Flood Insurance Rate Increase Suspension Act of 2016

Flood Insurance Rate Increase Suspension Act of 2016

This bill bars from taking effect for a 12-month period any increases in mandatory chargeable risk premium rates for flood insurance coverage under the National Flood Insurance Act of 1968.

Beginning upon the expiration of the 12-month period, the increases in chargeable risk premium rates shall be made on a yearly basis.

[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4866 Introduced in House (IH)]

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114th CONGRESS
  2d Session
                                H. R. 4866

    To delay increases in flood insurance premium rates for certain 
           properties for 12 months, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 23, 2016

  Mr. Jolly (for himself and Mr. Bilirakis) introduced the following 
    bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
    To delay increases in flood insurance premium rates for certain 
           properties for 12 months, 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 Rate Increase 
Suspension Act of 2016''.

SEC. 2. 12-MONTH DELAY IN PREMIUM INCREASES.

    (a) Delay.--Any increases in the chargeable risk premium rates for 
flood insurance coverage made available under the National Flood 
Insurance Act of 1968 that are required by sections 1307(a)(2) and 
1308(e)(4) of such Act (42 U.S.C. 4014(a)(2), 4015(e)(4)) shall not 
take effect until the expiration of the 12-month period beginning on 
the date of the enactment of this Act.
    (b) Annual Increases.--Beginning upon the expiration of the period 
referred to in subsection (a), the increases in chargeable risk premium 
rates referred to in such subsection shall be made on a yearly basis as 
provided in such section 1308(e)(4).
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