To amend the National Flood Insurance Act of 1968 to modify the phase-in increases in flood insurance premium rates for certain properties, and for other purposes.

Amends the National Flood Insurance Act of 1968 to authorize the Administrator of the Federal Emergency Management Agency (FEMA) to provide flood insurance to certain prospective insureds at rates less than certain statutory estimates.

Increases by 12.5% each year the chargeable risk premium rates for flood insurance for business property and for residential property which is not the primary residence of an individual until the average risk premium rate for such properties is equal to the average of the risk premium rates for specified other properties.

Increases by 12.5% each year the chargeable risk premium rates for flood insurance for primary residences purchased after the enactment of the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters [enacted July 6, 2012]) as if such increase began on the date of such enactment, until the average risk premium rate for such primary residences is equal to the average of the risk premium rates for specified other properties.

Requires the FEMA Administrator to adjust the chargeable risk premium rates for flood insurance, for properties subject to such 12.5% increase, as if the amendments made by this Act were enacted at the same time as Biggert-Waters.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1485 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 1485

 To amend the National Flood Insurance Act of 1968 to modify the phase-
 in increases in flood insurance premium rates for certain properties, 
                        and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 11, 2013

 Mr. LoBiondo 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 modify the phase-
 in increases in flood insurance premium rates for certain properties, 
                        and for other purposes.

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

SECTION 1. MODIFICATION OF PHASE-IN INCREASES OF FLOOD INSURANCE 
              PREMIUM RATES FOR CERTAIN PROPERTIES.

    (a) Change of Ownership of Second Homes, Business Properties, and 
Primary Residences.--Section 1307(g)(2) of the National Flood Insurance 
Act of 1968 (42 U.S.C. 4014(g)(2)) is amended by striking ``2012'' and 
inserting ``2012, except for properties referred to in paragraphs (3) 
and (4) of section 1308(e)''.
    (b) Second Homes and Business Properties and Change of Ownership of 
Primary Residences.--Section 1308(e) of the National Flood Insurance 
Act of 1968 (42 U.S.C. 4015(e)) is amended--
            (1) in paragraph (1), by striking ``; and'' and inserting a 
        semicolon;
            (2) in paragraph (2)--
                    (A) by striking ``described in subparagraphs (A) 
                through (E)'' and inserting ``described in 
                subparagraphs (B), (C), and (E)''; and
                    (B) by striking the period at the end and inserting 
                a semicolon; and
            (3) by adding at the end the following new paragraphs:
            ``(3) described in subparagraphs (A) and (D) of section 
        1307(a)(2) shall be increased by 12.5 percent each year, until 
        the average risk premium rate for such properties is equal to 
        the average of the risk premium rates for properties described 
        under paragraph (1); and
            ``(4) that are primary residences purchased after the date 
        of the enactment of the Biggert-Waters Flood Insurance Reform 
        Act of 2012 (title II of division F of Public Law 112-141), 
        shall be increased by 12.5 percent each year as if such 
        increase began on the date of the enactment of such Act, until 
        the average risk premium rate for such properties is equal to 
        the average of the risk premium rates for properties described 
        under paragraph (1).''.
    (c) Effect on Rates Changed Due to Biggert-Waters Flood Insurance 
Reform Act of 2012.--The Administrator of the Federal Emergency 
Management Agency shall adjust the chargeable risk premium rates for 
flood insurance under the National Flood Insurance Act of 1968 (42 
U.S.C. 4001 et seq.) for properties referred to in paragraphs (3) and 
(4) of section 1308(e) of such Act (42 U.S.C. 4015(e)), as added by 
subsection (b) of this section, as if the amendments made by 
subsections (a) and (b) of this section were enacted at the same time 
as the Biggert-Waters Flood Insurance Reform Act of 2012 (title II of 
division F of Public Law 112-141).
                                 <all>