,,ii  #aagth ,,congress  #ast ,session  
,s4 #bhca  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,september #bc1
 #bjba,mr4 ,lee 7for himself and ,mr4   
,scott of ,florida7 introduced the      
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to require the ,national ,flood
 ,insurance ,program to accept mid-term 
cancellations of flood insurance        
coverage if the insured acquires        
alternative coverage4  #a4 ,short title 
,this ,act may be cited as the ,flood   
,insurance ,flexibility ,act4  #b4      
,refund of premiums ,chapter ,i of the  
,national ,flood ,insurance ,act of     
#aifh 7#db ,u4,s4,c4 #djaa et seq47 is  
amended by inserting after section #acjg
 7#db ,u4,s4,c4 #djad7 the following3   
#acjg;,a4 ,refund of premiums  7a7      
,definitions ,in this section-- 7#a7 the
 term new alternate policy1 with respect
 to an ,,nfip policy1 means another     
policy for duplicate flood insurance    

coverage for the same property obtained 
from a source other than the ,national  
,flood ,insurance ,program under this   
title2 and  7#b7 the term ,,nfip policy 
means a policy for flood insurance      
coverage for a property that is made    
available under this title4  7b7        
,required refund ,notwithstanding any   
other provision of law1 if at any time  
an insured under an ,,nfip policy       
cancels the policy because a new        
alternate policy has been obtained1 the 
,administrator shall refund to the      
former insured a portion of the premiums
 paid for the coverage made available   
under this title1 as determined         
consistent with industry practice       
according to the portion of the term of 
the ,,nfip policy for which coverage was
 in effect1 but only if a copy of the   
declarations page of the new alternate  
policy is provided to the               
,administrator4  7c7 ,effective date of 
cancellation ,for purposes of this      
section1 a cancellation of an ,,nfip    

policy for the reason specified in      
subsection 7b7 shall be effective-- 7#a7
 on the effective date of the new       
alternate policy1 if the ,administrator 
receives the request for the            
cancellation during the #ahj-;day period
 beginning on the effective date of the 
new alternate policy2 or  7#b7 on the   
date of the receipt by the              
,administrator of the request for       
cancellation1 if the ,administrator     
receives the request after the #ahj-;day
 period beginning on the effective date 
of the new alternate policy4  4