NFIP RISC Act of 2020

I 116TH CONGRESS 2D SESSION H. R. 8311 To require a report regarding the potential impacts of any changes to the risk-rating methodology for the National Flood Insurance Program of the Federal Emergency Management Agency before implementation, and for other purposes. IN THE HOUSE OF REPRESENTATIVES SEPTEMBER 17, 2020 Mr. ROSE of New York introduced the following bill; which was referred to the Committee on Financial Services A BILL To require a report regarding the potential impacts of any changes to the risk-rating methodology for the National Flood Insurance Program of the Federal Emergency Management Agency before implementation, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘National Flood Insur- 4 ance Program Reporting on Impact to Seaboards and 5 Counties Act of 2020’’ or the ‘‘NFIP RISC Act of 2020’’. 6 VerDate Sep 11 2014 01:13 Oct 05, 2020 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H8311.IH H8311 pbinns on DSKJLVW7X2PROD with BILLS 2 •HR 8311 IH SEC. 2. CONGRESSIONAL FINDINGS. 1 The Congress finds that— 2 (1) 30 percent of the population of the United 3 States and 50 percent of the gross domestic product 4 of the United States is located on the Atlantic coast 5 or the Gulf of Mexico coast, areas frequently hit by 6 coastal storms and hurricanes; 7 (2) 90 percent of all natural disasters involve 8 flooding; 9 (3) all 50 States have experienced floods and 10 flash floods between 2015 and 2020; and 11 (4) in some States, enrollment in the National 12 Flood Insurance Program has decreased between 20 13 and 35 percent since 2011. 14 SEC. 3. REPORT ON IMPACTS OF CHANGES TO FLOOD IN- 15 SURANCE METHODOLOGY. 16 Not later than 6 months before implementing any 17 chargeable premium rate for flood insurance coverage pur- 18 suant to section 1308 of the National Flood Insurance Act 19 of 1968 that is related to a change in flood-risk assess- 20 ment methodology, the Administrator shall submit a re- 21 port to Congress regarding such effort. Such report shall 22 include detailed information, by county, regarding the 23 methodology and sources of data used to calculate new 24 rates and an analysis of the expected impacts, by county 25 to the extent applicable, including on— 26 VerDate Sep 11 2014 01:13 Oct 05, 2020 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H8311.IH H8311 pbinns on DSKJLVW7X2PROD with BILLS 3 •HR 8311 IH (1) enrollment in the National Flood Insurance 1 Program or in flood insurance coverage provided in 2 the private market; 3 (2) chargeable premium rates for flood insur- 4 ance coverage under such Program, which shall take 5 into consideration the actuarial risk to such prop- 6 erties and changes to premiums subject to statutory 7 limitations on annual increases; 8 (3) property values, due to fluctuations in pre- 9 mium prices, and communities in high flood-risk 10 zones; 11 (4) the extent to which the number of flood in- 12 surance claims on a property will influence the prop- 13 erty’s rating; 14 (5) the finances of the National Flood Insur- 15 ance Program; 16 (6) the community rating system and flood haz- 17 ard area mapping, including the funding for such 18 systems, public communications of any such 19 changes, and floodplain management procedures; 20 and 21 (7) flood mitigation programs, including 22 changes to flood mitigation grant programs resulting 23 from a change in rating methodology. 24 Æ VerDate Sep 11 2014 01:13 Oct 05, 2020 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H8311.IH H8311 pbinns on DSKJLVW7X2PROD with BILLS