,,ib ,union ,calendar ,no4 #bag #aaeth ,,congress #ast ,session ,h4 ,r4 #bhgd ,report ,no4 #aae-cjd ,,in ,,the ,,house ,,of ,,representatives ,june #ab1 #bjag ,mr4 ,duffy introduced the following bill2 which was referred to the ,committee on ,financial ,services ,september #aa1 #bjag ,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed ,strike out all after the enacting clause and insert the part printed in italic ,for text of introduced bill1 see copy of bill as introduced on ,june #ab1 #bjag ,a ,,bill ,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 ,annual limitation on premium increases4 ,sec4 #ajb4 ,flood insurance affordability program4 ,sec4 #ajc4 ,disclosure of premium methodology4 ,sec4 #ajd4 ,consideration of coastal and inland locations in premium rates4 ,sec4 #aje4 ,monthly installment payment of premiums4 ,sec4 #ajf4 ,enhanced clear communication of flood risks4 ,sec4 #ajg4 ,availability of flood insurance information upon request4 ,sec4 #ajh4 ,disclosure of flood risk information upon transfer of property4 ,sec4 #aji4 ,voluntary community-based flood insurance pilot program4 ,sec4 #aaj4 ,extension of ,national ,flood ,insurance ,program4 ,title ,,ii--,increasing consumer choice through private market development ,sec4 #bja4 ,elimination of non-compete requirement4 ,sec4 #bjb4 ,public availability of program information4 ,sec4 #bjc4 ,refund of premiums upon cancellation of policy because of replacement with private flood insurance4 ,sec4 #bjd4 ,provision of private flood insurance by mutual aid societies4 ,sec4 #bje4 ,,gao study of flood damage savings accounts4 ,sec4 #bjf4 ,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 ,title ,,iv--,protecting consumers and individuals through improved mitigation ,sec4 #dja4 ,provision of ,community ,rating ,system premium credits to maximum number of communities practicable4 ,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 ,addressing tomorrow's high-risk structures today4 ,sec4 #ejg4 ,pay for performance and streamlining costs and reimbursement4 ,sec4 #ejh4 ,enforcement of mandatory purchase requirements4 ,sec4 #eji4 ,satisfaction of mandatory purchase requirement in ,states allowing all-perils policies4 ,sec4 #eaj4 ,flood insurance purchase requirements4 ,sec4 #eaa4 ,clarifications2 deadline for approval of claims4 ,sec4 #eaa4 ,,gao study of simplification of ,national ,flood ,insurance ,program4 ,i ,policyholder protections and information #aja4 ,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#b71 by striking #e percent and inserting #h percent4 #ajb4 ,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 #ajc4 ,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 #ajd4 ,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 #aje4 ,monthly installment payment of premiums ,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 following new paragraph3 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 ,installment plan fee ,the ,administrator may charge policyholders choosing to pay premiums in monthly installments a fee not to exceed #ej annually4 7,c7 ,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 4 #ajf4 ,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 #ajg4 ,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 #ajh4 ,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 repetitive loss or severe repetitive 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 #ca1 #bjbb1 property flood hazard disclosure requirements will have been adopted for the area that meet the requirements of section #acbf4 4 #aji4 ,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 #aaj4 ,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 ,,ii ,increasing consumer choice through private market development #bja4 ,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 #bjb4 ,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 #bjc4 ,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 #bjd4 ,provision of private flood insurance by mutual aid societies ,paragraph 7#g7 of section #ajb7;b7 of the ,flood ,disaster ,protection ,act of #aigc 7#db ,u4,s4,c4 #djab;a7c77 is amended to read as follows3 7#g7 ,definitions ,in this section3 7,a7 ,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,b7 ,flood insurance ,the term flood insurance means-- 7i7 ,federal flood insurance2 and 7ii7 private flood insurance4 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 ,nonadmitted and ,reinsurance ,reform ,act of #bjaj 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 #bje4 ,,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 #bje4 #bjf4 ,demonstration program for flood damage savings accounts 7a7 ,plan ,if the ,comptroller ,general of the ,united ,states concludes in the report required under section #bje 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 #bje7;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 #bje4 ,,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;,a77 is 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 ,,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 ,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 #daba7 is amended-- 7#a7 in subsection 7a7-- 7,a7 by striking paragraph 7#g72 and 7,b7 by redesignating paragraphs 7#h7 through 7#ae7 as paragraphs 7#g7 through 7#ad71 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 ,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,c7 ,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,d7 ,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 7o7 ,premium adjustment ,to reflect current flood risk 7#a7 ,in general ,except as provided in paragraph 7#b71 the ,administrator shall rate a multiple-loss property 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 ,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 notwithstanding subsection 7e7 of this section1 the ,administrator shall increase risk premium rates by not less than #ae percent each year until such rates comply with paragraph 7#a7 of this subsection2 and 7,b7 any rate increases required by paragraph 7#a7 shall commence following a claim payment for flood loss under coverage made available this title that occurred after the date of enactment of this ,act4 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 repetitive-loss property that has received a claim payment for flood loss under coverage made available under this title that occurred after the date of enactment of this ,act2 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#d71 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 by not less than #ae percent each year1 until the average risk premium rate for such properties 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 ,paragraph 7#a7 of section #acjd7;b7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djaa7;b77#a77 is 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 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 ,after the expiration of the #ah-month period beginning on the date of the enactment of this subsection1 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 such period under flood insurance coverage under this title exceeds twice the amount of the replacement value of the structure4 4 #ejf4 ,addressing tomorrow's high-risk structures today 7a7 ,in general ,the ,national ,flood ,insurance ,act of #aifh is amended-- 7#a7 in section #acje 7#db ,u4,s4,c4 #djab71 as amended by the preceding provisions of this ,act1 by adding at the end the following new subsections3 7f7 ,reducing future risks of the ,national ,flood ,insurance ,fund 7#a7 ,prohibition of new coverage for high-risk properties ,except as provided in subsection 7g7 and notwithstanding any other provision of this title1 in carrying out the fiduciary responsibility to the ,national ,flood ,insurance ,program under section #acji7;e7 7#db ,u4,s4,c4 #djaf7;e77 and to reduce future risks to the ,national ,flood ,insurance ,fund1 on or after ,january #a1 #bjba1 the ,administrator may not make available flood insurance coverage under this title as follows3 7,a7 ,new structures added to flood hazard zones ,any new coverage for any property for which new construction is commenced on or after such date and that1 upon completion of such construction1 is located in an area having special flood hazards4 7,b7 ,structures with high-value replacement costs ,any new or renewed coverage for any residential property having #d or fewer residences and a replacement value of the structure1 at the time1 exclusive of the value of the real estate on which the structure is located1 that is equal to or exceeds the amount that is equal to #a1jjj1jjj multiplied by the number of dwelling units in the structure 7as such amount is adjusted pursuant to clause 7i771 subject to the following provisions3 7i7 ,adjustment of amounts ,the dollar amount in the matter of this subparagraph that precedes this clause 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 this subsection and upon the expiration of each successive #e-year period thereafter1 in accordance with an inflationary index selected by the ,administrator4 7ii7 ,valuation ,the ,administrator shall determine the replacement value of a property for purposes of this subparagraph using such valuation methods or indicia as the ,administrator determines are reasonably accurate1 consistent1 reliable1 and available for such purposes4 7#b7 ,actuarial structures with hidden risks ,for any property with risk premium rates estimated under section #acjg7;a77#a71 on or after ,january #a1 #bjba1 the ,administrator shall charge risk premium rates based on the current risk of flood reflected in the flood insurance rate map or comparable risk rating metric in effect at the time a policy is newly issued1 unless the newly issued policy covers a property with continuous flood insurance coverage under this title1 or upon the renewal of a policy4 ,for all such policy renewals1 the ,administrator shall increase the risk premium rate in accordance with section #acjh7;e77#b7 until the risk premium rate is equal to the risk of flood reflected in the flood insurance rate map or comparable risk rating metric in effect at the time of renewal4 7#c7 ,implementation ,the ,administrator may implement this subsection without rulemaking1 except that any such implementation shall include advance publication of notice in the ,federal ,register or advance notice by another comparable method1 such as posting on an official website of the ,administrator4 7g7 ,availability of otherwise prohibited flood insurance coverage where private market coverage is unavailable 7#a7 ,in general ,the ,administrator may make available flood insurance coverage under this ,act for a property described in subparagraph 7,a7 or 7,b7 of subsection 7f77#a71 notwithstanding subsection 7f7 of this section1 if1 within the #cj-;day period beginning upon submission to the ,clearinghouse established pursuant to section #acej of an application for flood insurance coverage for such property1 the ,clearinghouse does not provide the applicant with one or more bona fide offers for private flood insurance coverage for such property4 7#b7 ,surcharge ,any flood insurance coverage made available for a property pursuant to this subsection shall be made available at chargeable premium rates otherwise determined under this title for such property1 except that the ,administrator shall impose and collect a surcharge for such coverage in an amount equal to #aj percent of such chargeable premium rate1 which shall be deposited into the ,national ,flood ,insurance ,fund established under section #acaj4 2 and 7#b7 in section #acjf7;a77#a7 7#db ,u4,s4,c4 #djac7;a77#a771 by inserting 1 subject to subsections 7f7 and 7g7 of section #acje before the semicolon at the end4 7b7 ,study of ,flood ,insurance ,clearinghouse 7#a7 ,in general ,the ,administrator of the ,federal ,emergency ,management ,agency 7in this subsection referred to as the ,administrator7 shall conduct a study-- 7,a7 to analyze the feasibility and effectiveness1 and problems involved1 in establishing1 maintaining1 and operating a ,flood ,insurance ,clearinghouse in accordance with section #acej of the ,national ,flood ,insurance ,act of #aifh 7as added by the amendment made by subsection 7c7 of this section72 and 7,b7 to develop a plan and guidelines for establishment1 design1 and operation of such a ,clearinghouse 7#b7 ,report ,not later than the expiration of the two-year 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 that sets forth the analysis1 conclusions1 and recommendations resulting from the study under this section4 ,such report shall include a plan for establishment1 design1 and operation of the ,flood ,insurance ,clearinghouse1 and guidelines for such ,clearinghouse1 sufficient to provide for commencement of operations of the ,clearinghouse under section #acej of the ,national ,flood ,insurance ,act of #aifh4 7c7 ,establishment of ,clearinghouse ,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 ,flood insurance clearinghouse 7a7 ,establishment and operations ,not later than ,january #a1 #bjba1 the ,administrator shall establish and commence operations of a ,flood ,insurance ,clearinghouse 7in this section referred to as the ,clearinghouse7 in accordance with the report1 plan1 and guidelines required under section #ejf7;b77#b7 of the #bast ,century ,flood ,reform ,act4 7b7 ,purpose ,the ,clearinghouse shall be established for the purpose of receiving applications from prospective insureds for flood insurance coverage for properties for which such coverage is prohibited under section #acje7;f7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djab7;f77 and for providing to such applicants offers for such coverage from insurers providing private flood insurance 7as such term is defined for purposes of section #ajb7;c7 of the ,flood ,disaster ,protection ,act of #aigc 7#db ,u4,s4,c4 #djab;a7c77 and1 subject to the limitations in this section1 for coverage made available under the ,national ,flood ,insurance ,program4 7c7 ,functions ,the ,clearinghouse shall have as its functions-- 7#a7 to provide for prospective insureds to submit to the ,clearinghouse applications for flood insurance coverage for properties described in subsection 7b72 7#b7 to determine1 with respect to a property identified in an application1 the chargeable premium rate for coverage made available under this title2 7#c7 with respect to a property identified in an application1 to solicit offers of coverage under private flood insurance from providers of such insurance during a reasonable period of time after such application1 which offers shall provide terms and conditions of insurance1 including deductibles and exclusions1 that are sufficient to meet the requirements of section #ajb of the ,flood ,disaster ,protection ,act of #aigc 7#db ,u4,s4,c4 #djab;a72 and 7#d7 to provide to the applicant for insurance-- 7,a7 any bona fide offers for private insurance coverage made pursuant to paragraph 7#c7 for the property identified in the application2 7,b7 in the case only of a property for which such coverage is authorized pursuant to subsection 7g7 of section #acje1 a bona fide offer for flood insurance coverage made available under this title for the property2 and 7,c7 information to help the applicant for insurance understand such offers and the limitation under section #acje7;g72 7d7 ,management and operation ,the ,clearinghouse shall be managed and operated by a third party pursuant to a contract with the ,administrator4 7e7 ,agreements ,the ,administrator may enter into such agreements with insurers providing private flood insurance coverage as may be necessary for the ,clearinghouse to carry out its functions4 7f7 ,fees ,the ,clearinghouse may charge a fee to applicants to cover administrative costs of the ,clearinghouse4 7g7 ,reports ,the ,clearinghouse shall report periodically1 as determined by the ,administrator1 to the ,administrator regarding the operations and activities of the ,clearinghouse4 4 #ejg4 ,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,c1 #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 #ejh4 ,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 ,mandatory purchase study2 guidelines 7#a7 ,study 7,a7 ,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 7i7 ,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 7ii7 ,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 7iii7 ,what1 if any1 unintended consequences have resulted from the requirements and implementation of section #ajb of such ,act8 7,b7 ,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 paragraph4 7#b7 ,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 paragraph 7#a7 of this subsection4 #eji4 ,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;a7 is 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#b71 by striking ,each the first place such term appears and inserting ,subject to subsection 7i7 of this section1 ,a2 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 ,section #ajb 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 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 #eaj4 ,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 #eaa4 ,clarifications2 deadline for approval of claims 7a7 ,rules 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 #acea4 ,rules of construction 7a7 ,definition ,for purposes of this part1 the term knowingly means having actual knowledge of or acting with deliberate ignorance of or reckless disregard for the prohibitions under this part4 7b7 ,administrative remedy ,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 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 ,,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 ,september #aa1 #bjag ,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed