Studies of voluntary community-based flood insurance options

(a)

Study

(1)

Study required

The Administrator of the Federal Emergency Management Agency shall conduct a study to assess options, methods, and strategies for making available voluntary community-based flood insurance policies through the National Flood Insurance Program. (2)

Considerations

The study conducted under paragraph (1) shall— (A)take into consideration and analyze how voluntary community-based flood insurance policies— (i)would affect communities having varying economic bases, geographic locations, flood hazard characteristics or classifications, and flood management approaches; and (ii)could satisfy the applicable requirements under section 102 of the Flood Disaster Protection Act of 1973 (42 U.S.C. 4012a); and (B)evaluate the advisability of making available voluntary community-based flood insurance policies to communities, subdivisions of communities, and areas of residual risk. (3)

Consultation

In conducting the study required under paragraph (1), the Administrator may consult with the Comptroller General of the United States, as the Administrator determines is appropriate. (b)

Report by the administrator

(1)

Report required

Not later than 18 months after the date of enactment of this Act, the Administrator shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that contains the results and conclusions of the study conducted under subsection (a). (2)

Contents

The report submitted under paragraph (1) shall include recommendations for— (A)the best manner to incorporate voluntary community-based flood insurance policies into the National Flood Insurance Program; and (B)a strategy to implement voluntary community-based flood insurance policies that would encourage communities to undertake flood mitigation activities, including the construction, reconstruction, or improvement of levees, dams, or other flood control structures. (c)

Report by comptroller general

Not later than 6 months after the date on which the Administrator submits the report required under subsection (b), the Comptroller General of the United States shall— (1)review the report submitted by the Administrator; and (2)submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that contains— (A)an analysis of the report submitted by the Administrator; (B)any comments or recommendations of the Comptroller General relating to the report submitted by the Administrator; and (C)any other recommendations of the Comptroller General relating to community-based flood insurance policies.