ajb7;f7 of the ,flood ,disaster ,protection ,act of #aigc 7#db ,u4,s4,c4 #djab;a7f77#e77 is amended by striking #b1jjj and inserting #e1jjj4 7b7 ,insured depository institutions ,subparagraph 7,a7 of section #aj7;i77#b7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbj7;i77#b77;,a77 is amended by striking date of enactment of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid and biennially thereafter for the next #d years and inserting date of enactment of the #bast ,century ,flood ,reform ,act and biennially thereafter4 7c7 ,credit unions ,subparagraph 7,a7 of section #bjd7;e77#b7 of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #aghd7;e77#b77;,a77 is amended by striking date of enactment of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid and biennially thereafter for the next #d years and inserting date of enactment of the #bast ,century ,flood ,reform ,act and annually thereafter4 7d7 ,government-,sponsored enterprises ,paragraph 7#d7 of section #acai;,b7a7 of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib 7#ab ,u4,s4,c4 #deba7;a77#d77 is amended1 in the matter after and below subparagraph 7,b71 by striking first1 third1 and fifth annual reports under this subsection required to be submitted after the expiration of the #a-year period beginning on the date of enactment of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid and inserting first annual report under this subsection required to be submitted after the expiration of the #a-year period beginning on the date of enactment of the #bast ,century ,flood ,reform ,act and every such second annual report thereafter4 7e7 ,guidelines ,the ,federal entities for lending regulation 7as such term is defined in section #c7;a7 of the ,flood ,disaster ,protection ,act of #aigc 7#db ,u4,s4,c4 #djjc7;a7771 in consultation with the ,administrator of the ,federal ,emergency ,management ,agency1 shall jointly update and reissue the rescinded document of the ,administrator entitled ,mandatory ,purchase of ,flood ,insurance ,guidelines 7lasted updated on ,october #bi1 #bjad74 ,the updated document shall incorporate recommendations made by the ,comptroller ,general pursuant to the study conducted under section #ead of this ,act4 #ejh4 ,satisfaction of mandatory purchase requirement in ,states allowing all-perils policies ,section #ajb of the ,flood ,disaster ,protection ,act of #aigc 7#db ,u4,s4,c4 #djab;a71 as amended by the preceding provisions of this ,act1 is further amended-- 7#a7 in subsection 7a71 by striking ,after and inserting ,subject to subsection 7i7 of this section1 after2 7#b7 in subsection 7b7-- 7,a7 in paragraph 7#a71 by striking ,each and inserting ,subject to subsection 7i7 of this section1 each2 7,b7 in paragraph 7#b7-- 7i7 in subparagraph 7,a71 by striking ,a the first place such term appears and inserting ,subject to subsection 7i7 of this section1 a2 7ii7 in subparagraph 7,b71 by striking ,each and inserting ,subject to subsection 7i7 of this section1 each2 and 7,c7 in paragraph 7#c71 by striking ,the the first place such term appears and inserting ,subject to subsection 7i7 of this section1 the2 7#c7 in subsection 7e77#a71 by striking ,if and inserting ,subject to subsection 7i7 of this section1 if2 and 7#d7 by adding at the end the following new subsection3 7i7 ,satisfaction of mandatory purchase requirement in ,states allowing all-perils policies 7#a7 ,waivers ,subsections 7a7 and 7b7 of this section shall not apply with respect to residential properties in any ,state that allows any property insurance coverage that covers all-perils except specifically excluded perils and that includes coverage for flood perils in an amount at least equal to the outstanding principal balance of the loan or the maximum limit of flood insurance coverage made available under this title with respect to such type of residential property1 whichever is less4 7#b7 ,definitions1 procedures1 standards ,the ,administrator may establish such definitions1 procedures1 and standards as the ,administrator considers necessary for making determinations under paragraph 7#a74 4 #eji4 ,flood insurance purchase requirements ,section #ajb of the ,flood ,disaster ,protection ,act of #aigc 7#db ,u4,s4,c4 #djab;a71 as amended by the preceding provisions of this ,act1 is further amended-- 7#a7 in subsection 7c77#b77;,a71 by striking #e1jjj or less and inserting the following3 #be1jjj or less1 except that such amount 7as it may have been previously adjusted7 shall be adjusted for inflation by the ,administrator upon the expiration of the #e-year period beginning upon the enactment of the #bast ,century ,flood ,reform ,act and upon the expiration of each successive #e-year period thereafter1 in accordance with an inflationary index selected by the ,administrator2 and 7#b7 by adding at the end the following new subsection3 7j7 ,flood insurance purchase requirements ,notwithstanding any other provision of law1 a ,state or local government or private lender may require the purchase of flood insurance coverage for a structure that is located outside of an area having special flood hazards4 4 #eaj4 ,clarifications2 deadline for approval of claims 7a7 ,rule of construction ,part ,c of chapter ,,ii of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djha et seq471 as amended by the preceding provisions of this ,act1 is further amended by adding at the end the following new section3 #acej4 ,rule of construction ,a policyholder of a policy for flood insurance coverage made available under this title must exhaust all administrative remedies1 including submission of disputed claims to appeal under any appeal process made available by the ,administrator1 prior to commencing legal action on any disputed claim under such a policy4 4 7b7 ,deadline for approval of claims 7#a7 ,in general ,section #acab of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djai71 as amended by the preceding provisions of this ,act1 is further amended-- 7,a7 in subsection 7a71 by striking ,the ,administrator and inserting ,subject to the other provisions of this section1 the ,administrator2 and 7,b7 by adding at the end the following new subsection3 7c7 ,deadline for approval of claims 7#a7 ,in general ,the ,administrator shall provide that1 in the case of any claim for damage to or loss of property under flood insurance coverage made available under this title1 an initial determination regarding approval of a claim for payment or disapproval of the claim be made1 and notification of such determination be provided to the insured making such claim1 not later than the expiration of the #abj-;day period 7as such period may be extended pursuant to paragraph 7#b77 beginning upon the day on which the policyholder submits a signed proof of loss detailing the damage and amount of the loss4 ,payment of approved claims shall be made as soon as possible after such approval4 7#b7 ,extension of deadline ,the ,administrator shall provide that the period referred to in paragraph 7#a7 may be extended by a single additional period of #ae days in cases where extraordinary circumstances are demonstrated4 ,the ,administrator shall1 by regulation1 establish criteria for demonstrating such extraordinary circumstances and for determining to which claims such extraordinary circumstances apply4 4 7#b7 ,applicability ,the amendments made by paragraph 7#a7 shall apply to any claim under flood insurance coverage made available under the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djja et seq47 pending on the date of the enactment of this ,act and any claims made after such date of enactment4 #eaa4 ,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 #eab4 ,,gao study of simplification of ,national ,flood ,insurance ,program 7a7 ,study ,the ,comptroller ,general of the ,united ,states shall conduct a study of options for simplifying flood insurance coverage made available under the ,national ,flood ,insurance ,act1 which shall include the following3 7#a7 ,an analysis of how the administration of the ,national ,flood ,insurance ,program can be simplified--statutorily1 regulatorily1 and administratively--for private flood insurance policyholders1 companies1 agents1 mortgage lenders1 and flood insurance vendors4 7#b7 ,an assessment of ways in which flood insurance coverage made available under the ,national ,flood ,insurance ,act and the program for providing and administrating such coverage may be harmonized with private insurance industry standards4 7#c7 ,identification and analysis of ways in which the structure of the ,national ,flood ,insurance ,program may be simplified1 including analysis of the efficacy and effects each of the following actions3 7,a7 ,eliminating the use of two deductibles under the ,program4 7,b7 ,including in claims for flood-damages full replacement cost for property not damaged1 but rendered unusable1 by the flooding4 7,c7 ,using umbrella policies that allow multiple structures on a property to be insured under the same policy4 7b7 ,report ,not later than the expiration of the #ah-month period beginning on the date of the enactment of this ,act1 the ,comptroller ,general shall submit a report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate regarding the findings and conclusions of the study conducted pursuant to this section4 #eac4 ,,gao study on enforcement of mandatory purchase requirements 7a7 ,in general ,the ,comptroller ,general of the ,united ,states shall conduct a study of the implementation and efficacy of the requirements of section #ajb of the ,flood ,disaster ,protection ,act of #aigc 7#db ,u4,s4,c4 #djab;a74 ,such study shall at minimum consider the following questions3 7#a7 ,how effectively do ,federal agencies1 regulated lending institutions1 and ,federal entities for lending regulation implement the requirements of section #ajb of the ,flood ,disaster ,protection ,act of #aigc8 7#b7 ,does the current implementation of ,flood ,disaster ,protection ,act of #aigc align with the congressional findings and purposes described in section #b7;b7 of such ,act 7#db ,u4,s4,c4 #djjb78 7#c7 ,what is the current level of compliance with section #ajb8 7#d7 ,what are the estimated historical impacts on revenue to the ,national ,flood ,insurance ,program based on the current level of compliance of section #ajb8 7#e7 ,is the current monitoring and tracking framework in place sufficient to ensure compliance with section #ajb8 7#f7 ,what is the best way to establish a consolidated1 comprehensive1 and accurate repository of data on compliance with section #ajb8 7#g7 ,what1 if any1 unintended consequences have resulted from the requirements and implementation of section #ajb8 7#h7 ,how can ,federal agencies and regulated lending institutions improve compliance with section #ajb8 7b7 ,report ,not later than the expiration of the #ah-month period beginning on the date of the enactment of this ,act1 the ,comptroller ,general shall submit a report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate regarding the findings and conclusions of the study conducted pursuant to this section4 ,,vi ,administrative reforms #fja4 ,penalties for fraud and false statements in the ,national ,flood ,insurance ,program ,part ,c of chapter #b of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djha et seq471 as amended by the preceding provisions of this ,act1 is further amended by adding at the end the following new section3 #acea4 ,penalties for fraud and false statements in the ,national ,flood ,insurance ,program 7a7 ,prohibited acts ,a person shall not knowingly make a false or misleading statement1 production1 or submission in connection with the proving or adjusting of a claim for flood insurance coverage made available under this ,act4 ,such prohibited acts include-- 7#a7 knowingly forging an engineering report1 claims adjustment report or technical assistance report used to support a claim determination2 7#b7 knowingly making any materially false1 fictitious1 or fraudulent statement or representation in an engineering report1 claims adjustment report1 or technical assistance report to support a claim determination2 7#c7 knowingly submitting a materially false1 fictitious1 or fraudulent claim4 7b7 ,civil enforcement ,the ,attorney ,general may bring a civil action for such relief as may be appropriate whenever it appears that any person has violated or is about to violate any provision of this section4 ,such action may be brought in an appropriate ,united ,states district court4 7c7 ,referral to ,attorney ,general ,the ,administrator shall expeditiously refer to the ,attorney ,general for appropriate action any evidence developed in the performance of functions under this ,act that may warrant consideration for criminal or civil prosecution4 7d7 ,penalties 7#a7 ,civil monetary penalty ,any person who violates subsection 7a7 shall be subject to a civil penalty of not more than #aj1jjj for each violation1 which shall be deposited into the ,national ,flood ,insurance ,fund established under section #acaj 7#db ,u4,s4,c4 #djag74 7#b7 ,suspension and debarment ,any person who violates subsection 7a7 shall not be eligible1 for a period of not less than #b years and not to exceed #e years1 to-- 7,a7 receive flood insurance coverage pursuant to this title2 or 7,b7 provide services in connection with the selling1 servicing1 or handling of claims for flood insurance policies provided pursuant to this title4 7#c7 ,other penalties ,the penalties provided for in this subsection shall be in addition to any other civil or criminal penalty available under law4 4 #fjb4 ,enhanced policyholder appeals process rights 7a7 ,establishment ,part ,c of chapter ,,ii of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djha et seq471 as amended by the preceding provisions of this ,act1 is further amended by adding at the end the following new section3 #aceb4 ,approval of decisions relating to flood insurance coverage 7a7 ,in general ,the ,administrator shall establish an appeals process to enable holders of a flood insurance policy provided under this title to appeal the decisions of their insurer1 with respect to the disallowance1 in whole or in part1 of any claims for proved and approved losses covered by flood insurance4 ,such appeals shall be limited to the claim or portion of the claim disallowed by the insurer4 7b7 ,appeal decision ,upon a decision in an appeal under subsection 7a71 the ,administrator shall provide the policyholder with a written appeal decision4 ,the appeal decision shall explain the ,administrator's determination to uphold or overturn the decision of the flood insurer4 ,the ,administrator may direct the flood insurer to take action necessary to resolve the appeal1 to include re-inspection1 re-adjustment1 or payment1 as appropriate4 7c7 ,rules of construction ,this section shall not be construed as-- 7#a7 making the ,federal ,emergency ,management ,agency or the ,administrator a party to the flood insurance contract2 or 7#b7 creating any action or remedy not otherwise provided by this title4 4 7b7 ,repeal ,section #bje of the ,bunning-,blumenauer-,bereuter ,flood ,insurance ,reform ,act of #bjjd 7#db ,u4,s4,c4 #djaa note7 is hereby repealed4 #fjc4 ,deadline for approval of claims 7a7 ,in general ,section #acab of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djai71 as amended by the preceding provisions of this ,act1 is further amended by adding at the end the following new subsection3 7d7 ,deadline for approval of claims 7#a7 ,in general ,the ,administrator shall provide that1 in the case of any claim for damage to or loss of property under flood insurance coverage made available under this title1 a final determination regarding approval of a claim for payment or disapproval of the claim be made1 and notification of such determination be provided to the insured making such claim1 not later than the expiration of the #ij-;day period 7as such period may be extended pursuant to paragraph 7#b77 beginning upon the day on which such claim was made4 ,payment of approved claims shall be made as soon as possible after such approval4 7#b7 ,extension of deadline ,the ,administrator shall provide that the period referred to in paragraph 7#a7 may be extended by a single additional period of #ae days in cases where extraordinary circumstances are demonstrated4 ,the ,administrator shall1 by regulation1 establish criteria for demonstrating such extraordinary circumstances and for determining to which claims such extraordinary circumstances apply4 4 7b7 ,applicability ,the amendments made by subsection 7a7 shall apply to any claim under flood insurance coverage made available under the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djja et seq47 pending on the date of the enactment of this ,act and any claims made after such date of enactment4 #fjd4 ,litigation process oversight and reform ,part ,c of chapter ,,ii of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djha et seq471 as amended by the preceding provisions of this ,act1 is further amended by adding at the end the following new section3 #acec4 ,oversight of litigation 7a7 ,oversight ,the ,administrator shall monitor and oversee litigation conducted by ,write ,your ,own companies arising under contracts for flood insurance sold pursuant to this title1 to ensure that-- 7#a7 litigation expenses are reasonable1 appropriate1 and cost-effective2 and 7#b7 ,write ,your ,own companies comply with guidance and procedures established by the ,administrator regarding the conduct of litigation4 7b7 ,denial of reimbursement for expenses ,the ,administrator may deny reimbursement for litigation expenses that are determined to be unreasonable1 excessive1 contrary to guidance issued by the ,administrator1 or outside the scope of any arrangement entered into with a ,write ,your ,own company4 7c7 ,litigation strategy ,the ,administrator may direct litigation strategy for claims arising under a contract for flood insurance sold by a ,write ,your ,own company4 4 #fje4 ,prohibition on hiring disbarred attorneys ,part ,c of chapter ,,ii of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djha et seq471 as amended by the preceding provisions of this ,act1 is further amended by adding at the end the following new section3 #aced4 ,prohibition on hiring disbarred attorneys ,the ,administrator may not at any time newly employ in connection with the flood insurance program under this title any attorney who has been suspended or disbarred by any court1 bar1 or ,federal or ,state agency to which the individual was previously admitted to practice4 4 #fjf4 ,technical assistance reports 7a7 ,use ,section #acab of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djai71 as amended by the preceding provisions of this ,act1 is further amended by adding at the end the following new subsection3 7e7 ,use of technical assistance reports ,when adjusting claims for any damage to or loss of property which is covered by flood insurance made available under this title1 the ,administrator may rely upon technical assistance reports1 as such term is defined in section #acab;,a1 only if such reports are final and are prepared in compliance with applicable ,state and ,federal laws regarding professional licensure and conduct4 4 7b7 ,disclosure ,the ,national ,flood ,insurance ,act of #aifh is amended by inserting after section #acab 7#db ,u4,s4,c4 #djai7 the following new section3 #acab;,a4 ,disclosure of technical assistance reports 7a7 ,in general ,notwithstanding section #eeb;a of title #e1 ,united ,states ,code1 upon request by a policyholder1 the ,administrator shall provide a true1 complete1 and unredacted copy of any technical assistance report that the ,administrator relied upon in adjusting and paying for any damage to or loss of property insured by the policyholder and covered by flood insurance made available under this title4 ,such disclosures shall be in addition to any other right of disclosure otherwise made available pursuant such section #eeb;a or any other provision of law4 7b7 ,direct disclosure by ,write ,your ,own companies and direct servicing agents ,a ,write ,your ,own company or direct servicing agent in possession of a technical assistance report subject to disclosure under subsection 7a7 may disclose such technical assistance report without further review or approval by the ,administrator4 7c7 ,definitions ,for purposes of this section1 the following definitions shall apply3 7#a7 ,policyholder ,the term policyholder means a person or persons shown as an insured on the declarations page of a policy for flood insurance coverage sold pursuant to this title4 7#b7 ,technical assistance report ,the term technical assistance report means a report created for the purpose of furnishing technical assistance to an insurance claims adjuster assigned by the ,national ,flood ,insurance ,program1 including by engineers1 surveyors1 salvors1 architects1 and certified public accounts4 4 #fjg4 ,improved disclosure requirement for standard flood insurance policies ,section #ajjbcd of the ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab 7#db ,u4,s4,c4 #djac;a7 is amended by adding at the end the following new subsection3 7c7 ,disclosure of coverage 7#a7 ,disclosure sheet ,each policy under the ,national ,flood ,insurance ,program shall include a disclosure sheet that sets forth1 in plain language-- 7,a7 the definition of the term flood for purposes of coverage under the policy2 7,b7 a description of what type of flood forces are necessary so that losses from an event are covered under the policy1 including overflow of inland or tidal waves1 unusual and rapid accumulation or runoff of a surface any source1 and mudflow2 7,c7 a statement of the types and characteristics of losses that are not covered under the policy2 7,d7 a summary of total cost and amount of insurance coverage1 and any other information relating to such coverage required to be disclosed under section #acjh7l7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djae7l772 7,e7 a statement that the disclosure sheet provides general information about the policyholder's standard flood insurance policy2 7,f7 a statement that the standard flood insurance policy1 together with the endorsements and declarations page1 make up the official contract and are controlling in the event that there is any difference between the information on the disclosure sheet and the information in the policy2 and 7,g7 a statement that if the policyholder has any questions regarding information in the disclosure sheet or policy he or she should contact the entity selling the policy on behalf of the ,program1 together with contact information sufficient to allow the policyholder to contact such entity4 7#b7 ,acknowledgment sheet ,each policy under the ,national ,flood ,insurance ,program shall include an acknowledgment sheet that sets forth1 in plain language-- 7,a7 a statement of whether or not there is a basement in the property to be covered by the policy2 7,b7 a statement of whether or not the policy provides coverage for the contents of the property covered by the policy2 7,c7 a statement that the standard flood insurance policy1 together with the endorsements and declarations page1 make up the official contract and are controlling in the event that there is any difference between the information on the acknowledgment sheet and the information in the policy2 and 7,d7 a statement that if the policyholder has any questions regarding information in the acknowledgment sheet or policy he or she should contact the entity selling the policy on behalf of the ,program1 together with contact information sufficient to allow the policyholder to contact such entity4 7#c7 ,required signatures ,notwithstanding section #acjf7;c7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djac7;c771 a policy for flood insurance coverage under the ,national ,flood ,insurance ,program may not take effect unless the disclosure sheet required under paragraph 7#a7 and the acknowledgment sheet required under paragraph 7#b71 with respect to the policy1 are signed and dated by the policyholder and the seller of the policy who is acting on behalf of the ,program4 4 #fjh4 ,reserve ,fund amounts ,section #acaj of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djag7 is amended by adding at the end the following new subsection3 7g7 ,crediting of ,reserve ,fund amounts ,funds collected pursuant to section #acaj;,a may be credited to the ,fund under this section to be available for the purpose described in subsection 7d77#a74 4 #fji4 ,sufficient staffing for ,office of ,flood ,insurance ,advocate 7a7 ,in general ,section #bd of the ,homeowner ,flood ,insurance ,affordability ,act of #bjad 7#db ,u4,s4,c4 #djcc7 is amended by adding at the end the following new subsection3 7c7 ,staff ,the ,administrator shall ensure that the ,flood ,insurance ,advocate has sufficient staff to carry out all of the duties and responsibilities of the ,advocate under this section4 4 7b7 ,timing ,the ,administrator of the ,federal ,emergency ,management ,agency shall take such actions as may be necessary to provide for full compliance with section #bd7;c7 of the ,homeowner ,flood ,insurance ,affordability ,act of #bjad1 as added by the amendment made by subsection 7a7 of this section1 not later than the expiration of the #ahj-;day period beginning on the date of the enactment of this ,act4 #faj4 ,limited exemption for disaster or catastrophe claims adjusters ,section #g of the ,fair ,labor ,standards ,act of #aich 7#bi ,u4,s4,c4 #bjg7 is amended by adding at the end the following3 7s7 7#a7 ,the provisions of this section shall not apply for a period of #b years after the occurrence of a major disaster to any employee-- 7,a7 employed to adjust or evaluate claims resulting from or relating to such major disaster1 by an employer not engaged1 directly or through an affiliate1 in underwriting1 selling1 or marketing property1 casualty1 or liability insurance policies or contracts2 7,b7 who receives from such employer on average weekly compensation of not less than #eia4jj per week or any minimum weekly amount established by the ,secretary1 whichever is greater1 for the number of weeks such employee is engaged in any of the activities described in subparagraph 7,c72 and 7,c7 whose duties include any of the following3 7i7 interviewing insured individuals1 individuals who suffered injuries or other damages or losses arising from or relating to a disaster1 witnesses1 or physicians2 7ii7 inspecting property damage or reviewing factual information to prepare damage estimates2 7iii7 evaluating and making recommendations regarding coverage or compensability of claims or determining liability or value aspects of claims2 7iv7 negotiating settlements2 or 7v7 making recommendations regarding litigation4 7#b7 ,notwithstanding any other provision of section #ah1 in the event of a major disaster1 this ,act exclusively shall govern all such employers in lieu of any ,state or other ,federal law or regulation or local law or regulation1 with respect to the employees described in paragraph 7#a74 7#c7 ,the exemption in this subsection shall not affect the exemption provided by section #ac7;a77#a74 7#d7 ,for purposes of this subsection-- 7,a7 the term major disaster means any natural catastrophe1 including any hurricane1 tornado1 storm1 high water1 wind driven water1 tidal wave1 tsunami1 earthquake1 volcanic eruption1 landslide1 mudslide1 snowstorm1 or drought1 or1 regardless of cause1 any other catastrophe1 including fire1 flood1 explosion1 land collapse1 avalanche1 or pollutant or chemical release2 7,b7 the term employee employed to adjust or evaluate claims resulting from or relating to such major disaster means an individual who timely secured or secures a license required by applicable law to engage in and perform the activities described in clauses 7i7 through 7v7 of paragraph 7#a77;,c7 relating to a major disaster1 and is employed by an employer that maintains worker compensation insurance coverage or protection for its employees1 if required by applicable law1 and withholds applicable ,federal1 ,state1 and local income and payroll taxes from the wages1 salaries and any benefits of such employees2 and 7,c7 the term affiliate means a company that1 by reason of ownership or control of twenty-five percent 7#be7 or more of the outstanding shares of any class of voting securities of one or more companies1 directly or indirectly1 controls1 is controlled by1 or is under common control with1 another company4 4 ,passed the ,house of ,representatives ,november #ad1 #bjag4;,clerk4