S. 2832 — Introduced in Senate

II 117th CONGRESS 1st Session S. 2832 IN THE SENATE OF THE UNITED STATES September 23, 2021Mr. Lee (for himself and Mr. Scott of Florida) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To prohibit the National Flood Insurance Program from providing flood insurance subsidies for single-family residences that are valued at more than $1,000,000, and for other purposes. 1. Short title This Act may be cited as the No NFIP Subsidies for Millionaires Act. 2. Prohibition on flood insurance subsidies for single-family homes valued at over $1,000,000 Section 1307 of the National Flood Insurance Act of 1968 (42 U.S.C. 4014) is amended— (1) by redesignating subsection (h) as subsection (i); and (2) by inserting after subsection (g) the following: (h) Prohibition on subsidies for single-Family homes valued at over $1,000,000 The premium rate for flood insurance under this title for a property consisting of 1 residence with an assessed value, at the time of acquiring or renewing the flood insurance policy, of more than $1,000,000— (1) shall be based on sound actuarial principles; and (2) shall not be subject to any cap on the increase in the premium rate for flood insurance. .