I 111th CONGRESS 1st Session H. R. 4164 IN THE HOUSE OF REPRESENTATIVES December 1, 2009 Mr. Herger introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the National Flood Insurance Act of 1968 to provide for a phased-in increase of chargeable premium rates for properties affected by updated Flood Insurance Rate Maps.

1.

Phase-in of actuarial flood insurance rates for properties newly determined to be in a flood risk zone

Section 1308 of the National Flood Insurance Act of 1968 (42 U.S.C. 4015) is amended— (1)in subsection (c)(1), by striking limitation under subsection (e) and inserting limitations under subsection (e) and (g); and (2)by adding at the end the following new subsection: (g)

Premium adjustment for properties mapped into a higher-Risk flood zone

An increase in the risk premium rate charged for flood insurance coverage of a property covered by a flood insurance policy issued under this Act on the date of the completion of an update to a Flood Insurance Rate Map that is the result of such update shall be limited to an annual increase for five years of 20 percent per year of the difference between— (1)the risk premium rate otherwise chargeable pursuant to such update; and (2)the chargeable risk premium rate for such property that existed before such update. .