Flood Insurance Premium Parity Act of 2014 - Amends the National Flood Insurance Act of 1968 (NFIA) to prohibit the Administrator of the Federal Emergency Management Administration (FEMA) from estimating reduced (subsidized) risk premium rates for flood insurance for residential property that is neither the primary residence of an individual (as under current law) nor the secondary residence of the property owner.
Directs FEMA to establish standards for a residential property to qualify as a secondary residence eligible for subsidized risk flood insurance premium rates that: (1) require the owner to occupy the property for an appropriate minimum period of time each year, and (2) limit subsidized risk premium rates to but a single property of the owner.
Repeals the prohibition against estimating subsidized risk premium rates for business property (thus qualifying business property for such rates).
Directs FEMA to refund directly to insureds any flood insurance premiums collected in excess of the rates required under this Act.
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4313 Introduced in House (IH)]
113th CONGRESS
2d Session
H. R. 4313
To ensure fairness in premium rates for coverage for business
properties and second homes under the National Flood Insurance Program,
and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 26, 2014
Mr. Jolly (for himself, Mr. Bilirakis, and Ms. Castor of Florida)
introduced the following bill; which was referred to the Committee on
Financial Services
_______________________________________________________________________
A BILL
To ensure fairness in premium rates for coverage for business
properties and second homes under the National Flood Insurance Program,
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. SHORT TITLE.
This Act may be cited as the ``Flood Insurance Premium Parity Act
of 2014''.
SEC. 2. REPEAL OF CERTAIN RATE INCREASES.
(a) Repeal of Prohibition on Subsidized Rates.--Paragraph (2) of
section 1307(a) of the National Flood Insurance Act of 1968 (42 U.S.C.
4014) is amended--
(1) in subparagraph (A)--
(A) by striking ``which is not'' and inserting
``that is neither''; and
(B) by inserting before the semicolon at the end
the following: ``nor the secondary residence of the
owner of the property, and the Administrator shall
establish standards for a residential property to
qualify for purposes of this subparagraph as a
secondary residence that shall (A) require the owner of
the property to occupy the property for a minimum
period of time each year, as the Administrator
determines appropriate, and (B) provide that only a
single property of any owner may so qualify'';
(2) in subparagraph (C), by inserting ``or'' after the
semicolon at the end;
(3) by striking subparagraph (D); and
(4) by redesignating subparagraph (E) as subparagraph (D).
(b) Conforming Amendments Relating to Limitation on Annual Rate
Increases.--Paragraph (4) of section 1308(e) of the National Flood
Insurance Act of 1968 (42 U.S.C. 4015(e)(4)), as amended by section 5
of Public Law 113-89, is amended by striking ``(A) through (E)'' and
inserting ``(A) through (D)''.
(c) Implementation.--
(1) Effective date.--The Administrator of the Federal
Emergency Management Agency (in this subsection referred to as
the ``Administrator'') shall make available such rate tables,
as necessary to implement the amendments made by subsections
(a) and (b) as if such subsections were enacted as part of the
Biggert-Waters Flood Insurance Reform Act of 2012 (Public Law
112-141; 126 Stat. 957).
(2) Implementation, coordination, and guidance.--
(A) Facilitation of timely refunds.--To ensure the
participation of Write Your Own companies (as such term
is defined in section 100202(a) of the Biggert-Waters
Flood Insurance Reform Act of 2012 (42 U.S.C. 4004(a)),
the Administrator and the Federal Emergency Management
Agency shall consult with Write Your Own companies
throughout the development of guidance and rate tables
necessary to implement the amendments made by
subsections (a) and (b).
(B) Implementation and guidance.--The Administrator
shall issue final guidance and rate tables necessary to
implement the amendments made by subsections (a) and
(b) not later than eight months following the date of
the enactment of this Act. Write Your Own companies, in
coordination with the Federal Emergency Management
Agency, shall have not less than six months but not
more than eight months following the issuance of such
final guidance and rate tables to implement the changes
required by such final guidance and rate tables.
(C) Refund of excess premium charges collected.--
The Administrator shall refund directly to insureds any
premiums for flood insurance coverage under the
National Flood Insurance Program collected in excess of
the rates required under the amendments made by
subsections (a) and (b). To allow for necessary and
appropriate implementation of such amendments, any
premium changes necessary to implement such amendments,
including any such premium refund due to policy
holders, which shall be paid directly by the National
Flood Insurance Program, shall not be charged or paid
to policyholders by the National Flood Insurance
Program until after the Administrator issues guidance
and makes available such rate tables to implement the
amendments made by subsections (a) and (b).
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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