[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 3436 Introduced in Senate (IS)]







110th CONGRESS
  2d Session
                                S. 3436

To expand the eligible premium refund opportunities for persons who, as 
 a result of new mapping data do not reside in a special flood hazard 
                                 area.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             August 1, 2008

Mr. Wicker (for himself and Mr. Cochran) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To expand the eligible premium refund opportunities for persons who, as 
 a result of new mapping data do not reside in a special flood hazard 
                                 area.

    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 ``Flood Insurance Refund Adjustment 
Act''.

SEC. 2. PREMIUM REFUNDS.

    (a) In General.--Not later than 180 days after the date of 
enactment of this Act, the Administrator of the Federal Emergency 
Management Agency shall modify its regulations under section 1304 of 
the National Flood Insurance Act of 1968 (42 U.S.C. 1304) and the NFIP 
Flood Insurance Manual related to premium refunds so that a Standard 
Flood Insurance Policyholder whose property has been determined not to 
be in a special flood hazard area, as a result of a flood map revision 
or a Letter of Map Amendment under part 70 of title 44, Code of Federal 
Regulations, has 1 year to submit a policy adjustment claim for the 
following:
            (1) Policy cancellation and a refund in the amount not to 
        exceed 1 year of premiums paid under such policy.
            (2) Policy cancellation and a refund of the difference 
        between an A-zone or Z-zone Flood Insurance Policy and a 
        preferred-risk policy for a period not to exceed 2 years.
            (3) A policy adjustment from an A-zone or Z-zone Flood 
        Insurance Policy to a preferred-risk policy, with a refund of 
        the difference between the 2 policies for a period not to 
        exceed 3 years.
    (b) Nonapplicability.--If a flood claim under a policy described 
under subsection (a) has been paid or is pending, the policy is not 
applicable for a policy adjustment under either paragraphs (1) and (2) 
of subsection (a).
                                 <all>