To amend the National Flood Insurance Act of 1968 to provide for a phased-in increase of chargeable premium rates for properties affected by updated Flood Insurance Rate Maps.

Amends the National Flood Insurance Act of 1968 to provide that an increase in the risk premium rate charged for covered properties mapped into a higher-risk flood zone as the result of an update to a Flood Insurance Rate Map (post-FIRM properties) shall be limited to an annual increase for 5 years of 20% per year of the difference between: (1) the risk premium rate otherwise chargeable pursuant to such update; and (2) the chargeable risk premium rate for such property that existed before such update.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4164 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 4164

  To amend the National Flood Insurance Act of 1968 to provide for a 
phased-in increase of chargeable premium rates for properties affected 
                 by updated Flood Insurance Rate Maps.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            December 1, 2009

  Mr. Herger introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To amend the National Flood Insurance Act of 1968 to provide for a 
phased-in increase of chargeable premium rates for properties affected 
                 by updated Flood Insurance Rate Maps.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. PHASE-IN OF ACTUARIAL FLOOD INSURANCE RATES FOR PROPERTIES 
              NEWLY DETERMINED TO BE IN A FLOOD RISK ZONE.

    Section 1308 of the National Flood Insurance Act of 1968 (42 U.S.C. 
4015) is amended--
            (1) in subsection (c)(1), by striking ``limitation under 
        subsection (e)'' and inserting ``limitations under subsection 
        (e) and (g)''; and
            (2) by adding at the end the following new subsection:
    ``(g) Premium Adjustment for Properties Mapped Into a Higher-Risk 
Flood Zone.--An increase in the risk premium rate charged for flood 
insurance coverage of a property covered by a flood insurance policy 
issued under this Act on the date of the completion of an update to a 
Flood Insurance Rate Map that is the result of such update shall be 
limited to an annual increase for five years of 20 percent per year of 
the difference between--
            ``(1) the risk premium rate otherwise chargeable pursuant 
        to such update; and
            ``(2) the chargeable risk premium rate for such property 
        that existed before such update.''.
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