Homeowner Flood Insurance Transparency and Protection Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (Mar 28, 2022)
Homeowner Flood Insurance Transparency and Protection Act
This bill allows National Flood Insurance Program policyholders to elect to pay premiums at the rate in effect prior to the implementation of Risk Rating 2.0. Risk Rating 2.0 bases premium rates on an individual property's specific flood risk instead of the flood risk of a general location and property type.
Policyholders may elect to pay the previous rate until the Federal Emergency Management Agency performs several actions regarding Risk Rating 2.0, including
- publishing all data and methods used to calculate premium rates under Risk Rating 2.0,
- creating an online database where policyholders can see premium rates for their property using specified calculations, and
- publishing an assessment of the economic and social impacts of Risk Rating 2.0.
What just happenedMar 28, 2022
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Who’s behind it
- Introduced in SenateMar 28, 2022
- Mar 28, 2022IntroReferral
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Banking, Housing, and Urban Affairs Committee - Mar 28, 2022IntroReferral10000
Introduced in Senate