113 HR 1485 IH: To amend the National Flood Insurance Act of 1968 to modify the phase-in increases in flood insurance premium rates for certain properties, and for other purposes.
U.S. House of Representatives
2013-04-11
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EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
1.Modification of phase-in
increases of flood insurance premium rates for certain properties
(a)Change of
ownership of second homes, business properties, and primary
residencesSection 1307(g)(2)
of the National Flood Insurance Act of 1968 (42 U.S.C. 4014(g)(2)) is amended
by striking 2012
and inserting 2012, except for
properties referred to in paragraphs (3) and (4) of section
1308(e)
.
(b)Second homes and
business properties and change of ownership of primary residencesSection 1308(e) of the National Flood
Insurance Act of 1968 (42 U.S.C. 4015(e)) is amended—
(1)in paragraph (1),
by striking ; and
and inserting a semicolon;
(2)in paragraph
(2)—
(A)by striking
described in subparagraphs (A) through (E)
and inserting
described in subparagraphs (B), (C), and (E)
; and
(B)by striking the
period at the end and inserting a semicolon; and
(3)by adding at the
end the following new paragraphs:
(3)described in subparagraphs (A) and (D) of
section 1307(a)(2) shall be increased by 12.5 percent each year, until the
average risk premium rate for such properties is equal to the average of the
risk premium rates for properties described under paragraph (1); and
(4)that are primary residences purchased after
the date of the enactment of the Biggert-Waters Flood Insurance Reform Act of
2012 (title II of division F of Public Law 112–141), shall be increased by 12.5
percent each year as if such increase began on the date of the enactment of
such Act, until the average risk premium rate for such properties is equal to
the average of the risk premium rates for properties described under paragraph
(1).
.
(c)Effect on rates
changed due to Biggert-Waters Flood Insurance Reform Act of
2012The Administrator of the
Federal Emergency Management Agency shall adjust the chargeable risk premium
rates for flood insurance under the National Flood Insurance Act of 1968 (42
U.S.C. 4001 et seq.) for properties referred to in paragraphs (3) and (4) of
section 1308(e) of such Act (42 U.S.C. 4015(e)), as added by subsection (b) of
this section, as if the amendments made by subsections (a) and (b) of this
section were enacted at the same time as the Biggert-Waters Flood Insurance
Reform Act of 2012 (title II of division F of Public Law 112–141).