,,ii #aaeth ,,congress #ast ,session ,s4 #acac ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,june #g1 #bjag ,mr4 ,cassidy 7for himself1 ,mrs4 ,gillibrand1 and ,mrs4 ,capito7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to reauthorize the ,national ,flood ,insurance ,program1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,flood ,insurance ,affordability and ,sustainability ,act of #bjag4 #b4 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title4 ,sec4 #b4 ,table of contents4 ,sec4 #c4 ,definitions4 ,sec4 #d4 ,extension of national flood insurance program4 ,,title ,i--,enhancing the ,solvency and ,sustainability of the ,national ,flood ,insurance ,program ,sec4 #aja4 ,risk transfer4 ,sec4 #ajb4 ,expanded flood insurance participation study4 ,,title ,,ii--,enhancing ,flood ,insurance ,affordability and ,accessibility ,sec4 #bja4 ,use of premium surcharges4 ,sec4 #bjb4 ,disclosure with respect to the affordability standard4 ,sec4 #bjc4 ,flood risk disclosure4 ,sec4 #bjd4 ,increased cost of compliance4 ,sec4 #bje4 ,property risk data4 ,sec4 #bjf4 ,mitigation provisions4 ,sec4 #bjg4 ,home structure values4 ,sec4 #bjh4 ,affordability vouchers4 ,sec4 #bji4 ,coverage limits4 ,sec4 #baj4 ,monthly installment payment of premiums4 ,,title ,,iii--,agreed ,value ,pilot ,program ,sec4 #cja4 ,short title4 ,sec4 #cjb4 ,definitions4 ,sec4 #cjc4 ,agreed ,value ,flood ,protection ,pilot ,program4 ,sec4 #cjd4 ,use of agreed value flood protection to satisfy requirement to purchase flood insurance to receive a mortgage loan4 ,sec4 #cje4 ,agreed ,value ,flood ,protection ,program ,reserve ,fund4 ,sec4 #cjf4 ,rule of construction4 ,,title ,,iv--,providing private market access1 accountability1 and competition ,sec4 #dja4 ,use of private flood insurance to satisfy mandatory purchase requirement4 ,sec4 #djb4 ,provision of private flood insurance by write your own companies4 ,sec4 #djc4 ,availability of ,,nfip claims data4 ,sec4 #djd4 ,fees and surcharges for private flood insurance policies4 ,sec4 #dje4 ,write ,your ,own ,risk ,sharing ,pilot ,program4 ,,title ,v--,modernizing flood mapping and flood risk accuracy ,sec4 #eja4 ,reauthorization of ,national ,flood ,mapping ,program4 ,sec4 #ejb4 ,mapping standards and guidelines for nongovernmental entities4 ,sec4 #ejc4 ,use of high-resolution mapping technology4 ,sec4 #ejd4 ,protected areas4 ,sec4 #eje4 ,coastal flood models4 ,,title ,,vi--,enhancing ,national ,flood ,insurance ,program transparency and accountability ,sec4 #fja4 ,deadline for approval of claims4 ,sec4 #fjb4 ,flood insurance transparency1 accountability1 and reform4 ,sec4 #fjc4 ,reports to ,congress4 #c4 ,definitions 7a7 ,freestanding definitions ,in this ,act-- 7#a7 the term ,administrator means the ,administrator of the ,federal ,emergency ,management ,agency2 7#b7 the terms ,federal flood insurance and private flood insurance have the meanings given those terms in section #ajb7;b77#g7 of the ,flood ,disaster ,protection ,act of #aigc 7#db ,u4,s4,c4 #djab;a7b77#g771 as amended by section #dja7;a77#a7 of this ,act2 7#c7 the term mandatory purchase requirement means the requirement under subsections 7a7 and 7b7 of section #ajb of the ,flood ,disaster ,protection ,act of #aigc 7#db ,u4,s4,c4 #djab;a71 as amended by section #dja of this ,act1 to have flood insurance coverage2 7#d7 the term ,national ,flood ,insurance ,program means the program established under the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djja et seq472 7#e7 the term repetitive loss structure has the meaning given the term in section #acgj7;a7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #daba7;a772 7#f7 the term severe repetitive loss structure has the meaning given the term in section #acff7;h7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #dajd;c7h772 7#g7 the term ,standard ,flood ,insurance ,policy means the ,standard ,flood ,insurance ,policy set forth in appendix ,a to part #fa of title #dd1 ,code of ,federal ,regulations 7or any successor regulation72 7#h7 the term target housing means a house structure that-- 7,a7 is in an area that has been identified by the ,administrator as an area having special flood hazards2 or 7,b7 has incurred flood damage2 7#i7 the term ,write ,your ,own company means a private property insurance company that participates in the ,write ,your ,own ,program2 and 7#aj7 the term ,write ,your ,own ,program means the program under which the ,federal ,emergency ,management ,agency enters into a standard arrangement with private property insurance companies to-- 7,a7 sell contracts for ,federal flood insurance under their own business lines of insurance2 and 7,b7 adjust and pay claims arising under the contracts described in subparagraph 7,a74 7b7 ,national ,flood ,insurance ,act ,section #acgj7;a7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #daba7;a77 is amended-- 7#a7 in paragraph 7#ad71 by striking and at the end2 7#b7 in paragraph 7#ae71 by striking the period at the end and inserting a semicolon2 and 7#c7 by adding at the end the following3 7#af7 the term claim report means a report created for the purpose of investigating1 adjusting1 or processing a claim under the national flood insurance program1 including such reports produced by adjusters1 engineers1 surveyors1 salvors1 architects1 and certified public accountants2 7#ag7 the term private flood insurance has the meaning given the term in section #ajb7;b7 of the ,flood ,disaster ,protection ,act of #aigc 7#db ,u4,s4,c4 #djab;a7b772 7#ah7 the term ,write ,your ,own company means a private property insurance company that participates in the ,write ,your ,own ,program2 and 7#ai7 the term ,write ,your ,own ,program means the program under which the ,federal ,emergency ,management ,agency enters into a standard arrangement with private property insurance companies to-- 7,a7 sell contracts for ,federal flood insurance under their own business lines of insurance2 and 7,b7 adjust and pay claims arising under the contracts described in subparagraph 7,a74 4 7c7 ,technical and conforming amendment ,section #ajjbjb7;a7 of the ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab 7#db ,u4,s4,c4 #djjd7;a77 is amended by striking paragraph 7#e7 and inserting the following3 7#e7 ,write ,your ,own ,program ,the term ,write ,your ,own ,program means the program under which the ,federal ,emergency ,management ,agency enters into a standard arrangement with private property insurance companies to-- 7,a7 sell contracts for ,federal flood insurance under their own business lines of insurance2 and 7,b7 adjust and pay claims arising under the contracts described in subparagraph 7,a74 4 #d4 ,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 amended1 in the first sentence1 by striking ,september #cj1 #bjag and inserting ,september #cj1 #bjbg4 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 #bjbg4 ,i ,enhancing the ,solvency and ,sustainability of the ,national ,flood ,insurance ,program #aja4 ,risk transfer ,section #acde of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djha7 is amended by striking subsection 7e7 and inserting the following3 7e7 ,risk transfer 7#a7 ,in general ,the ,administrator shall annually transfer a portion of the risk associated with the flood insurance program to the private reinsurance or capital markets-- 7,a7 if the ,administrator has determined that the rates and terms of the transfer are reasonable and appropriate2 and 7,b7 in an amount that is sufficient to-- 7i7 maintain the ability of the program to pay claims2 and 7ii7 limit the exposure of the program to potential catastrophic losses from extreme events4 7#b7 ,forms of transfer ,in carrying out paragraph 7#a71 the ,administrator shall consider all forms of risk transfer1 including traditional reinsurance1 catastrophe bonds1 collateralized reinsurance1 resilience bonds1 and other insurance-linked securities1 in order to-- 7,a7 maximize pricing competition and the diversity of sources of capital2 and 7,b7 secure the best value for the flood insurance program4 4 #ajb4 ,expanded flood insurance participation study 7a7 ,in general ,the ,administrator1 in coordination with the ,national ,association of ,insurance ,commissioners1 shall conduct a study that proposes to address1 through programmatic and regulatory changes1 how to increase participation in flood insurance coverage1 including flood insurance purchased under the ,national ,flood ,insurance ,program and private flood insurance4 7b7 ,options ,in conducting the study under subsection 7a71 the ,administrator shall consider the following options3 7#a7 ,expanding participation in flood insurance coverage1 beyond areas having special flood hazards1 to areas of moderate or minimal flood hazard risk4 7#b7 ,automatically enrolling consumers in flood insurance while providing consumers the opportunity to decline enrollment4 7#c7 ,bundled flood insurance coverage that diversifies risk across all or multiple-peril forms4 7c7 ,report ,not later than #ah months after the date of enactment of this ,act1 the ,administrator shall submit a report on the study conducted under subsection 7a7 to-- 7#a7 the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7#b7 the ,committee on ,appropriations of the ,senate2 7#c7 the ,committee on ,financial ,services of the ,house of ,representatives2 and 7#d7 the ,committee on ,appropriations of the ,house of ,representatives4 ,,ii ,enhancing ,flood ,insurance ,affordability and ,accessibility #bja4 ,use of premium surcharges ,chapter ,i of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djaa et seq47 is amended-- 7#a7 in section #acjh;,a 7#db ,u4,s4,c4 #djae;a7-- 7,a7 by redesignating subsection 7c7 as subsection 7d72 7,b7 by inserting after subsection 7b7 the following3 7c7 ,use of surcharges ,the ,administrator shall use any surcharge imposed and collected under subsection 7a7 to help fund flood mitigation programs1 including the program established under section #acff4 2 and 7,c7 in subsection 7d71 as so redesignated1 by striking ,subsections 7a7 and 7b7 and inserting ,subsections 7a7 through 7c72 and 7#b7 in section #acaj;,a7c7 7#db ,u4,s4,c4 #djag;,a7c771 by striking paragraph 7#d74 #bjb4 ,disclosure with respect to the affordability standard ,section #acjh7;j7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djae7;j77 is amended1 in the second sentence1 by inserting and shall include in the report the number of those exceptions as of the date on which the ,administrator submits the report and the location of each policyholder insured under those exceptions1 organized by county and ,state after of the ,senate4 #bjc4 ,flood risk disclosure 7a7 ,in general ,not later than #b years after the date of enactment of this ,act1 the ,administrator shall promulgate regulations for the disclosure of flood risk hazards with respect to any residential or commercial property that is offered for sale or lease4 7b7 ,requirements ,the regulations promulgated under subsection 7a7 shall require that1 before a purchaser or lessee is obligated under any contract to purchase or lease a property1 the seller or lessor1 as applicable1 shall-- 7#a7 provide the purchaser or lessee with a flood risk information pamphlet produced by the ,administrator2 7#b7 disclose to the purchaser or lessee the available flood risk profile of the property1 including-- 7,a7 information available to the seller or lessor regarding any past-- 7i7 flood damage to the property2 or 7ii7 claim for loss with respect to the property under-- 7,i7 the ,national ,flood ,insurance ,program2 or 7,,ii7 private flood insurance2 7,b7 information known to the seller or lessor regarding any designation of the property as-- 7i7 a repetitive loss structure2 or 7ii7 a severe repetitive loss structure2 7,c7 any elevation certificate obtained with respect to the property that is available to the seller or lessor2 and 7,d7 any requirement that the property be covered by flood insurance because the property owner1 on the date on which the property is sold or leased1 or a previous owner1 obtained any form of disaster assistance under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eaba et seq472 and 7#c7 establish a #aj-;day period 7or a period of a different length of time if mutually agreed upon by the parties7 during which the purchaser or lessor may review options for managing or mitigating flood risk with respect to the property4 7c7 ,compliance assurance ,the regulations promulgated under subsection 7a7 shall require that1 when a seller or lessor has entered into a contract with an agent to sell or lease a unit of target housing1 the agent shall1 on behalf of the seller or lessor1 ensure compliance with this section4 #bjd4 ,increased cost of compliance 7a7 ,increase in limitation on liability ,not later than #ahj days after the date of enactment of this ,act1 the ,administrator shall amend the ,standard ,flood ,insurance ,policy to-- 7#a7 increase the limitation on liability relating to ,coverage ,d--,increased ,cost of ,compliance from #cj1jjj to #ge1jjj2 and 7#b7 provide that #ej percent of the amount described in paragraph 7#a7 shall be available to the insured without regard to whether making that amount available to the insured would exceed the overall policy limit of the insured4 7b7 ,premiums2 coverage limits ,section #acjd7;b7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djaa7;b77 is amended-- 7#a7 in paragraph 7#c71 by striking compliance with the land use and control measures4 and inserting the implementation of such measures2 and2 7#b7 in paragraph 7#d71 by redesignating subparagraphs 7,a7 through 7,d7 as clauses 7i7 through 7iv71 respectively1 and adjusting the margins accordingly2 7#c7 by redesignating paragraphs 7#a7 through 7#d7 as subparagraphs 7,a7 through 7,d71 respectively1 and adjusting the margins accordingly2 7#d7 in the matter preceding subparagraph 7,a71 as so redesignated1 by striking ,the national and inserting the following3 7#a7 ,in general ,the national 2 and 7#e7 by striking the flush text following paragraph 7#a77;,d77iv71 as so redesignated1 and inserting the following3 7#b7 ,premiums ,the ,administrator shall charge a premium on each insured of not more than #ge per policy to provide cost of compliance coverage in accordance with the provisions of this subsection4 7#c7 ,coverage limits ,any amount of coverage that is provided under this subsection with respect to a property is in addition to1 and shall not be considered for the purposes of1 any limitation on coverage that is applicable to the property under section #acjf7;b74 4 #bje4 ,property risk data ,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 following3 #acbf4 ,premium credit for submitting property risk data 7a7 ,in general ,subject to subsection 7b71 the ,administrator may offer a policyholder under the national flood insurance program a premium credit of not more than #ejj if the policyholder submits data and information that is necessary for the ,administrator to determine the level of risk of flood with respect to the property covered by the policy as of the date on which the policyholder submits the data and information to the ,administrator4 7b7 ,limitation ,the ,administrator may offer a premium credit under subsection 7a7 only once with respect to any building4 4 #bjf4 ,mitigation provisions 7a7 ,mitigation strategies ,section #acfa7;d77#a7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #dajb7;d77#a77 is amended-- 7#a7 in subparagraph 7,a71 by striking and at the end2 7#b7 in subparagraph 7,b71 by striking and at the end2 and 7#c7 by inserting after subparagraph 7,b7 the following3 7,c7 with respect to buildings in dense urban environments1 methods that can be deployed on a block or neighborhood scale2 and 7,d7 elevation of mechanical systems2 and 4 7b7 ,mitigation credit ,section #acjh7k7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djae7k77 is amended-- 7#a7 by striking shall take into account and inserting 8shall-- 7#a7 take into account 2 7#b7 in paragraph 7#a71 as so designated1 by striking the period at the end and inserting 2 and2 and 7#c7 by adding at the end the following3 7#b7 offer a reduction of the risk premium rate charged to a policyholder in an amount that is not less than #aj percent of that rate if the policyholder implements any mitigation method described in paragraph 7#a74 4 7c7 ,coverage for cooperatives 7#a7 ,in general ,section #acjf of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djac7 is amended by adding at the end the following3 7e7 ,cooperatives 7#a7 ,definition ,in this subsection1 the term cooperative building has the meaning given the term in section #acab7;d74 7#b7 ,equal treatment with condominiums ,notwithstanding any other provision of law1 an owner of a share of a cooperative building shall be eligible to purchase flood insurance coverage under the national flood insurance program on the same terms as a condominium owner4 4 7#b7 ,payment of claims ,section #acab of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djai7 is amended-- 7,a7 in subsection 7c7-- 7i7 in the subsection heading1 by inserting and cooperative after condominium2 7ii7 by inserting or owners of a share of a cooperative building after condominium owners2 and 7iii7 by inserting or cooperative association after condominium association each place that term appears2 and 7,b7 by adding at the end the following3 7d7 ,definitions ,in this section1 the terms cooperative association and cooperative building have the meanings given the terms by the ,administrator4 4 #bjg4 ,home structure values 7a7 ,study and report 7#a7 ,study ,the ,administrator shall conduct a study1 the purpose of which shall be to-- 7,a7 evaluate best practices in the insurance industry for risk rating and classification1 including practices that consider replacement cost value when estimating premium rates2 and 7,b7 with respect to the estimates made by the ,administrator under section #acjg7;a77#a7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djad7;a77#a771 as in effect on the day before the date of enactment of this ,act-- 7i7 assess options1 methods1 and strategies for including replacement cost value in the estimates2 7ii7 identify recommendations for including replacement cost value in the estimates2 7iii7 identify an appropriate methodology by which replacement cost value could be incorporated into the estimates2 and 7iv7 develop a feasible implementation plan and projected timeline for including replacement cost value in the estimates4 7#b7 ,report ,not later than #ah months after the date of enactment of this ,act1 the ,administrator shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report that contains-- 7,a7 the results of the study conducted under paragraph 7#a7 7referred to in this paragraph as the study72 7,b7 an analysis of the recommendations made by the study and the impacts that those recommendations would have on the ,national ,flood ,insurance ,program1 including cost considerations2 7,c7 a description of actions taken by the ,administrator to implement the recommendations made by the study2 7,d7 a list of any recommendations made by the study that1 as of the date on which the ,administrator submits the report1 the ,administrator has deferred or upon which the ,administrator has not acted2 and 7,e7 an explanatory statement with respect to each recommendation described in subparagraph 7,d74 7b7 ,implementation 7#a7 ,in general ,section #acjg7;a77#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 7,b7 in clause 7ii71 by striking 1 and and inserting 2 and2 and 7,c7 by adding at the end the following3 7iii7 the replacement cost value of an insured structure when determining underinsurance loading factors1 consistent with the requirements of section #acjh7;e7 and taking into account the results of the study conducted under section #bjf7;a77#a7 of the ,flood ,insurance ,affordability and ,sustainability ,act of #bjag2 and 4 7#b7 ,effective date ,the amendments made by paragraph 7#a7 shall take effect on the date that is #a year after the date on which the ,administrator submits the report under subsection 7a77#b74 #bjh4 ,affordability vouchers ,chapter ,i of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djaa et seq471 as amended by section #bje of this ,act1 is further amended by adding at the end the following3 #acbg4 ,affordability vouchers 7a7 ,definitions ,in this section-- 7#a7 the term area median income means1 with respect to an area1 the area median income for the area1 as defined for the applicable year by the ,secretary of ,housing and ,urban ,development2 7#b7 the term eligible household means an owner-occupied household-- 7,a7 that has a total household income that is less than #afe percent of the area median income for the area in which the household is located2 7,b7 for which the cost of flood insurance premiums1 surcharges1 and fees in a year would result in excess costs for the household for that year2 and 7,c7 that-- 7i7 renews an existing flood insurance policy under the national flood insurance program for building coverage for a property that is in an area having special flood hazards2 or 7ii7 purchases a flood insurance policy under the national flood insurance program for building coverage for an existing structure that was owned and occupied by the household before the date on which the building was determined to be located in an area having special flood hazards due to a revision of1 or an update to1 a floodplain area or flood risk zone that is identified1 delineated1 or established by the ,administrator2 7#c7 the term excess costs means-- 7,a7 for a household that has a total household income that is greater than #hj percent of the area median income for the area in which the household is located1 the amount by which-- 7i7 the sum of-- 7,i7 the total amount of premiums1 surcharges1 and fees paid by a household in a year with respect to a flood insurance policy provided under this title2 and 7,,ii7 the housing expenses incurred by the household in that year2 exceeds 7ii7 #dj percent of the total household income for the household in that year2 and 7,b7 for a household that has a total household income that is not greater than #hj percent of the area median income for the area in which the household is located1 the amount by which the flood insurance premiums1 surcharges1 and fees for a flood insurance policy provided under this title in a year for the household exceeds #a percent of the coverage limit of that flood insurance policy under section #acjf7;b72 and 7#d7 the term housing expenses means1 with respect to a household1 the total amount that the household spends in a year on-- 7,a7 mortgage payments2 7,b7 property taxes2 and 7,c7 homeowners insurance4 7b7 ,vouchers ,the ,administrator shall1 when the ,administrator determines appropriate1 provide a voucher to an eligible household in accordance with subsection 7c7 to use toward the payment of flood insurance premiums1 surcharges1 and fees incurred by the household in the year for which the voucher is provided4 7c7 ,calculation 7#a7 ,in general ,subject to paragraph 7#b71 the ,administrator shall provide a voucher to an eligible household as follows3 7,a7 ,an eligible household that has a total household income that is not greater than #hj percent of area median income shall receive a voucher in an amount that is equal to #ajj percent of the excess costs incurred by the household for the year preceding the year in which the eligible household receives the voucher4 7,b7 ,an eligible household that has a total household income that is greater than #hj percent of area median income and not greater than #abj percent of area median income shall receive a voucher in an amount that is equal to #hj percent of the excess costs incurred by the household for the year preceding the year in which the eligible household receives the voucher4 7,c7 ,an eligible household that has a total household income that is greater than #abj percent of area median income and less than #afe percent of area median income shall receive a voucher in an amount that is equal to #fj percent of the excess costs for the year preceding the year in which the eligible household receives the voucher4 7#b7 ,limitation ,the ,administrator may not provide a voucher to an eligible household in an amount that is more than the total amount that the eligible household paid in premiums1 surcharges1 and fees for a flood insurance policy provided under this title during the year preceding the year in which the voucher is provided4 4 #bji4 ,coverage limits 7a7 ,in general ,section #acjf of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djac7 is amended-- 7#a7 in subsection 7b7-- 7,a7 in the matter preceding paragraph 7#a71 by striking ,in addition to any other terms and conditions under subsection 7a71 such regulations and inserting ,the ,administrator2 7,b7 in paragraph 7#b7-- 7i7 by striking shall be made and inserting may be made2 and 7ii7 by striking #bej1jjj and inserting the baseline amount2 7,c7 in paragraph 7#c7-- 7i7 by striking shall be made and inserting may be made2 and 7ii7 by striking #ajj1jjj and inserting #ej percent of the baseline amount2 and 7,d7 in paragraph 7#d7-- 7i7 by striking shall be made each place that term appears and inserting may be made2 and 7ii7 by striking #ejj1jjj each place that term appears and inserting #bjj percent of the baseline amount2 and 7#b7 by adding at the end the following3 7e7 ,definition 7#a7 ,in general ,subject to paragraph 7#b71 in this section1 the term baseline amount1 with respect to a property1 means the maximum original principal obligation of a conventional mortgage that may be purchased by the ,federal ,national ,mortgage ,association in the area in which the property as located1 as established under section #cjb7;b77#b7 of the ,federal ,national ,mortgage ,association ,charter ,act 7#ab ,u4,s4,c4 #agag7;b77#b774 7#b7 ,clarification ,if1 after the date of enactment of this subsection1 the baseline amount1 as defined in paragraph 7#a71 decreases as compared with the baseline amount in effect on the day before the date of enactment of this subsection1 the baseline amount that was in effect on the day before the date of enactment of this subsection shall be deemed to be the baseline amount for the purposes of paragraphs 7#b71 7#c71 and 7#d7 of subsection 7b74 4 7b7 ,authority of ,administrator ,to sell policies ,the ,administrator may sell a policy for flood insurance under the ,national ,flood ,insurance ,program that meets the requirements of paragraphs 7#b71 7#c71 and 7#d7 of section #acjf7;b7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djac7;b771 as amended by subsection 7a71 without regard to-- 7#a7 section #fa4f of title #dd1 ,code of ,federal ,regulations1 as in effect on the day before the date of enactment of this ,act2 or 7#b7 any other provision of law4 #baj4 ,monthly installment payment of premiums ,section #acjh7;g7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djae7;g77 is amended-- 7#a7 by striking ,with respect to and inserting the following3 7#a7 ,annual or monthly option ,subject to paragraph 7#b71 with respect to 2 and 7#b7 by adding at the end the following3 7#b7 ,monthly installment ,with respect to a policyholder that opts under paragraph 7#a7 to pay premiums on a monthly basis1 the ,administrator may charge the policyholder an annual fee of not more than #ae4 7#c7 ,exemption from rule making2 pilot program ,during the period beginning on the date of enactment of this paragraph and ending on the date on which the ,administrator promulgates regulations carrying out paragraph 7#a71 the ,administrator may1 notwithstanding any other provision of law-- 7,a7 adopt policies and procedures to carry out that paragraph without-- 7i7 undergoing notice and comment rule making under section #eec of title #e1 ,united ,states ,code2 or 7ii7 conducting regulatory analyses otherwise required by statute1 regulation1 or ,executive order2 or 7,b7 carry out that paragraph by establishing a pilot program that gradually implements the requirements of that paragraph4 4 ,,iii ,agreed ,value ,pilot ,program #cja4 ,short title ,this title may be cited as the ,agreed ,value ,flood ,protection ,program ,act of #bjag4 #cjb4 ,definitions ,in this title-- 7#a7 the term agreed value flood protection policy means a flood protection policy providing that1 if a flood occurs1 the ,national ,flood ,insurance ,program will make payments according to agreed schedules of payments determined by flood height in covered structures participating in the ,program2 7#b7 the term catastrophic loss year means a year in which the combined ratio is not less than #acj percent2 7#c7 the term combined ratio means the quotient obtained when the sum obtained by adding the losses paid under the ,national ,flood ,insurance ,program in a year and the expenses of the ,national ,flood ,insurance ,program in that year is divided by the total amount of premiums collected under the ,national ,flood ,insurance ,program in that year2 7#d7 the term covered agent means any insurance agent1 producer1 or intermediary licensed by a ,state2 7#e7 the term covered structure means real property eligible for flood insurance coverage under the ,national ,flood ,insurance ,program2 7#f7 the term eligible participant means a person that has demonstrated ownership of a covered structure2 7#g7 the term flood height means the distance between the lowest adjacent grade and the high water mark of a flood on the first floor of a covered structure1 as measured or as determined by other appropriate methods2 7#h7 the term ,program means the ,agreed ,value ,flood ,protection ,program established under section #cjc7;a72 and 7#i7 the term ,reserve ,fund means the ,agreed ,value ,flood ,protection ,program ,reserve ,fund established under section #cje7;a74 #cjc4 ,agreed ,value ,flood ,protection ,pilot ,program 7a7 ,in general ,the ,administrator may establish and carry out an optional ,agreed ,value ,flood ,protection ,pilot ,program for the #h-year period beginning on the date of enactment of this ,act1 or during the period beginning on the date of enactment of this ,act and ending on the date on which authorization for the ,national ,flood ,insurance ,program expires1 whichever is shorter1 under which-- 7#a7 an eligible participant may purchase an agreed value flood protection policy to protect against losses resulting from physical damage to1 or loss of1 a covered structure1 including any personal property related thereto1 owned by the eligible participant arising from a flood occurring in the ,united ,states during the period for which the policy is in force2 7#b7 a covered agent may issue an agreed value flood protection policy to an eligible participant2 and 7#c7 an eligible participant may not be denied the opportunity to purchase an agreed value flood protection policy solely on the basis of the geographic location of the eligible participant4 7b7 ,eligibility ,in order to purchase an agreed value flood protection policy1 an eligible participant shall demonstrate that the value of the covered structure to be covered under the policy1 including any contents within the covered structure1 is not less than the coverage amount of the policy4 7c7 ,issuance 7#a7 ,in general ,except as provided in paragraph 7#b71 any covered agent may issue an agreed value flood protection policy to an eligible participant under the ,program4 7#b7 ,exception ,a covered agent may not issue a policy under paragraph 7#a7 if the structure with respect to which the policy would apply is insured under the ,national ,flood ,insurance ,program4 7d7 ,brochure 7#a7 ,in general ,the ,administrator shall publish a brochure that compares the premium rates charged under the ,national ,flood ,insurance ,program with the premium rates charged under the ,program4 7#b7 ,covered agents 7,a7 ,in general ,a covered agent shall explain to an eligible participant the risks associated with an agreed value flood protection policy before the eligible participant purchases a policy4 7,b7 ,delivery ,if a covered agent delivers the brochure published under paragraph 7#a7 to an eligible participant before the eligible participant purchases an agreed value flood protection policy1 the delivery shall constitute prima facie evidence that the covered agent has satisfied the requirement under subparagraph 7,a74 7e7 ,report ,not later than #a year after the date on which the ,program ends1 the ,administrator shall submit to ,congress a report-- 7#a7 containing data that was collected during the administration of the ,program relating to underinsurance factors1 claims statistics1 claims disputes 7including how such disputes were adjudicated71 and actuarial rate reviews2 and 7#b7 that compares premium rates charged under the ,program with comparable premium rates charged under the standard flood insurance policy1 controlling for comparable risk factors4 #cjd4 ,use of agreed value flood protection to satisfy requirement to purchase flood insurance to receive a mortgage loan ,an agreed value flood protection policy shall satisfy the mandatory purchase requirement4 #cje4 ,agreed ,value ,flood ,protection ,program ,reserve ,fund 7a7 ,establishment of an agreed value flood protection reserve fund ,in carrying out the ,program1 the ,administrator shall establish in the ,treasury of the ,united ,states an ,agreed ,value ,flood ,protection ,program ,reserve ,fund1 which shall be-- 7#a7 separate from any other accounts or funds available to the ,administrator2 and 7#b7 available for meeting the expected future obligations of the ,program1 including-- 7,a7 the payment of claims during catastrophic loss years2 and 7,b7 the repayment of amounts outstanding under any note or other obligation issued by the ,administrator under section #acji7;a7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djaf7;a774 7b7 ,reserve ratio ,subject to the phase-in requirements under subsection 7d71 the ,reserve ,fund shall maintain a balance that1 together with any risk financing covering the ,program1 is an amount that is equal to-- 7#a7 #a4e percent of the sum of the total potential loss exposure of all outstanding agreed value flood protection policies in force during the prior fiscal year2 or 7#b7 a higher percentage of the sum described in paragraph 7#a7 that the ,administrator determines to be appropriate1 taking into consideration any circumstance that may raise a significant risk of substantial future losses to the ,reserve ,fund4 7c7 ,maintenance of reserve ratio 7#a7 ,in general ,the ,administrator may establish1 increase1 or decrease the amount of aggregate annual policy charges to be collected for any fiscal year that are necessary in order to-- 7,a7 maintain the amount required under subsection 7b72 and 7,b7 if the balance of the ,reserve ,fund is an amount that is less than the amount required under subsection 7b71 obtain the amount required under subsection 7b74 7#b7 ,considerations ,in exercising the authority under paragraph 7#a71 the ,administrator shall consider-- 7,a7 the expected operating expenses of the ,reserve ,fund2 7,b7 the covered loss expenditures under the ,program2 7,c7 any investment income generated under the ,program2 and 7,d7 any other factor that the ,administrator determines appropriate4 7#c7 ,limitation ,notwithstanding any other provision of law or any agreement entered into by the ,administrator1 the ,administrator shall ensure that all amounts attributable to the establishment or increase of annual policy charges under paragraph 7#a7 are transferred to the ,administrator for deposit into the ,reserve ,fund to be available for meeting the expected future obligations of the ,program1 as described in subsection 7a77#b74 7d7 ,phase-,in requirements ,the phase-in requirements under this subsection are as follows3 7#a7 ,in general ,beginning in fiscal year #bjah1 and in each successive fiscal year thereafter until the amount required under subsection 7b7 is obtained1 the ,administrator shall deposit in the ,reserve ,fund an amount that is not less than #aj percent of the amount required under subsection 7b74 7#b7 ,amount satisfied ,except as provided in paragraph 7#c71 beginning on the date on which the amount required under subsection 7b7 is obtained1 the ,administrator shall not be required to set aside any amounts for the ,reserve ,fund4 7#c7 ,exception ,if1 at any time during any fiscal year after the amount required under subsection 7b7 is obtained1 the amount in the ,reserve ,fund is less than the amount required under subsection 7b71 the ,administrator shall deposit in the ,reserve ,fund during that fiscal year an amount that is not less than the lesser of-- 7,a7 the difference between the amount required under subsection 7b7 and the amount in the ,reserve ,fund2 or 7,b7 #aj percent of the amount required under subsection 7b74 7e7 ,limitation on reserve ratio ,if1 in any fiscal year1 the ,administrator determines that the amount required under subsection 7b7 cannot be obtained1 the ,administrator shall submit to ,congress a report that-- 7#a7 describes and details the specific concerns of the ,administrator regarding the consequences of that amount not being obtained2 7#b7 demonstrates how the consequences described in paragraph 7#a7 would harm the long-term financial soundness of the ,program2 and 7#c7 indicates the maximum attainable amount for that fiscal year4 7f7 ,investment ,the ,secretary of the ,treasury shall invest such amounts of the ,reserve ,fund as the ,secretary determines advisable in obligations issued or guaranteed by the ,united ,states4 #cjf4 ,rule of construction ,nothing in this title may be construed to-- 7#a7 limit the ,national ,flood ,insurance ,program1 including the ability of a person to purchase flood insurance under the ,national ,flood ,insurance ,program to satisfy the mandatory purchase requirement2 or 7#b7 require a person to participate in the ,program4 ,,iv ,providing private market access1 accountability1 and competition #dja4 ,use of private flood insurance to satisfy mandatory purchase requirement 7a7 ,in general 7#a7 ,mandatory purchase requirement 7,a7 ,amount and term of coverage ,section #ajb of the ,flood ,disaster ,protection ,act of #aigc 7#db ,u4,s4,c4 #djab;a7 is amended by striking ,sec4 #ajb4 7a7 and all that follows through the end of subsection 7a7 and inserting the following3 #ajb4 7a7 ,amount and term of coverage 7#a7 ,in general ,subject to paragraph 7#b71 on and after the date that is #fj days after the date of enactment of this ,act1 no ,federal officer or agency may approve any financial assistance for acquisition or construction purposes for use in any area that has been identified by the ,administrator as an area having special flood hazards and in which the sale of flood insurance has been made available under the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djja et seq471 unless the building or mobile home and any personal property to which the financial assistance relates is covered by flood insurance4 7#b7 ,amount and term 7,a7 ,amount generally ,the amount of flood insurance required under paragraph 7#a7-- 7i7 in the case of ,federal flood insurance1 shall be not less than the lesser of-- 7,i7 #hj percent of the purchase price of the property2 7,,ii7 the development or project cost of the building1 mobile home1 or personal property 7less estimated land cost72 7,,iii7 the maximum limit of ,federal flood insurance coverage made available with respect to the particular type of property2 or 7,,iv7 for multi-unit structures only1 the outstanding principal balance of the loan2 or 7ii7 in the case of private flood insurance1 shall be not less than the lesser of-- 7,i7 #hj percent of the purchase price of the property2 7,,ii7 the development or project cost of the building1 mobile home1 or personal property 7less estimated land cost72 7,,iii7 the maximum limit of ,federal flood insurance coverage made available with respect to the particular type of property2 or 7,,iv7 for multi-unit structures only1 the outstanding principal balance of the loan4 7,b7 ,loans and insured and guaranteed loans ,if the financial assistance described in paragraph 7#a7 is in the form of a loan or an insurance or guaranty of a loan1 flood insurance need not be required beyond the term of the loan4 7,c7 ,term generally ,the requirement of maintaining flood insurance under paragraph 7#a7 shall apply during the life of the property1 regardless of transfer of ownership of the property4 4 7,b7 ,mortgage loans ,section #ajb7;b7 of the ,flood ,disaster ,protection ,act of #aigc 7#db ,u4,s4,c4 #djab;a7b77 is amended-- 7i7 by striking paragraphs 7#a7 through 7#e7 and inserting the following3 7#a7 ,regulated lending institutions 7,a7 ,in general ,each ,federal entity for lending regulation 7after consultation and coordination with the ,financial ,institutions ,examination ,council established under section #ajjd of the ,federal ,financial ,institutions ,examination ,council ,act of #aigd 7#ab ,u4,s4,c4 #ccjc77 shall by regulation direct regulated lending institutions not to make1 increase1 extend1 or renew any loan secured by improved real estate or a mobile home located or to be located in an area that has been identified by the ,administrator as an area having special flood hazards and in which flood insurance has been made available under the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djja et seq471 unless the building or mobile home and any personal property securing the loan is covered for the term of the loan by flood insurance in an amount described in subparagraph 7,b74 7,b7 ,amount ,the amount of flood insurance required under subparagraph 7,a7-- 7i7 in the case of ,federal flood insurance1 shall be not less than the lesser of-- 7,i7 #hj percent of the purchase price of the property2 7,,ii7 the maximum limit of ,federal flood insurance coverage made available with respect to the particular type of property2 or 7,,iii7 for multi-unit structures only1 the outstanding principal balance of the loan2 or 7ii7 in the case of private flood insurance1 shall be not less than the lesser of-- 7,i7 #hj percent of the purchase price of the property2 7,,ii7 the maximum limit of ,federal flood insurance coverage made available with respect to the particular type of property2 or 7,,iii7 for multi-unit structures only1 the outstanding principal balance of the loan4 7#b7 ,federal agency lenders 7,a7 ,in general 7i7 ,insurance required ,a ,federal agency lender may not make1 increase1 extend1 or renew any loan secured by improved real estate or a mobile home located or to be located in an area that has been identified by the ,administrator as an area having special flood hazards and in which flood insurance has been made available under the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djja et seq471 unless the building or mobile home and any personal property securing the loan is covered for the term of the loan by flood insurance in accordance with paragraph 7#a74 7ii7 ,regulations 7,i7 ,in general ,each ,federal agency lender may issue any regulations necessary to carry out this paragraph4 7,,ii7 ,consistency ,any regulations issued under subclause 7,i7 shall be consistent with and substantially identical to any regulations issued under paragraph 7#a74 7,b7 ,requirement to accept flood insurance ,each ,federal agency lender shall accept flood insurance as satisfaction of the flood insurance coverage requirement under subparagraph 7,a77i7 if the flood insurance coverage meets the requirements for coverage under that subparagraph4 7#c7 ,government-sponsored enterprises for housing 7,a7 ,implementation of procedures 7i7 ,requirement ,the ,federal ,national ,mortgage ,association and the ,federal ,home ,loan ,mortgage ,corporation shall implement procedures reasonably designed to ensure that1 for any loan described in clause 7ii7 that is purchased or guaranteed by such entity1 the building or mobile home and any personal property securing the loan is covered for the term of the loan by flood insurance in the amount provided in paragraph 7#a77;,b74 7ii7 ,secured loan ,a loan described in this clause is a loan secured by improved real estate or a mobile home located in an area-- 7,i7 that has been identified1 at the time of the origination of the loan or at any time during the term of the loan1 by the ,administrator as an area having special flood hazards2 and 7,,ii7 in which flood insurance is made available under the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djja et seq474 7,b7 ,acceptable insurance ,subject to subparagraph 7,c71 the ,federal ,national ,mortgage ,association and the ,federal ,home ,loan ,mortgage ,corporation shall accept flood insurance as satisfaction of the flood insurance coverage requirement under paragraph 7#a7 if the flood insurance coverage provided meets the requirements for coverage under that paragraph and any requirements established by the ,federal ,national ,mortgage ,association or the ,federal ,home ,loan ,corporation1 respectively1 relating to the financial strength of private insurance companies from which the ,federal ,national ,mortgage ,association or the ,federal ,home ,loan ,mortgage ,corporation will accept private flood insurance4 7,c7 ,relation to ,state law ,a requirement described in subparagraph 7,b7 may not affect or conflict with any ,state law1 regulation1 or procedure concerning the regulation of the business of insurance4 7#d7 ,applicability 7,a7 ,existing coverage ,except as provided in subparagraph 7,b71 paragraph 7#a7 shall apply on the date of enactment of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dgja et seq474 7,b7 ,new coverage ,paragraphs 7#b7 and 7#c7 shall apply only with respect to any loan made1 increased1 extended1 or renewed after the expiration of the #a-year period beginning on the date of enactment of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dgja et seq474 ,paragraph 7#a7 shall apply with respect to any loan made1 increased1 extended1 or renewed by any lender supervised by the ,farm ,credit ,administration only after the expiration of the period under this subparagraph4 7,c7 ,continued effect of regulations ,notwithstanding any other provision of this subsection1 the regulations to carry out paragraph 7#a71 as in effect immediately before the date of enactment of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dgja et seq471 shall continue to apply until the regulations issued to carry out paragraph 7#a71 as amended by section #ebb7;a7 of such ,act1 take effect4 7#e7 ,rule of construction 7,a7 ,in general ,subject to subparagraph 7,b71 nothing in this subsection shall be construed to supersede or limit the authority of a ,federal entity for lending regulation1 the ,federal ,housing ,finance ,agency1 a ,federal agency lender1 the ,federal ,national ,mortgage ,association1 or the ,federal ,home ,loan ,mortgage ,corporation to establish requirements relating to the financial strength of private insurance companies from which the entity or agency will accept private flood insurance4 7,b7 ,relation to ,state law ,a requirement described in subparagraph 7,a7 may not affect or conflict with any ,state law1 regulation1 or procedure concerning the regulation of the business of insurance4 2 and 7ii7 by striking paragraph 7#g7 and inserting the following3 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 ,private flood insurance ,the term private flood insurance means an insurance policy that-- 7i7 is issued by an insurance company that is-- 7,i7 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 7,,ii7 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 7ii7 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 7iii7 provides flood insurance coverage that complies with the laws and regulations of that ,state4 7,d7 ,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 7#b7 ,effect of private flood insurance coverage on continuous coverage requirements ,section #acjh of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djae7 is amended by adding at the end the following3 7n7 ,effect of private flood insurance coverage on continuous coverage requirements ,for purposes of applying any statutory1 regulatory1 or administrative continuous coverage requirement1 including under section #acjg7;g77#a71 the ,administrator shall consider any period during which a property was continuously covered by private flood insurance to be a period of continuous coverage4 4 7b7 ,report on level of perceived adverse selection ,not later than #b years after the date of enactment of this ,act1 the ,administrator shall submit to ,congress a report on the extent to which1 of the properties that are required to satisfy the mandatory purchase requirement1 the properties for which private flood insurance is purchased tend to be at a lower risk of flooding than the properties for which ,federal flood insurance is purchased 7commonly referred to as adverse selection71 by detailing risk classifications of private flood insurance policies4 #djb4 ,provision of private flood insurance by write your own companies 7a7 ,temporary authority for provision of private flood insurance by ,write ,your ,own companies for certain properties ,during the first #b years beginning after the date of enactment of this ,act1 the ,administrator may not prohibit a ,write ,your ,own company from offering or selling private flood insurance outside of the ,write ,your ,own ,program for properties that are described in subparagraphs 7,a7 through 7,d7 of section #acjg7;a77#b7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djad7;a77#b774 7b7 ,authority for expanded provision of private flood insurance by ,write ,your ,own companies ,on and after ,january #a of the third year beginning after the date of enactment of this ,act1 if the ,administrator determines1 based on the report required under subsection 7d77#a7 and any other independent data available1 that the provision of private flood insurance by a ,write ,your ,own company-- 7#a7 to properties in addition to the properties described in subsection 7a7 will not adversely impact the ability of the ,national ,flood ,insurance ,program to maintain a diverse risk pool1 the ,administrator may waive any remaining restriction1 under a ,federal statute or regulation1 on the ability of a ,write ,your ,own company to offer or sell private flood insurance outside the ,write ,your ,own ,program1 if the ,administrator promulgates regulations to ensure a diverse risk pool for ,write ,your ,own companies that are competing with the ,national ,flood ,insurance ,program2 or 7#b7 is a deterrent to the ,national ,flood ,insurance ,program maintaining a diverse risk pool of policies1 the ,administrator may place further restrictions on the ability of a ,write ,your ,own company to offer or sell private flood insurance4 7c7 ,,wyo ,arrangement ,the ,administrator shall amend article ,,xiii of the ,,wyo ,company ,financial ,assistance_/,subsidy ,arrangement as necessary to implement subsections 7a7 and 7b74 7d7 ,reports 7#a7 ,initial report ,not later than the last day of the #b-year period described in subsection 7a71 the ,administrator shall submit to ,congress a report detailing the risk classifications of properties for which private flood insurance was sold and underwritten by ,write ,your ,own companies during that #b-year period4 7#b7 ,additional report ,not later than #e years after the date on which the report is required to be submitted under paragraph 7#a71 the ,administrator shall submit to ,congress a report detailing the risk classifications of properties for which private flood insurance was sold and underwritten by ,write ,your ,own companies during that #e-year period4 #djc4 ,availability of ,,nfip claims data 7a7 ,study required 7#a7 ,in general ,the ,administrator shall study the feasibility of selling or licensing the use of historical structure-specific ,national ,flood ,insurance ,program claims data 7referred to in this section as covered claims data7 to nongovernmental entities4 7#b7 ,contents ,in conducting the study required under paragraph 7#a71 the ,administrator shall1 at a minimum-- 7,a7 investigate one or more methods of providing the most specific covered claims data possible while reasonably protecting policyholder privacy2 7,b7 review existing means1 as of the date of enactment of this ,act1 by which the ,federal ,government provides leases or licenses to private persons1 and the various regulations1 terms1 conditions1 and guidance employed2 7,c7 identify potential uses for covered claims data1 any known risks concerning those uses1 and ways to mitigate or eliminate the risks2 7,d7 identify mechanisms for determining the likely market value for access to covered claims data2 and 7,e7 recommend actions the ,administrator could take1 if any1 to prevent unintended consequences associated with the sale or licensing for private insurance purposes covered claims data4 7b7 ,report by ,administrator 7#a7 ,report required ,not later than #a year after the date of enactment of this ,act1 the ,administrator shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report that contains the results and conclusions of the study conducted under subsection 7a7 7referred to in this subsection as the study74 7#b7 ,contents ,the report submitted under paragraph 7#a7 shall include-- 7,a7 an analysis of-- 7i7 the recommendations of the study2 and 7ii7 the potential for covered claims data to increase the number of individuals insured against the peril of flood1 to reduce the amount of debt the ,national ,flood ,insurance ,program is required to service1 or both2 7,b7 a description of actions taken by the ,administrator to implement any of the recommendations of the study2 and 7,c7 any recommendations of the study that1 as of the date on which the report is submitted1 have been deferred or not acted upon1 together with an explanatory statement4 7c7 ,authorization ,to sell or license claims data 7#a7 ,amendments 7,a7 ,in general ,section #acac of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djbj7 is amended-- 7i7 by striking ,the ,administrator and inserting the following3 7a7 ,in general ,the ,administrator 2 and 7ii7 by adding at the following3 7b7 ,selling or licensing of claims data 7#a7 ,in general ,the ,administrator may sell or license the use of historical structure-specific claims data obtained and maintained by the ,national ,flood ,insurance ,program 7referred to in this subsection as covered claims data7 to nongovernmental entities as the ,administrator determines is appropriate and in the public interest4 7#b7 ,rules1 procedures ,the ,administrator may adopt rules1 terms1 conditions1 policies1 and procedures concerning-- 7,a7 the selling or licensing of covered claims data2 and 7,b7 the use1 protection1 and maintenance of covered claims data by nongovernmental entities4 7#c7 ,proceeds ,the ,administrator shall deposit the proceeds from selling or licensing covered claims data under this subsection in the ,national ,flood ,insurance ,fund4 4 7,b7 ,funding ,section #acaj of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djag7 is amended-- 7i7 in subsection 7a7-- 7,i7 in paragraph 7#g71 by striking and at the end2 7,,ii7 in paragraph 7#h71 by striking the period at the end and inserting 2 and2 and 7,,iii7 by adding at the end the following3 7#i7 for carrying out section #acac4 2 and 7ii7 in subsection 7b7-- 7,i7 in paragraph 7#e71 by striking and at the end2 7,,ii7 by redesignating paragraph 7#f7 as paragraph 7#g72 and 7,,iii7 by inserting after paragraph 7#e7 the following3 7#f7 proceeds from the sale or licensing of historical structure-specific claims data1 as authorized under section #acac7;b72 and 4 7#b7 ,effective date 7,a7 ,in general ,except as provided in subparagraph 7,b71 the amendments made by paragraph 7#a7 shall take effect on the date on which the ,administrator publishes in the ,federal ,register a certification that the ,administrator has-- 7i7 submitted the report required under subsection 7b72 7ii7 determined that it is legally and practically feasible to implement a program to sell or license the use of covered claims data to nongovernmental entities2 and 7iii7 determined that a program described in subparagraph 7,b7 would be in the public interest4 7,b7 ,credits to ,fund ,the amendment made by clause 7ii7 of paragraph 7#a77;,b7 shall take effect on the date of enactment of this ,act4 #djd4 ,fees and surcharges for private flood insurance policies 7a7 ,surcharges ,section #acjh;,a7a7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djae;a7a77 is amended-- 7#a7 by striking ,the ,administrator and inserting the following3 7#a7 ,collection on nfip policies ,the ,administrator 2 and 7#b7 by adding at the end the following3 7#b7 ,collection on private policies 7,a7 ,in general ,an insurance company that issues a policy for private flood insurance shall impose and collect an annual surcharge1 in the amount provided in subsection 7b71 on a private flood insurance policy4 7,b7 ,in addition to increased cost of compliance surcharge ,the surcharge imposed under subparagraph 7,a7 shall be in addition to the surcharge imposed under section #acjd7;c7 and any other assessments and surcharges applied to such coverage4 7,c7 ,federal equivalency fee payable to administrator ,not later than #ahj days after the date on which an insurance company collects a surcharge under subparagraph 7,a71 the insurance company shall transfer the amount of the surcharge to the ,administrator1 who shall deposit the amount in the ,national ,flood ,insurance ,fund established under section #acaj4 7,d7 ,information ,the ,administrator may require the provision of such information as the ,administrator decides is necessary to verify that a surcharge imposed and collected under subparagraph 7,a7 has been imposed and collected at the proper time and in the proper amount4 7,e7 ,cost of collecting surcharge ,no portion of the surcharge collected under subparagraph 7,a7 may be retained by the insurance company for the costs of collecting1 handling1 or remitting the surcharge except for interest accruing to the company after collection and before remittance4 4 7b7 ,federal policy fee ,section #acjg7;a7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djad7;a77 is amended-- 7#a7 in paragraph 7#a77;,b77iii71 by striking shall be recovered by and all that follows and inserting 8shall be recovered-- 7,i7 in the case of a policy under the national flood insurance program1 by a fee that-- 7aa7 shall be charged to policyholders2 and 7bb7 shall not be subject to any agents' commissions1 company expense allowances1 or ,state or local premium taxes2 and 7,,ii7 in the case of a private flood insurance policy1 by a fee-- 7aa7 that shall be-- 7,,aa7 charged to policyholders2 7,,bb7 collected by the insurance company that issued the policy2 and 7,,cc7 transferred1 not later than #ahj days after the date on which the fee is collected1 to the ,administrator1 who shall deposit the amount of the fee in the ,national ,flood ,insurance ,fund established under section #acaj2 7bb7 that shall not be subject to any agents' commissions1 company expense allowances1 or ,state or local premium taxes2 and 7cc7 with respect to which-- 7,,aa7 the ,administrator may require the provision of such information as the ,administrator decides is necessary to verify that the fee has been imposed and collected at the proper time and in the proper amount2 and 7,,bb7 no portion may be retained by the insurance company that collected the fee for the costs of collecting1 handling1 or remitting the fee except for interest accruing to the company after collection and before remittance2 and 2 and 7#b7 in paragraph 7#b71 in the matter preceding subparagraph 7,a71 by inserting 1 including a fee charged to policyholders of private flood insurance in a manner that is consistent with paragraph 7#a77;,b77iii77,,ii71 after policyholders4 7c7 ,increased cost of compliance coverage under private policies ,section #ajb7;b77#g77;,c7 of the ,flood ,disaster ,protection ,act of #aigc 7#db ,u4,s4,c4 #djab;a7b77#g77;,c771 as amended by section #dja of this ,act1 is amended-- 7#a7 in clause 7ii71 by striking and at the end2 7#b7 in clause 7iii71 by striking the period at the end and inserting 2 and2 and 7#c7 by adding at the end the following3 7iv7 provides ordinance and law coverage that meets or exceeds increased cost of compliance coverage provided under a standard flood insurance policy under the national flood insurance program 4 7d7 ,applicability ,the amendments made by subsections 7a71 7b71 and 7c7 shall apply with respect to a private flood insurance policy that is newly issued or renewed after the date of enactment of this ,act4 7e7 ,technical and conforming amendments 7#a7 ,premium surcharge ,section #acjh;,a7a77#a7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djae;a7a77#a771 as so designated by subsection 7a77#a7 of this section1 is amended1 in the second sentence1 by striking section #acjd7;b7 and inserting section #acjd7;c74 7#b7 ,national ,flood ,insurance ,fund ,section #acaj7;b7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djag7;b771 as amended by section #djc7;c77#a77;,b77ii7 of this ,act1 is amended-- 7,a7 in paragraph 7#f71 as so designated1 by striking and at the end2 7,b7 by redesignating paragraph 7#g7 as paragraph 7#i72 and 7,c7 by inserting after paragraph 7#f7 the following3 7#g7 surcharges collected under section #acjh;,a7a77#b72 7#h7 fees collected under section #acjg7;a77#a77;,b77iii72 and 4 #dje4 ,write ,your ,own ,risk ,sharing ,pilot ,program 7a7 ,definition ,in this section-- 7#a7 the term excess flood insurance policy means a flood insurance policy sold under the ,pilot ,program2 and 7#b7 the term ,pilot ,program means the ,write ,your ,own ,risk ,sharing ,pilot ,program established under subsection 7b74 7b7 ,establishment ,the ,administrator shall establish and conduct a pilot program under the ,national ,flood ,insurance ,program1 to be known as the ,write ,your ,own ,risk ,sharing ,pilot ,program1 to make available a flood insurance policy applying only to loss or damage in excess of not less than #ej1jjj for sale by ,write ,your ,own companies that agree to participate in the ,pilot ,program4 7c7 ,eligibility ,to participate in ,pilot ,program ,the ,administrator may establish terms1 conditions1 and eligibility criteria for ,write ,your ,own companies participating in the ,pilot ,program4 7d7 ,terms and conditions of excess flood policy 7#a7 ,chargeable rates ,the chargeable rate for an excess flood insurance policy sold in an area 7or subdivision thereof7 shall be not less than the applicable estimated risk premium rate for the area 7or subdivision thereof7 under section #acjg7;a77#a7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djad7;a77#a774 7#b7 ,application of surcharges and fees ,any surcharge or fee1 with respect to an excess flood insurance policy1 charged to a policyholder participating in the ,pilot ,program for a period shall be reduced by the amount of any surcharge for a private flood insurance policy under section #acjh;,a7a77#b7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djae;a7a77#b77 7as added by section #djd7 or fee for a private flood insurance policy under section #acjg7;a77#a77;,b77iii7 of that ,act 7#db ,u4,s4,c4 #djad7;a77#a77;,b77iii77 7as amended by section #djd71 respectively1 paid by the policyholder for coverage during the same period4 7#c7 ,terms and conditions of insurance 7,a7 ,in general ,an excess flood insurance policy shall have the same coverages1 exclusions1 and limitations as the ,standard ,flood ,insurance ,policy insofar as the ,policy relates to the requirements of this section4 7,b7 ,coverage amounts ,coverage amounts for an excess flood insurance policy shall not exceed the coverage amounts established under section #acjf7;b7 of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djac7;b774 7#d7 ,underlying policy requirement ,an excess flood insurance policy sold under the ,pilot ,program shall require the insured to carry primary flood insurance that-- 7,a7 provides a maximum coverage limit of not less than #ej1jjj2 7,b7 is issued by a ,write ,your ,own company2 and 7,c7 complies with any other conditions adopted by the ,administrator4 7e7 ,authority ,the ,administrator shall carry out the ,pilot ,program as authorized by and in accordance with the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djja et seq47 insofar as that ,act relates to this section1 subject to the modifications made by this section4 7f7 ,implementation ,the ,administrator shall make policies available for sale to the public under the ,pilot ,program not later than #ah months after the date of enactment of this ,act4 7g7 ,sunset ,the ,administrator may not issue or renew contracts for flood insurance under the ,pilot ,program-- 7#a7 on and after the date is #e years after the date contracts for flood insurance under this section are made available for purchase2 and 7#b7 at any time after the expiration of the ,national ,flood ,insurance ,program under section #acai of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djbf74 7h7 ,report ,not later than #ahj days after the date on which the authority for the ,pilot ,program terminates under subsection 7g71 the ,administrator shall submit to ,congress a report on-- 7#a7 the aggregate amount of premiums1 surcharges1 and fees charged under the ,pilot ,program2 and 7#b7 claims loss data experienced by the ,write ,your ,own companies participating in the ,pilot ,program and the ,national ,flood ,insurance ,program on policies sold under the ,pilot ,program4 ,v ,modernizing flood mapping and flood risk accuracy #eja4 ,reauthorization of ,national ,flood ,mapping ,program ,section #ajjbaf7;f7 of the ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab 7#db ,u4,s4,c4 #daja;b7f77 is amended-- 7#a7 by striking to carry out this section #djj1jjj1jjj and inserting the following3 to carry out this section-- 7#a7 #djj1jjj1jjj 2 and 7#b7 by striking the period at the end and inserting the following3 2 and 7#b7 #ejj1jjj1jjj for each of fiscal years #bjah through #bjbg4 4 #ejb4 ,mapping standards and guidelines for nongovernmental entities ,section #ajjbae of the ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab 7#db ,u4,s4,c4 #daja;a7 is amended by adding at the end the following3 7m7 ,private or community flood maps 7#a7 ,standards and procedures ,in addition to the other duties of the ,council under this section1 not later than #a year after the date of enactment of this subsection1 the ,council shall develop and establish a set of standards1 guidelines1 and procedures for-- 7,a7 ,state and local governments1 federally or ,state-recognized metropolitan planning organizations 7commonly known as ,m,p,os71 federally or ,state-recognized councils of local governments1 and federally or ,state-recognized rural transportation planning organizations to use in mapping flood risks and developing alternative maps to the flood insurance rate maps developed by the ,administrator2 and 7,b7 certification1 by the ,administrator not later than #ij days after the date on which a map developed under subparagraph 7,a7 is submitted to the ,administrator1 for use under the ,national ,flood ,insurance ,program in the case of any area covered by a flood insurance rate map developed or approved by the ,administrator that has not been updated or reissued during the preceding #c-year period4 7#b7 ,treatment ,on and after the date on which the ,administrator certifies a map under paragraph 7#a77;,b71 the map-- 7,a7 shall be considered the flood insurance rate map in effect for all purposes of the ,national ,flood ,insurance ,program with respect to the area covered by the map2 and 7,b7 may not be revised1 updated1 or replaced in accordance with the standards1 guidelines1 and procedures established under paragraph 7#a7 before the expiration of the #c-year period beginning on that date of certification4 7#c7 ,exemption from rulemaking ,until the date on which the ,administrator promulgates regulations implementing paragraphs 7#a7 and 7#b71 the ,administrator may adopt policies and procedures1 notwithstanding any other provision of law1 necessary to implement those paragraphs without regard to section #eec of title #e1 ,united ,states ,code1 and without conducting regulatory analyses otherwise required by statute1 regulation1 or ,executive order4 4 #ejc4 ,use of high-resolution mapping technology 7a7 ,in general ,section #ajjbaf7;b77#a7 of the ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab 7#db ,u4,s4,c4 #daja;b7b77#a77 is amended-- 7#a7 in subparagraph 7,a77i71 by inserting subject to subparagraph 7,d71 before all populated areas2 7#b7 in subparagraph 7,b71 by striking and at the end2 7#c7 in subparagraph 7,c71 by striking the period at the end and inserting the following3 1 including by facilitating1 partnering with other ,federal1 ,state1 and local agencies with respect to1 and leveraging the efficient acquisition of the most up-to-date high-resolution topographic data1 such as ,light ,detection and ,ranging 7commonly known as ,li,d,a,r7 data and other new and emerging technologies2 and2 and 7#d7 by adding at the end the following3 7,d7 establish standards that may be used as the basis for insurance rating purposes to identify multi-frequency flood hazards and flood hazard information that appropriately characterizes the nature of flooding for areas subject to a mapping update1 including by using the most up-to-date high-resolution topographic data as required under subparagraph 7,c71 in order to reduce flood risk and improve the accuracy of ,national ,flood ,insurance ,program rate maps4 4 7b7 ,report ,not later than #ahj days after the date of enactment of this ,act1 the ,administrator shall submit to ,congress a report on compliance by the ,administrator with the requirement under subparagraphs 7,c7 and 7,d7 of section #ajjbaf7;b77#a7 of the ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab 7#db ,u4,s4,c4 #daja;b7b77#a771 as amended by subsection 7a71 to use the most up-to-date high-resolution topographic data and multi-frequency flood hazards in order to reduce flood risk and improve the accuracy of ,national ,flood ,insurance ,program rate maps4 #ejd4 ,protected areas ,section #ajjbaf7;b7 of the ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab 7#db ,u4,s4,c4 #daja;b7b77 is amended by adding at the end the following3 7#d7 ,zones protected by levee systems 7,a7 ,applicability ,subject to full implementation of this section1 and notwithstanding any other provision of law1 this paragraph shall apply to a community in which the ,administrator maps or re-maps a levee-impacted area in which the pertinent levee system fails to meet the minimum design1 operation1 and maintenance standards of the ,national ,flood ,insurance ,program required for levee accreditation on a ,national ,flood ,insurance ,program rate map4 7,b7 ,,al ,zones ,for levee-impacted areas described in subparagraph 7,a71 the ,administrator shall establish flood risk zones known as ,,al ,zones on the ,national ,flood ,insurance ,program rate map4 7,c7 ,actuarial rates 7i7 ,in general ,the ,administrator shall make available flood insurance to properties in ,,al ,zones at actuarial rates based upon the risk associated with structures within the applicable ,,al zone4 7ii7 ,temporary rates ,until the ,administrator promulgates actuarial rates for the various ,,al zones1 a structure within a portion of a community located within a levee-impacted area described in subparagraph 7,a7 shall be eligible for rates associated with areas of moderate flood hazards 7also known as ,standard ,x zone rates74 4 #eje4 ,coastal flood models ,section #ajjbaf7;b7 of the ,biggert-,waters ,flood ,insurance ,reform ,act of #bjab 7#db ,u4,s4,c4 #daja;b7b771 as amended by section #ejd1 is amended by adding at the end the following3 7#e7 ,coastal flood models ,in updating maps under this section1 the ,administrator shall use coastal flood models that ensure technically and scientifically accurate modeling to represent and communicate flood risk4 4 ,,vi ,enhancing ,national ,flood ,insurance ,program transparency and accountability #fja4 ,deadline for approval of claims 7a7 ,in general ,section #acab of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djai71 as amended by section #bje1 is amended by adding at the end the following3 7e7 ,deadline for approval of claims 7#a7 ,in general ,not later than #cj days after the submission of a proof of loss1 the ,administrator shall notify the insured regarding the approval or disapproval of the claim4 7#b7 ,extension of claim determination deadline ,the ,administrator may extend the deadline under paragraph 7#a7 by a single additional #ae-;day period under extraordinary circumstances1 as determined according to criteria adopted by the ,administrator4 7#c7 ,payment of claims ,the ,administrator shall make payment for an approved claim as soon as possible after approval of the claim4 7f7 ,notification and proofs of loss 7#a7 ,in general ,a flood insurance claim filed under this title for damage to or loss of property may not be denied based on the proof of loss requirements of the standard flood insurance policy under the national flood insurance program if the policyholder-- 7,a7 provides notice of the claim not later than #fj days after the date of the occurrence of the loss2 and 7,b7 complies with the remaining proof of loss requirements under the standard flood insurance policy not later than-- 7i7 #ahj days after the date of the occurrence of the loss2 or 7ii7 any later date specified by the ,administrator4 7#b7 ,supplemental proof of loss ,a policyholder may amend or supplement a proof of loss not later than #ahj days after the date on which the policyholder submits the initial proof of loss4 4 7b7 ,applicability ,the amendment made by subsection 7a7 shall apply to any claim for damage to or loss of property covered by flood insurance made available under the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djja et seq47 that is pending on1 or made after1 the date of enactment of this ,act4 #fjb4 ,flood insurance transparency1 accountability1 and reform 7a7 ,reports and other claim-,related documents ,section #acab of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djai71 as amended by section #fja1 is amended by adding at the end the following3 7f7 ,final ,engineering ,reports ,the ,administrator shall require that1 in the case of any on-site inspection of a property by an engineer for the purpose of assessing any claim for losses covered by a policy for flood insurance coverage provided under this title 7referred to in this subsection as a covered claim71 the final engineering report shall be provided to the insured under the policy1 as follows3 7#a7 ,timing ,the final engineering report may not be transmitted to any other person1 employer1 agency1 or entity1 before it is transmitted to the insured4 7#b7 ,prohibition on alterations2 certification ,the final engineering report-- 7,a7 shall be true1 complete1 and unredacted2 7,b7 may not include alterations by1 or at the request of1 anyone other than the individual with responsible charge for the report2 and 7,c7 shall include a certification1 signed by the individual with responsible charge for the report1 that the report does not contain any alterations described in subparagraph 7,b74 7#c7 ,transmittal 7,a7 ,in general ,the final engineering report shall be transmitted to the insured in a manner prescribed by the ,administrator that provides reasonable assurance that it was transmitted directly to the insured by the individual with responsible charge4 7,b7 ,direct disclosure ,a ,write ,your ,own company or direct servicing agent in possession of a final engineering report subject to disclosure under this subsection may transmit the report to the insured without further review or approval by the ,administrator4 7#d7 ,reports covered ,for purposes of this subsection1 the term final engineering report means an engineering report1 survey1 or other document in connection with the covered claim that-- 7,a7 is based on the on-site inspection2 7,b7 contains final conclusions with respect to an engineering issue or issues involved in the claim2 and 7,c7 is signed by the individual with responsible charge or affixed with the seal of the individual with responsible charge1 or both4 7g7 ,claims adjustment reports ,the ,administrator shall require that1 in the case of any on-site inspection of a property by a claims adjustor for the purpose of assessing any claim for losses covered by a policy for flood insurance coverage provided under this title 7referred to in this subsection as a covered claim71 any claims adjustment claims adjustment report shall be provided to the insured under the policy1 as follows3 7#a7 ,timing ,the claims adjustment report may not be transmitted to any other person1 employer1 agency1 or entity1 before it is transmitted to the insured4 7#b7 ,prohibition on alterations2 certification ,the claims adjustment report-- 7,a7 shall be true1 complete1 and unredacted2 7,b7 may not include alterations by1 or at the request of1 anyone other than the preparer of the report2 and 7,c7 shall include a certification1 signed by the preparer1 that the report does not contain any alterations described in subparagraph 7,b74 7#c7 ,transmittal 7,a7 ,in general ,the claims adjustment report shall be transmitted to the insured in a manner prescribed by the ,administrator that provides reasonable assurance that it was transmitted directly to the insured by the preparer4 7,b7 ,direct disclosure ,a ,write ,your ,own company or direct servicing agent in possession of a claims adjustment report subject to disclosure under this subsection may transmit the report to the insured without further review or approval by the ,administrator4 7#d7 ,reports covered ,for purposes of this subsection1 the term claims adjustment report-- 7,a7 means any report or document in connection with the covered claim that is based on the on-site inspection by the claims adjustor1 including any adjustment report and field report2 7,b7 includes any draft1 preliminary version1 or copy of a report described in subparagraph 7,a7 and any amendments or additions to any such report2 and 7,c7 does not include a final engineering report1 as that term is defined for purposes of subsection 7e74 7h7 ,other claim-,related documents 7#a7 ,definition of claim-related document ,in this subsection1 the term claim-related document means any document1 other than a final engineering report 7as defined in subsection 7e77 or a claims adjustment report 7as defined in subsection 7f771 that was prepared for the purposes of assessing a claim for losses covered by flood insurance made available under this title1 including-- 7,a7 a repair and replacement estimate or bid2 7,b7 an appraisal2 7,c7 a scope of loss2 7,d7 a drawing2 7,e7 a plan2 7,f7 a report1 including a draft report prepared based on an on-site inspection of a property conducted by a claims adjustor or engineer2 7,g7 a third-party finding on the amount of loss1 amount of covered damage1 or cost of repairs2 and 7,h7 any other valuation1 measurement1 or loss adjustment calculation of the amount of loss1 amount of covered damage1 or cost of repairs4 7#b7 ,availability of documents ,any entity servicing a claim under the national flood insurance program-- 7,a7 shall retain each claim-related document prepared by or for the entity2 7,b7 upon request by a claimant or an authorized representative of a claimant1 shall provide to the claimant or representative a copy of any claim-related document described in subparagraph 7,a7 that pertains to the claimant2 and 7,c7 not later than #cj days after receiving notice of a claim1 shall notify the claimant that the claimant or an authorized representative of the claimant may obtain1 upon request1 a copy of any claim-related document described in subparagraph 7,a7 that pertains to the claimant4 7i7 ,use of claim reports 7#a7 ,in general ,when adjusting claims for any damage to or loss of property covered by flood insurance made available under this title1 the ,administrator shall only rely upon final claim reports that are prepared in compliance with applicable ,state and ,federal laws regarding professional licensure and conduct4 7#b7 ,non-reimbursement ,the ,administrator may decline to reimburse a ,write ,your ,own company for claim reports not prepared in accordance with paragraph 7#a74 4 7b7 ,judicial review 7#a7 ,government program with industry assistance ,section #acda of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djgb7 is amended to read as follows3 #acda4 ,adjustment and payment of claims and judicial review 7a7 ,adjustment and payment of claims ,if the program is carried out as provided in section #acdj1 the ,administrator may adjust and make payment of any claims for proved and approved losses covered by flood insurance4 7b7 ,judicial review ,upon the disallowance or partial disallowance by the ,administrator of a claim described in subsection 7a71 or upon the refusal of the claimant to accept the amount allowed upon a claim described in subsection 7a7-- 7#a7 the claimant may institute an action against the ,administrator on the claim in the ,united ,states district court for the district in which the insured property or the major part thereof shall have been situated-- 7,a7 not later than #b years after the date on which the claimant receives notice of disallowance or partial disallowance of the claim2 or 7,b7 in the case of a denial of a claim for losses that is appealed to the ,administrator1 not later than the later of-- 7i7 #ij days after the date of a final determination upon appeal denying the claim in whole or in part2 or 7ii7 #b years after the date on which the claimant receives notice of disallowance or partial disallowance of the claim2 and 7#b7 a court described in paragraph 7#a7 shall have original exclusive jurisdiction to hear and determine the action without regard to the amount in controversy4 7c7 ,private rights of action ,nothing in this section1 or in any regulation or policy implementing the national flood insurance program1 may be construed to preclude a private right of action under any statute by a policyholder against a private entity for fraud arising from the handing or disposition of a claim for losses under this title4 4 7#b7 ,industry program with ,federal financial assistance ,section #accc of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djec7 is amended to read as follows3 #accc4 ,adjustment and payment of claims and judicial review 7a7 ,adjustment and payment of claims ,the insurance companies and other insurers that form1 associate1 or otherwise join together in the pool under this part may adjust and pay all claims for proved and approved losses covered by flood insurance in accordance with the provisions of this title4 7b7 ,judicial review ,upon the disallowance or partial disallowance by any company or other insurer described in subsection 7a7 of a claim described in that subsection1 or upon the refusal of the claimant to accept the amount allowed upon a claim described in that subsection-- 7#a7 the claimant may institute an action on the claim against the company or other insurer in the ,united ,states district court for the district in which the insured property or the major part thereof shall have been situated-- 7,a7 not later than #b years after the date on which the claimant receives notice of disallowance or partial disallowance of the claim2 or 7,b7 in the case of a denial of a claim for losses that is appealed to the ,administrator1 not later than the later of-- 7i7 #ij days after the date of a final determination upon appeal denying the claim in whole or in part2 or 7ii7 #b years after the date on which the claimant receives notice of disallowance or partial disallowance of the claim2 and 7#b7 a court described in paragraph 7#a7 shall have original exclusive jurisdiction to hear and determine the action without regard to the amount in controversy4 7c7 ,private rights of action ,nothing in this section1 or in any regulation or policy implementing the national flood insurance program1 may be construed to preclude a private right of action under any statute by a policyholder against a private entity for fraud arising from the handing or disposition of a claim for losses under this title4 4 7c7 ,records and reviews ,section #acdh of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djhd7 is amended by adding at the end the following3 7c7 ,annual review ,the ,administrator shall conduct an annual review of each private entity participating in the national flood insurance program1 including any company that has entered into a contract with a ,write ,your ,own company to provide any service related to a policy or claim under the national flood insurance program1 including adjusting1 engineering1 and legal services1 to ensure compliance with this title and with all policies and procedures established by the ,administrator to prevent fraud and protect policyholders4 4 7d7 ,publication of claims data ,section #acab of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djai71 as amended by subsection 7a71 is amended by adding at the end the following3 7j7 ,publication of claims data ,not later than #a year after the date of enactment of the ,flood ,insurance ,affordability and ,sustainability ,act of #bjag1 the ,administrator shall create and maintain a publicly searchable online database that includes1 with respect to claims filed under the national flood insurance program after that date of enactment-- 7#a7 the aggregate number of claims filed each month1 broken down by ,state2 7#b7 the aggregate number of claims paid in part or in full2 and 7#c7 the aggregate number of claim denials appealed1 the number of claim denials upheld on appeal1 and the number of claim denials overturned on appeal4 7k7 ,privacy ,nothing in this section or the ,flood ,insurance ,affordability and ,sustainability ,act of #bjag1 or any amendment made by that ,act1 shall be construed to authorize the inclusion of personally identifiable information or individual claim or specific property information in any publicly searchable database4 4 7e7 ,oversight of litigation ,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 following3 #acdi4 ,oversight of litigation 7a7 ,in general ,the ,administrator shall oversee litigation arising under a contract for flood insurance sold under this title that is conducted by a ,write ,your ,own company to ensure that the ,write ,your ,own company and counsel for the company-- 7#a7 represent the national flood insurance program reasonably and in accordance with guidelines established by the ,administrator and applicable ethical requirements2 and 7#b7 conduct litigation in a cost-effective manner4 7b7 ,denial of reimbursement ,the ,administrator may deny reimbursement for litigation expenses that the ,administrator determines to be unreasonable1 excessive1 contrary to guidance issued by the ,administrator1 or outside the scope of any arrangement entered into with a ,write ,your ,own company4 7c7 ,direction of strategy ,the ,administrator may direct litigation strategy for claims arising under a contract for flood insurance sold by a ,write ,your ,own company4 7d7 ,substitution ,the ,administrator may promptly take any necessary action to be substituted for the ,write ,your ,own company in any action arising out of any claim arising under a contract for flood insurance sold by a ,write ,your ,own company if the ,administrator determines that-- 7#a7 there is a conflict of interest between a ,write ,your ,own company and the national flood insurance program2 or 7#b7 such substitution is in the best interest of the ,united ,states4 4 7f7 ,earth movement ,section #acjf of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djac7 is amended by adding at the end the following3 7e7 ,earth movement ,a flood insurance claim filed under this title for damage to or loss of property may not be denied based on the earth movement exclusion in the ,standard ,flood ,insurance ,policy if the claim is filed as the result of a flood1 including a claim for damage to or loss or property caused by earth movement that was caused by a flood4 4 7g7 ,appeals process ,section #bje of the ,bunning-,bereuter-,blumenauer ,flood ,insurance ,reform ,act of #bjjd 7#db ,u4,s4,c4 #djaa note7 is amended-- 7#a7 by striking ,not later than and inserting 7a7 ,in general4--,not later than2 and 7#b7 by adding at the end the following3 7b7 ,review of appeals 7#a7 ,clarity ,the ,director shall ensure that the appeals process established under subsection 7a7 has clear rules1 forms1 and deadlines4 7#b7 ,notification upon initial denial of claim ,the ,director shall ensure that a claimant is provided with the rules1 forms1 and deadlines described in paragraph 7#a7 at the time a claim is first denied in full or in part1 including-- 7,a7 the effective date of the denial2 7,b7 a justification for the denial1 including supporting documentation2 7,c7 the date on which the period of limitation for instituting an action against the ,administrator on the claim under section #acda of the ,national ,flood ,insurance ,act of #aifh 7#db ,u4,s4,c4 #djgb7 will end2 and 7,d7 a point of contact through which the claimant can directly discuss an appeal with a representative of the ,federal ,emergency ,management ,agency4 7#c7 ,notification upon denial of appeal ,if the ,administrator denies an appeal filed by a policyholder1 the ,administrator shall include with the notice of denial an explanation of the policyholder's legal options for further challenging the denial4 4 #fjc4 ,reports to ,congress 7a7 ,definition ,in this section1 the term ,task ,force means the ,national ,flood ,insurance ,program ,transformation ,task ,force established by the ,federal ,emergency ,management ,agency4 7b7 ,report to ,congress on accountability for defrauding policyholders ,not later than #ij days after the date of enactment of this ,act1 the ,secretary of ,homeland ,security shall submit to ,congress a report on specific actions the ,department of ,homeland ,security will take to identify individuals and private entities that have engaged in activities to defraud policyholders under the ,national ,flood ,insurance ,program following ,superstorm ,sandy and prevent those individuals and private entities from continuing to receive ,federal funding through-- 7#a7 contracts with1 or employment by1 a ,write ,your ,own company2 or 7#b7 employment by the ,federal ,emergency ,management ,agency4 7c7 ,report to ,congress on ,recommendations of the ,,nfip ,transformation ,task ,force ,not later than #a year after the date of enactment of this ,act1 the ,administrator shall submit to ,congress a report that describes-- 7#a7 the recommendations of the ,task ,force for reforming the ,national ,flood ,insurance ,program2 7#b7 a timeline for implementing the recommendations of the ,task ,force2 and 7#c7 any recommendations of the ,task ,force that require additional legislation4