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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9726 Introduced in House (IH)]
<DOC>
118th CONGRESS
2d Session
H. R. 9726
To require the Administrator of the Federal Emergency Management Agency
to develop a flood insurance information tool, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 20, 2024
Mr. Cartwright (for himself, Mr. Carson, Mr. Carter of Louisiana, Mr.
Thanedar, Ms. Tokuda, and Ms. Wild) introduced the following bill;
which was referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To require the Administrator of the Federal Emergency Management Agency
to develop a flood insurance information tool, 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 ``NFIP Premium Transparency Act''.
SEC. 2. DISSEMINATION OF FLOOD INSURANCE INFORMATION.
The National Flood Insurance Act of 1968 (42 U.S.C. 4001 et. seq.)
is amended by striking section 1313 and inserting the following:
``SEC. 1313. DISSEMINATION OF FLOOD INSURANCE INFORMATION.
``(a) In General.--The Administrator shall ensure that the
declaration page for each flood insurance policy issued under the
national flood insurance program for a property shall, not later than
12 months after the date of the enactment of this subsection, include
the following:
``(1) The current insurance premium for such property,
including a description of any discounts being applied
including any discounts associated with--
``(A) building, construction, or substantial
improvement which began before the Administrator
published an initial rate map for the community,
eligible for less than actuarial rates under section
subsections (a)(2) and (g) of section 1307(a)(2);
``(B) the newly mapped property discount under
section 1308(i);
``(C) an estimate of the number years remaining
until the premium for such property shall match the
full-risk based premium for such property, having
accounted for the annual limitation on premium
increases under section 1308(e);
``(D) available mitigation options and associated
premium savings;
``(E) claim history;
``(F) the community rating system under section
1315(b); and
``(G) annual limitations on premium increases under
section 1308(e).
``(2) Any annual limitations on premium increases under
section 1308(e).
``(3) Any current risk factors, including the elevation of
the property above first floor height.
``(4) The replacement cost value.
``(5) Any special category that applies to the property,
including repetitive loss property or severe repetitive loss
property.
``(6) Any flood insurance requirement that applies to the
property as a result of disaster assistance previously provided
by the Administrator.
``(7) On and after the date that is 36 months after the
date of the enactment of this section, the website address
where the flood insurance information tool established pursuant
to subsection (c) may be located.
``(b) Explanation Required.--If any item of information required to
be included on a declaration page under subsection (a) cannot be
provided, an explanation of why such item of information cannot be
provided shall be included on the declaration page.
``(c) Required Information Sharing.--The Administrator shall,
beginning on the date that is 12 months after the date of the enactment
of this subsection, share with each insurance company that issues a
flood insurance policy under the national flood insurance program any
information the Administrator has that relates to the items listed in
subsection (a).
``(d) Flood Insurance Information Tool.--
``(1) In general.--The Administrator shall, not later than
36 months after the date of the enactment of this section,
develop a flood insurance information tool that is accessible
online and contains the following information with respect to
each property for which a flood insurance policy is issued
under the national flood insurance program:
``(A) The current insurance premium for such
property, including a description of any reason why the
current premium is less than actuarial rates; including
due to grandfathering, pre-FIRM discount status, newly
mapped property status, or a Community Rating System
status.
``(B) A description of any limitations on annual
premium increases.
``(C) The risk premium rate for such property.
``(D) The replacement cost value for such property,
and the date on which such value was calculated.
``(E) A detailed flood history for such property
that includes a list of any prior claims under the
national flood insurance program associated with such
property and the dates of such claims.
``(F) Any special category that applies to the
property, including repetitive loss property or severe
repetitive loss property.
``(G) The date of the most recent flood hazard
determination of such property and the date of any
planned future flood hazard determination of such
property.
``(H) Any flood insurance requirement that applies
to the property as a result of disaster assistance
previously provided by the Administrator.
``(I) Any additional information the Administrator
determines appropriate.
``(2) Explanation required.--If any item of information
required to be included in the food insurance information tool
under paragraph (1) cannot be provided, an explanation of why
such item of information cannot be provided shall be included
in the flood insurance information tool.
``(3) Access to the flood insurance information tool.--The
Administrator shall, notwithstanding any conflicting provision
in the Privacy Act of 1974, provide access to the flood
insurance information tool, suite of tools, or discrete parts
of such tools, to--
``(A) the public, for all information where the
Administrator has determined that release to the public
is in the best interest of the public; and
``(B) owners of properties for which a flood
insurance policy is issued under the national flood
insurance program, for information where the
Administrator has determined that release to the public
is not in the best interest of the public.
``(4) Adjustment capability.--To the degree practicable,
the flood insurance information tool, or suite of tools,
developed by Administrator shall allow the capability for
users, with respect to each item of information listed in
paragraph (1) to, to the extent feasible--
``(A) adjust variables that change over time and
impact flood risk, including, the elements set forth in
42 U.S.C. 4101b(b)(1) and 42 U.S.C. 4101b(b)(3); and
``(B) evaluate how such adjustments or mitigation
activities would--
``(i) reduce the risk of flooding; and
``(ii) decrease premiums.
``(e) Replacement Cost Value Defined.--The term `replacement cost
value' means the cost to replace that part of a building that is
damaged by flood, without depreciation.
``(f) Additional Information Availability.--In addition to as
required under subsection (a) through (d) of this subsection, the
Administrator shall from time to time take such action as may be
necessary in order to make information and data available to the
public, and to any State or local agency or official, with regard to--
``(1) the flood insurance program, its coverage and
objectives; and
``(2) estimated and chargeable flood insurance premium
rates, including the basis for and differences between such
rates in accordance with the provisions of section 1308.''.
SEC. 3. REPORT.
The Comptroller General of the United States shall, not later than
2 years after the date on which the Administrator of the Federal
Emergency Management Agency makes available the flood insurance
information tool required to be developed under section 1313(c) of the
National Flood Insurance Act of 1968, publish a report that analyzes
the following:
(1) Whether the following information could be added to
flood insurance information tool established by the
Administrator of the Federal Emergency Management Agency
pursuant to section 1313 of the National Flood Insurance Act of
1968:
(A) Any property acquisition programs for which the
property qualifies.
(B) Any nature based solutions that may be used to
reduce the flood risk for the property.
(C) Any planned or existing flood defenses in the
area in which a property is located.
(D) Any implications that additional development in
the area where property is located may have on flood
risk.
(E) Any standards established locally that affect
the repair or improvement of the property, including--
(i) any limitations on repairs or
improvements based on the value of the
property; and
(ii) any local standards that go beyond the
standards required under the national flood
insurance program.
(F) A description of any community rating system
rating that impacts the property and discounts that may
be available based on this rating system.
(2) Whether access to the flood insurance information tool
established by the Administrator of the Federal Emergency
Management Agency pursuant to section 1313 of the National
Flood Insurance Act of 1968 could be provided to prospective
buyers of properties for which a flood insurance policy is
issued under the national flood insurance program.
(3) Whether the flood insurance information tool
established by the Administrator of the Federal Emergency
Management Agency pursuant to section 1313 of the National
Flood Insurance Act of 1968 could allow users to, with respect
to each item of information listed in paragraph in the flood
insurance tool, adjust variables that impact flood risk,
including--
(A) relative sea level rise;
(B) extension of impervious cover; and
(C) and levee reliability changes.
(4) Whether the types of information available within the
flood insurance information tool established by the
Administrator of the Federal Emergency Management Agency
pursuant to section 1313 of the National Flood Insurance Act of
1968 could be expanded further.
(5) Whether the information provided by the flood insurance
tool established by the Administrator of the Federal Emergency
Management Agency pursuant to section 1313 of the National
Flood Insurance Act of 1968 could be used by policy holders as
part of any appeals procedure implemented by the Administrator
on or after the date of the enactment of this Act.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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