,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #dfi  ,,in ,,the ,,house ,,of   
,,representatives  ,january #aj1        
#bjai,mr4 ,luetkemeyer introduced the   
following bill2 which was referred to   
the ,committee on ,financial ,services  
,a ,,bill  ,to require the use of       
replacement cost value in determining   
the premium rates for flood insurance   
coverage under the ,national ,flood     
,insurance ,act1 and for other purposes4
  #a4 ,use of replacement cost in       
determining premium rates  7a7 ,study of
 risk rating redesign flood insurance   
premium rating options  7#a7 ,study ,the
 ,administrator of the ,federal         
,emergency ,management ,agency shall    
conduct a study to-- 7,a7 evaluate      
insurance industry best practices for   
risk rating and classification1         
including practices related to          
replacement cost value in premium rate  
estimations2  7,b7 assess options1      
methods1 and strategies for including   
replacement cost value in the           

,administrator's estimates under section
 #acjg7;a77#a7 of the ,national ,flood  
,insurance ,act of #aifh 7#db ,u4,s4,c4 
#djad7;a77#a772  7,c7 provide           
recommendations for including           
replacement cost value in the estimate  
of the risk premium rates for flood     
insurance under such section            
#acjg7;a77#a72  7,d7 identify an        
appropriate methodology to incorporate  
replacement cost value into the         
,administrator's estimates under such   
section #acjg7;a77#a72 and  7,e7 develop
 a feasible implementation plan and     
projected timeline for including        
replacement cost value in the estimates 
of risk premium rates for flood         
insurance made available under the      
,national ,flood ,insurance ,program4   
7#b7 ,report  7,a7 ,requirement ,not    
later than the expiration of the        
#ab-month period beginning on the date  
of the enactment of this ,act1 the      
,administrator shall submit to the      
,committee on ,financial ,services of   

the ,house of ,representatives and the  
,committee on ,banking1 ,housing1 and   
,urban ,affairs of the ,senate a report 
that contains the results and           
conclusions of the study required under 
paragraph 7#a74  7,b7 ,contents ,the    
report submitted under subparagraph 7,a7
 shall include-- 7i7 an analysis of the 
recommendations resulting from the study
 under paragraph 7#a7 and any potential 
impacts on the ,national ,flood         
,insurance ,program1 including cost     
considerations2  7ii7 a description of  
any actions taken by the ,administrator 
to implement the study recommendations2 
and  7iii7 a description of any study   
recommendations that have been deferred 
or not acted upon1 together with a      
statement explaining the reasons for    
such deferral or inaction4  7b7 ,use of 
replacement cost value in premium rates2
 implementation  7#a7 ,estimated rates  
,paragraph 7#a7 of section #acjg7;a7 of 
the ,national ,flood ,insurance ,act of 
#aifh 7#db ,u4,s4,c4 #djad7;a77#a77 is  

amended1 in the matter preceding        
subparagraph 7,a71 by inserting after   
flood insurance the following3 1 which  
shall incorporate replacement cost      
value1 and4  7#b7 ,chargeable rates     
,subsection 7b7 of section #acjh of the 
,national ,flood ,insurance ,act of     
#aifh 7#db ,u4,s4,c4 #djae7;b77 is      
amended1 in the matter preceding        
paragraph 7#a71 by inserting after ,such
 rates the following3 shall incorporate 
replacement cost value and4  7#c7       
,effective date ,the amendments under   
paragraphs 7#a7 and 7#b7 of this        
subsection shall be made upon the       
expiration of the #ab-month period      
beginning on the date of the enactment  
of this ,act4  7#d7 ,applicability and  
phase-in ,the ,administrator of the     
,federal ,emergency ,management ,agency 
shall apply the amendments under        
paragraphs 7#a7 and 7#b7 to flood       
insurance coverage made available under 
the ,national ,flood ,insurance ,act of 
#aifh for properties located in various 

geographic regions in the ,united       
,states such that--  7,a7 over the      
three-year period beginning upon the    
expiration of the period referred to in 
paragraph 7#c7 of this subsection1 the  
requirement under such amendments shall 
be gradually phased in geographically   
throughout the ,united ,states as       
sufficient information for such         
implementation becomes available2 and   
7,b7 after the expiration of such period
 referred to in subparagraph 7,a71 such 
amendments shall apply to all flood     
insurance coverage made available under 
the ,national ,flood ,insurance ,act of 
#aifh4