1.The table of
contents for this Act is as follows:
Sec. 1. Table of
contents.
TITLE I—COASTAL Act
Sec. 101. Short title.
Sec. 102. Assessing and modeling named storms over coastal
lands.
Sec. 103. Alternative loss allocation system for indeterminate
claims.
TITLE II—Flood Insurance Reauthorization
Sec. 201. Short title.
Sec. 202. Extensions.
Sec. 203. Reform of premium rates for newly insured and lapsed
policies.
Sec. 204. Premium rate adjustment for current
policyholders.
Sec. 205. State chartered financial institutions.
Sec. 206. Enforcement.
Sec. 207. Escrow of flood insurance payments.
Sec. 208. Removal of limitation on State contributions for
updating flood maps.
Sec. 209. Notice of flood insurance availability under
RESPA.
Sec. 210. Reiteration of FEMA responsibilities under the 2004
Reform Act.
<enum>I</enum><header>COASTAL
Act</header>
<section id="idBA8730FD3BD7435784229B8DC7F7EA78"><enum>101.</enum><header>Short
title</header><text display-inline="no-display-inline">This title may be cited
as the <quote><short-title>Consumer Option for an
Alternative System To Allocate Losses Act of 2011</short-title></quote> or the
<quote><short-title>COASTAL Act of
2011</short-title></quote>.</text>
</section><section id="idD2BB19403920415EB378F40FE9407269"><enum>102.</enum><header>Assessing and
modeling named storms over coastal lands</header><text display-inline="no-display-inline">Subtitle C of title XII of the Omnibus
Public Land Management Act of 2009 (33 U.S.C. 3601 et seq.) (also known as the
<quote>Integrated Coastal and Ocean Observation System Act of 2009</quote>) is
amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id13B1A349079C4B43A87AACD23B2C910C" style="OLC">
<section id="IDff8c0e03d90a4d6380b090733e769b82"><enum>12312.</enum><header>Assessing
and modeling named storms over coastal lands</header>
<subsection id="ID759e5c30fb9347ff997c2fbf8e814156"><enum>(a)</enum><header>Definitions</header><text>In
this section:</text>
<paragraph id="ID2330fd4b6f6e46f6bb77c30e8e5fbeab"><enum>(1)</enum><header>Coastal
waters</header><text>The term <term>coastal waters</term> has the meaning given
the term in section 304 of the Coastal Zone Management Act of 1972 (16 U.S.C.
1453).</text>
</paragraph><paragraph id="IDea58ea569c464727992eeed0540bc580"><enum>(2)</enum><header>Coastal
zone</header><text>The term <term>coastal zone</term>—</text>
<subparagraph id="id0E96640D469E4A3F9522C547C16186D3"><enum>(A)</enum><text>means the
shorelands adjacent to coastal waters; and</text>
</subparagraph><subparagraph id="id9314A67535F944A487C88074BBBA7052"><enum>(B)</enum><text>includes lands
for which States have developed a management program as such term is defined in
such section 304 (16 U.S.C. 1453).</text>
</subparagraph></paragraph><paragraph id="ID943b0b0032c5427895b796c7fd24c329"><enum>(3)</enum><header>Covered
data</header><text>The term <term>covered data</term> means, with respect to a
named storm in the coastal zone, empirical data that are—</text>
<subparagraph id="ID5a6e51330e3c492da67fddef2df04dca"><enum>(A)</enum><text>collected before,
during, or after such storm in coastal waters and in the coastal zone;
and</text>
</subparagraph><subparagraph id="ID38041e19f84045b1baca11e6414f9ed0"><enum>(B)</enum><text>necessary to
determine magnitude and timing of wind speeds, the barometric pressure, river
flows, the extent, height, and timing of storm surge, topographic and
bathymetric data, and other measures required to accurately model and assess
damage from such storm.</text>
</subparagraph></paragraph><paragraph id="IDa35c552bd69847c3905cd065a42253c9"><enum>(4)</enum><header>Named
storm</header><text>The term <term>named storm</term> means any organized
weather system with a defined surface circulation and maximum winds of at least
39 miles per hour which the National Hurricane Center of the United States
National Weather Service names as a tropical storm, or a hurricane, that
threatens any portion of the coastal zone.</text>
</paragraph><paragraph id="ID0b3d6d895f09438785bc873dc9f2d078"><enum>(5)</enum><header>Named Storm
Event Model</header><text>The term <quote>Named Storm Event Model</quote> means
the official meteorological and oceanographic computerized model, developed by
the Administrator under subsection (b)(1)(A), which utilizes covered data to
replicate the magnitude, timing, and spatial variations of winds and storm
surges associated with named storms in the coastal zone.</text>
</paragraph><paragraph id="IDcedd2cbcfc71413ca0203affd172c46b"><enum>(6)</enum><header>Participant</header><text>The
term <term>participant</term> means a Federal, State, or private entity that
chooses to cooperate with the Administrator in carrying out the provisions of
this section by collecting, contributing, and maintaining covered data.</text>
</paragraph><paragraph id="idD8BE2BC8555041F9B063658DB47BF288"><enum>(7)</enum><header>Post-event
assessment</header><text>The term <quote>post-event assessment</quote> means a
scientific assessment produced and certified by the Administrator to determine
the magnitude, timing, and spatial variations of winds and storm surges
associated with a specific named storm to be used in the loss allocation
formula established by the Secretary of Homeland Security under section
1333(b)(2) of the National Flood Insurance Act of 1968 (42 U.S.C.
4053(b)(2)).</text>
</paragraph><paragraph id="IDbd40c015fa0542e788d2c0e10479554b"><enum>(8)</enum><header>State</header><text>The
term <term>State</term> means each of the several States of the United States
or the District of Columbia.</text>
</paragraph></subsection><subsection id="ID6610952c5e8a441988739727bb21b634"><enum>(b)</enum><header>Named storm
event model and post-event assessment</header>
<paragraph id="ID10a2385c065f479eb80df0f261478649"><enum>(1)</enum><header>Establishment
of Named Storm Event Model</header>
<subparagraph id="ID4cc01090915844bca397e819a40e25f4"><enum>(A)</enum><header>In
general</header><text>Not later than 540 days after the date of the enactment
of the <short-title>COASTAL Act of 2011</short-title>, the
Administrator shall develop by regulation and employ a generalized assessment
model for determining the magnitude and temporal and spatial variations of
storm surges and wind speeds associated with named storms.</text>
</subparagraph><subparagraph id="ID2b87bf50602946138f8cd8468da6c30b"><enum>(B)</enum><header>Designation</header><text>The
model developed and employed under subparagraph (A) shall be known as the
<quote>Named Storm Event Model</quote>.</text>
</subparagraph><subparagraph id="IDd64fe9fc627644b4bbdf5bd5296e8ea2"><enum>(C)</enum><header>Accuracy</header><text>The
Named Storm Event Model shall be designed to generate post-event assessments,
as provided in paragraph (2), that have a degree of accuracy of not less than
90 percent for every indeterminate loss for which a post-event assessment is
utilized.</text>
</subparagraph></paragraph><paragraph id="ID43015daeae144c7bafc4f88c936ffae7"><enum>(2)</enum><header>Post-event
assessment</header>
<subparagraph id="IDb0d80862835446e8999cdb862bf1bfb7"><enum>(A)</enum><header>Identification
of named storms threatening coastal zone</header><text>After the establishment
of the loss allocation formula under section 1333(b)(2) of the National Flood
Insurance Act of 1968 (42 U.S.C. 4053(b)(2)), the Administrator shall, in
consultation with the Secretary of Homeland Security, identify named storms
that may reasonably constitute a threat to any portion of the coastal
zone.</text>
</subparagraph><subparagraph id="id7FF5506761C44C6C9C9BD95BA51FAC27"><enum>(B)</enum><header>Post-event
assessment required</header><text>Upon identification of a named storm under
subparagraph (A), the Administrator shall develop a post-event assessment for
such named storm using the Named Storm Event Model and covered data collected
for such named storm pursuant to the protocol established under subsection
(c)(1).</text>
</subparagraph><subparagraph id="IDd810a2fa8a6b4b60a4b986c321b8b955"><enum>(C)</enum><header>Submittal of
post-event assessment</header><text>Not later than 90 days after an
identification of a named storm is made under subparagraph (A), the
Administrator shall submit to the Secretary of Homeland Security the post-event
assessment developed for such storm under subparagraph (B).</text>
</subparagraph></paragraph><paragraph id="ID491fd644947e4b8d9e1149c7f21f39f8"><enum>(3)</enum><header>Accuracy</header><text>The
Administrator shall ensure, to the greatest extent practicable, that each
post-event assessment developed under paragraph (2) has a degree of accuracy of
not less than 90 percent.</text>
</paragraph><paragraph id="ID21063b21cf9a4197a554d7619d6f592d"><enum>(4)</enum><header>Certification</header><text>For
each post-event assessment, the Administrator shall—</text>
<subparagraph id="ID4cf4d81d407f4f3f8483ac6e8c0592ed"><enum>(A)</enum><text>certify the
degree of accuracy for such assessment, including specific reference to any
segments or geographic areas for which the assessment is less than 90 percent
accurate; and</text>
</subparagraph><subparagraph id="ID2a3da1b198e74f599fe45bdf22bc18a3"><enum>(B)</enum><text>report such
certification to the Secretary of Homeland Security for the purposes of
settling indeterminate loss claims under section 3(c)(1) of the
<short-title>COASTAL Act of 2011</short-title>.</text>
</subparagraph></paragraph><paragraph id="ID95bacdf854d140efa2c2b3bafe0c315b"><enum>(5)</enum><header>Finality of
determinations</header><text>A certification of, or determination not to
certify, the degree of accuracy of a post-event assessment under this
subsection by the Administrator shall be final and shall not be subject to
judicial review.</text>
</paragraph><paragraph id="idD63B657E5E52468D8DBF9F710031996E"><enum>(6)</enum><header>Availability</header><text>The
Administrator shall make available to the public the Named Storm Event Model
and any post-event assessment developed under this subsection.</text>
</paragraph></subsection><subsection id="ID2064b2dfc4bc4b389d76db822700dedd"><enum>(c)</enum><header>Establishment
of a protocol for post-Event assessment</header>
<paragraph id="IDfdc0c5765e184696998182f61dcb2a6d"><enum>(1)</enum><header>In
general</header><text>Not later than 540 days after the date of the enactment
of the <short-title>COASTAL Act of 2011</short-title>, the
Administrator shall establish a protocol, based on the plan submitted under
subsection (d)(3), to collect and assemble all covered data required by the
Administrator to produce post-event assessments required by subsection (b),
including assembling data collected by participants and stored in the database
established under subsection (f) and from such other sources as the
Administrator considers appropriate.</text>
</paragraph><paragraph id="ID7ed3f623fc144c3986878b977cb19282"><enum>(2)</enum><header>Acquisition of
sensors and structures</header><text>If the Administrator is unable to use a
public or private asset to obtain covered data as part of the protocol
established under paragraph (1), the Administrator may acquire such sensors and
structures for the placement of sensors as may be necessary to obtain such
data.</text>
</paragraph><paragraph id="ID85f5f07626b543ae9fd2ad2239041838"><enum>(3)</enum><header>Use of Federal
assets</header><text>If the protocol requires placement of a sensor to develop
assessments pursuant to subsection (b), the Administrator shall, to the extent
practicable, use Federal assets for the placement of such sensors.</text>
</paragraph><paragraph id="ID3013de9ca1a445cba9aa18ba96aa723b"><enum>(4)</enum><header>Use of acquired
structures</header>
<subparagraph id="ID77becc66a2044ee18dc385e6272291a0"><enum>(A)</enum><header>In
general</header><text>If the Administrator acquires a structure for the
placement of a sensor for purposes of such protocol, the Administrator shall to
the extent practical permit other public and private entities to place sensors
on such structure to collect—</text>
<clause id="ID80b32c54f1124a8aa73b32ceb94449df"><enum>(i)</enum><text>meteorological
data;</text>
</clause><clause id="IDe5934df2274d45efaf49d20223454a65"><enum>(ii)</enum><text>national
security-related data;</text>
</clause><clause id="ID212eeb61a3744ab4b2775a1f2aa7a3a0"><enum>(iii)</enum><text>navigation-related
data;</text>
</clause><clause id="ID0b99ff3d7f5f41018ae6d5540f4fb39c"><enum>(iv)</enum><text>hydrographic
data; or</text>
</clause><clause id="ID48849b0515564f5999f7029ee39d92ba"><enum>(v)</enum><text>such other data
as the Administrator considers appropriate.</text>
</clause></subparagraph><subparagraph id="IDbac951738e7b4c2e946ba57314959816"><enum>(B)</enum><header>Receipt of
consideration</header><text>The Administrator may receive consideration for the
placement of a sensor on a structure under subparagraph (A).</text>
</subparagraph><subparagraph id="IDee8f38333e744c278e62cea1b81b4d6a"><enum>(C)</enum><header>In-kind
consideration</header><text>Consideration received under subparagraph (B) may
be received in-kind.</text>
</subparagraph><subparagraph id="ID808bae2ce6014c63969c773ae73bf165"><enum>(D)</enum><header>Use of
consideration</header><text>To the extent practicable, consideration received
under subparagraph (B) shall be used for the maintenance of sensors used to
collect covered data.</text>
</subparagraph></paragraph><paragraph id="ID7decf633f6ba4a66b9fde308835b70e9"><enum>(5)</enum><header>Coordinated
deployments and data collection practices</header><text>The Administrator
shall, in consultation with the Office of the Federal Coordinator for
Meteorology, coordinate the deployment of sensors as part of the protocol
established under paragraph (1) and related data collection carried out by
Federal, State, academic, and private entities who choose to cooperate with the
Administrator in carrying out this subsection.</text>
</paragraph><paragraph id="ID3ac6aa4aa8d84acd8a4476d89a2117fd"><enum>(6)</enum><header>Priority
acquisition and deployment</header><text>The Administrator shall give priority
in the acquisition for and deployment of sensors under the protocol required by
paragraph (1) to areas of the coastal zone that have the highest risk of being
harmed by named storms.</text>
</paragraph></subsection><subsection id="ID2c8adb6a0cfe4f1396142fc650d02d23"><enum>(d)</enum><header>Assessment of
systems and efforts To collect covered data</header>
<paragraph id="ID4fd185802afc40af8d9635c77a40380e"><enum>(1)</enum><header>Identification
of systems and efforts to collect covered data</header><text>Not later than 180
days after the date of the enactment of the <short-title>COASTAL Act of 2011</short-title>, the Administrator
shall, in consultation with the Office of the Federal Coordinator for
Meteorology—</text>
<subparagraph id="IDe5f9e7b34e704eafa5021ed1283db0ca"><enum>(A)</enum><text>carry out a
survey to identify all Federal and State efforts and systems that are capable
of collecting covered data; and</text>
</subparagraph><subparagraph id="IDfdb1902433fe4905b597dc345d6ab01c"><enum>(B)</enum><text>work with private
and academic sector entities to identify domestic private and academic systems
that are capable of collecting covered data.</text>
</subparagraph></paragraph><paragraph id="IDdbad2ca421e04f2d88926c2e4a4a5954"><enum>(2)</enum><header>Identification
of gaps</header><text>The Administrator shall, in consultation with the Office
of the Federal Coordinator for Meteorology and individuals and entities
consulted under subsection (e)(3), assess the systems identified under
paragraph (1) and identify which systems meet the needs of the National Oceanic
and Atmospheric Administration for the collection of covered data, including
with respect to the accuracy requirement for post-event assessment under
subsection (b)(3).</text>
</paragraph><paragraph id="IDcb6d34d318b0426ca4876870dac22b4b"><enum>(3)</enum><header>Plan</header><text>Not
later than 270 days after the date of the enactment of the
<short-title>COASTAL Act of 2011</short-title>, the
Administrator shall, in consultation with the Office of the Federal Coordinator
for Meteorology, submit to Congress a plan for the collection of covered data
necessary to develop the Named Storm Event Model and post-event assessment
required by subsection (b) that addresses any gaps identified in paragraph
(2).</text>
</paragraph></subsection><subsection id="IDded4b75b6ef947239ba06af5a1102ce5"><enum>(e)</enum><header>Coordination of
covered data collection and maintenance by participants</header>
<paragraph id="IDa75db3689f2c4ff393cd9594ddd055f3"><enum>(1)</enum><header>In
general</header><text>The Administrator shall, in consultation with the Office
of the Federal Coordinator for Meteorology, coordinate the collection and
maintenance of covered data by participants under this section—</text>
<subparagraph id="IDb7773472b5dc4921a7052739eed6f921"><enum>(A)</enum><text>to streamline the
process of collecting covered data in accordance with the protocol established
under subsection (c)(1); and</text>
</subparagraph><subparagraph id="IDab0c3b749b594a91be5143a6f3d33db5"><enum>(B)</enum><text>to maintain
transparency of such process and the database established under subsection
(f).</text>
</subparagraph></paragraph><paragraph id="ID484f2088af3141d193f8b1d9e9e6b170"><enum>(2)</enum><header>Sharing
information</header><text>The Administrator shall establish a process for
sharing among participants information relevant to collecting and using covered
data for—</text>
<subparagraph id="ID80351d88f7174e16b100f1fabe31eb5a"><enum>(A)</enum><text>academic
research;</text>
</subparagraph><subparagraph id="IDec53f5f405d74cc1bfeee4b31fa76ac5"><enum>(B)</enum><text>private sector
use;</text>
</subparagraph><subparagraph id="IDe391c5df9cea4ea1a6a81281587e3122"><enum>(C)</enum><text>public outreach;
and</text>
</subparagraph><subparagraph id="ID4ede30df96f04d05bc0338e68528a8f9"><enum>(D)</enum><text>such other
purposes as the Administrator considers appropriate.</text>
</subparagraph></paragraph><paragraph id="ID9b28ac38ed1949ab88468ce3e767e21b"><enum>(3)</enum><header>Consultation</header><text>In
carrying out paragraphs (1) and (2), the Administrator shall consult with the
following:</text>
<subparagraph id="IDd380220fb05c437da6693c2ccb911af1"><enum>(A)</enum><text>The Commanding
General of the United States Army Corps of Engineers.</text>
</subparagraph><subparagraph id="IDed12898582c1485483423d767f36c203"><enum>(B)</enum><text>The Administrator
of the Federal Emergency Management Agency.</text>
</subparagraph><subparagraph id="IDb5c5f8a32afd4642bc5f988cbd56909b"><enum>(C)</enum><text>The Commandant of
the Coast Guard.</text>
</subparagraph><subparagraph id="ID19dfb1a78ff44f28962d4875fd78bdaa"><enum>(D)</enum><text>The Director of
the United States Geological Survey.</text>
</subparagraph><subparagraph id="ID958f27e9749341718dec3c7abd2802e3"><enum>(E)</enum><text>The Office of the
Federal Coordinator for Meteorology.</text>
</subparagraph><subparagraph id="ID9bbc4095464f4b088d1992e40ae28995"><enum>(F)</enum><text>The Director of
the National Science Foundation.</text>
</subparagraph><subparagraph id="id4688DA75B3A1409ABA403C564EC2BE48"><enum>(G)</enum><text>The Administrator
of the National Aeronautics and Space Administration.</text>
</subparagraph><subparagraph id="id83901159E8824D3A877C1D125E2BC757"><enum>(H)</enum><text>Such public,
private, and academic sector entities as the Administrator considers
appropriate for purposes of carrying out the provisions of this section.</text>
</subparagraph></paragraph></subsection><subsection id="IDf29ffd0256d548e599b336f110eadee4"><enum>(f)</enum><header>Establishment
of Coastal Wind and Water Event Database</header>
<paragraph id="ID34b07efe9e6c48da8074981aa8682b93"><enum>(1)</enum><header>In
general</header><text>Not later than 365 days after the date of the enactment
of the <short-title>COASTAL Act of 2011</short-title>, the
Administrator shall establish a database for the collection and compilation of
covered data—</text>
<subparagraph id="ID93dc29416ef04b56bacfc4d1fb5b764b"><enum>(A)</enum><text>to support the
protocol established under subsection (c)(1); and</text>
</subparagraph><subparagraph id="IDb5d4fc11605f4af7a88552910bb00c80"><enum>(B)</enum><text>for the purposes
listed in subsection (e)(2).</text>
</subparagraph></paragraph><paragraph id="ID4fdbd664f6e945ccaa907d07bc131216"><enum>(2)</enum><header>Designation</header><text>The
database established under paragraph (1) shall be known as the <quote>Coastal
Wind and Water Event Database</quote>.</text>
</paragraph></subsection><subsection id="ID84abd7ecfc1640e38a9f27845ab27cb0"><enum>(g)</enum><header>Comptroller
general study</header><text>Not later than 365 days after the date of the
enactment of the <short-title>COASTAL Act of
2011</short-title>, the Comptroller General of the United States shall—</text>
<paragraph id="IDe7fd74c26eac4f94a16f495afec0fcbf"><enum>(1)</enum><text>complete an audit
of Federal efforts to collect covered data, which audit shall—</text>
<subparagraph id="IDff9b349a495d4c1aaa0758cccd798588"><enum>(A)</enum><text>examine
duplicated Federal efforts to collect covered data; and</text>
</subparagraph><subparagraph id="IDc8fbc93524fb42369fcac898c3216e3e"><enum>(B)</enum><text>determine the
cost effectiveness of such efforts; and</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID2f7243b196ee4785b7f35918479f781b"><enum>(2)</enum><text>submit to the
Committee on Commerce, Science, and Transportation of the Senate and the
Committee on Science, Space, and Technology of the House of Representatives a
report on the findings of the Comptroller General with respect to the audit
completed under paragraph
(1).</text>
</paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="id1B7080C78C7943F09D653BFECD375361"><enum>103.</enum><header>Alternative
loss allocation system for indeterminate claims</header><text display-inline="no-display-inline">Section 1333 of the National Flood Insurance
Act of 1968 (42 U.S.C. 4053) is amended—</text>
<subsection id="id183D8355D5D14C66A0CA81229FD49667"><enum>(a)</enum><text display-inline="yes-display-inline">by striking <quote>The insurance
companies</quote> and inserting <quote>(a)
<header-in-text level="subsection" style="OLC">In general</header-in-text>.—The
insurance companies</quote>; and</text>
</subsection><subsection id="id8161776D96014E4D96EE81F9C863E0AD"><enum>(b)</enum><text>by adding at the
end the following:</text>
<quoted-block display-inline="no-display-inline" id="idBEDE4D4877C04229BE4FE2FD89E82067" style="OLC">
<subsection id="idA333E9C111514DA9BC3A88222377F0BD"><enum>(b)</enum><header>Alternative
loss allocation system for indeterminate claims</header>
<paragraph id="id375AF50A3311481BA7C7B58222184F6D"><enum>(1)</enum><header>Definitions</header><text>In
this subsection:</text>
<subparagraph id="id3FFF0CFF3C5E42BDB10634E8B4B5E36F"><enum>(A)</enum><header>Indeterminate
loss</header>
<clause id="ID8d34d95396a7485d8b1aa0a24ba7ff21"><enum>(i)</enum><header>In
general</header><text>The term <term>indeterminate loss</term> means, as
determined by an insurance claims adjuster, a loss resulting from physical
damage to or loss of property related thereto located in any State arising from
the combined perils of flood and wind associated with a named storm.</text>
</clause><clause id="ID6a93358e4d854211842d8094861cd884"><enum>(ii)</enum><header>Requirements</header><text>An
insurance claims adjuster shall only determine that a loss is an indeterminate
loss if the claims adjuster determines that—</text>
<subclause id="ID7cbf91a75f22457da4d4274af4ea399f"><enum>(I)</enum><text>no material
remnant of physical buildings or man-made structures remain except building
foundations for the specific property for which the indeterminate claim is
made; and</text>
</subclause><subclause id="id396A5F56043341FE9940F3899164A911"><enum>(II)</enum><text>there is
insufficient or no tangible evidence created, yielded, or otherwise left behind
as a result of the named storm.</text>
</subclause></clause><clause commented="no" display-inline="no-display-inline" id="IDc2a76c6985e840d586a105c697938db5"><enum>(iii)</enum><header>Resolution of
disputes regarding indeterminate loss determinations</header><text>For any
determination of, or determination not to qualify, a loss as an indeterminate
loss by an insurance claims adjuster, or any dispute between a policyholder and
an insurance claims adjuster regarding such a determination, or any dispute
between insurance claims adjusters regarding such a determination, the
policyholder or insurer may, not later than 30 days after receiving notice of
such determination, file an appeal with the arbitration panel established under
paragraph (6).</text>
</clause><clause commented="no" display-inline="no-display-inline" id="id8705D19B1ED544459563B9B342536A64"><enum>(iv)</enum><header>Civil
penalty</header><text>In carrying out any determination relating to an
indeterminate loss, any insurance claims adjuster that knowingly and willfully
makes a false or inaccurate determination shall be subject to a civil penalty
in an amount not to exceed $10,000.</text>
</clause></subparagraph><subparagraph id="IDf85868df865f4727b1e1910486634f00"><enum>(B)</enum><header>Named
storm</header><text>The term <term>named storm</term> has the meaning given the
term in section 12312(a) of the Omnibus Public Land Management Act of
2009.</text>
</subparagraph><subparagraph id="ID33cf872c18d54bf99e08d3aac0116811"><enum>(C)</enum><header>Property</header><text>The
term <term>property</term> means real or personal property that is insured
under a standard insurance policy for loss or damage to structure and
contents.</text>
</subparagraph><subparagraph id="ID25a3dfa06d9041eaa134d74b30295ec4"><enum>(D)</enum><header>Secretary</header><text>The
term <term>Secretary</term> means the Secretary of Homeland Security.</text>
</subparagraph><subparagraph id="ID76e1997e02314f70a1e9a1afa139b485"><enum>(E)</enum><header>Standard
insurance policy</header><text>The term <term>standard insurance policy</term>
means any insurance policy that covers loss or damage to an insured structure
or contents resulting from wind peril (including a State wind pool), water
peril (including insurance provided under this title and private insurance that
covers water peril), or both wind and water perils.</text>
</subparagraph><subparagraph id="idED753C2276A74D56A966E453E4D1EE48"><enum>(F)</enum><header>State wind
pool</header><text>The term <term>State wind pool</term> means an entity
sponsored, run, or controlled by a State for the purposes of selling wind
insurance in a standard insurance policy.</text>
</subparagraph><subparagraph id="IDb8759655b8e9479483ac0a40b935ca3b"><enum>(G)</enum><header>Under
Secretary</header><text>The term <term>Under Secretary</term> means the Under
Secretary for Oceans and Atmosphere.</text>
</subparagraph></paragraph><paragraph id="id832B785E76984E0B88D21B87889D4A8C"><enum>(2)</enum><header>Establishment
of loss allocation formula</header>
<subparagraph id="IDb1198c98d69e4d7593504d8db00f4dc7"><enum>(A)</enum><header>In
general</header><text>Not later than 180 days after the establishment of the
protocol established in subsection (c)(1) of section 12312 of the Omnibus
Public Land Management Act of 2009, the Secretary shall, in consultation with
the Under Secretary, establish by rule a system for allocating losses
among—</text>
<clause id="ID9774028f457840f4bac8aacdb82472d1"><enum>(i)</enum><text>any insurer
(including a State wind pool) that insures losses due to wind peril, or both
wind and water peril; and</text>
</clause><clause id="ID3b989c94202a4f36aeb4ca64b7697b96"><enum>(ii)</enum><text>any insurer
(including the Federal Emergency Management Agency and NFIP Direct) issuing a
standard insurance policy that insures losses due to water peril for properties
that may also be insured against losses caused by wind peril through another
insurer, solely with respect to the amount of losses due to flood insured under
this title.</text>
</clause></subparagraph><subparagraph id="ID81ef88d1beeb4b3e8744a100b5294d0c"><enum>(B)</enum><header>Use of
post-event assessment</header><text>The loss allocation system established
under subparagraph (A) shall—</text>
<clause id="ID95a133357ef040be8e73d28af09d19cc"><enum>(i)</enum><text>incorporate data
available from the Coastal Wind and Water Event Database established under
subsection (f) of section 12312 of the Omnibus Public Land Management Act of
2009; and</text>
</clause><clause id="IDc1902d2882fc478c9184778c979d05f2"><enum>(ii)</enum><text>for each
indeterminate loss, utilize the post-event assessment developed under
subsection (b)(2) of such section 12312, to allocate water damage (flood or
storm surge), associated with a named storm, and wind damage associated with
the same named storm if the Under Secretary certifies such post-event
assessment as having a degree of accuracy of not less than 90 percent in
connection with the specific indeterminate loss for which such assessment is
utilized.</text>
</clause></subparagraph><subparagraph id="idB1C2AC8DF4DF423ABF59B9C6ED9E4CED"><enum>(C)</enum><header>Application of
post-event assessment</header><text>In applying the post-event assessment
developed under subsection (b)(2) of section 12312 of the Omnibus Public Land
Management Act of 2009 in accordance with subparagraph (B), the Secretary shall
develop a standard formula to determine the loss allocation for a specific
property. Such formula shall consider—</text>
<clause id="ID08bf2a058b264c50b6673b56edfc1140"><enum>(i)</enum><text>relevant data
provided on the FEMA Elevation Certificate for each indeterminate loss
determined under this subsection;</text>
</clause><clause id="idC384030D0FCB45FE9C2968712D0A4BB7"><enum>(ii)</enum><text>any sufficient
and credible evidence, approved by the Secretary, of the pre-event condition of
a specific property, including the findings of any policyholder or insurance
claims adjuster in connection with the indeterminate loss to that specific
property; and</text>
</clause><clause id="ID9119b21fc3794c408f20812c78cc04c7"><enum>(iii)</enum><text>other measures
required to determine and allocate, by mathematical formula, property damage
caused by wind and property damage caused by water associated with the same
named storm.</text>
</clause></subparagraph><subparagraph id="ID25c2c4da5ded47ada3d6ca43c0129161"><enum>(D)</enum><header>Consultation</header><text>In
carrying out subparagraph (A), the Secretary shall consult with the
following:</text>
<clause id="IDbf750d14a60c43f0ac19a892a656b13e"><enum>(i)</enum><text>The Director of
the National Institute of Standards and Technology.</text>
</clause><clause id="ID4718c567ed0049998baa0d7334f74368"><enum>(ii)</enum><text>Such public,
private, and academic sector entities as the Secretary considers appropriate
for purposes of carrying out provisions of such paragraph.</text>
</clause></subparagraph><subparagraph id="ID6db2953038fe446d9e9f688ba36c8a10"><enum>(E)</enum><header>Requirement</header><text>Each
consideration and measure the Secretary determines necessary to carry out the
requirements of subparagraph (A), pursuant to subparagraph (C), shall be
provided for on the National Flood Insurance Program Elevation Certificate, or
maintained otherwise on record if approved by the Secretary, for any properties
that qualify for the alternative loss allocation for indeterminate losses under
this subsection.</text>
</subparagraph><subparagraph id="IDe60cd065e27c4dd68870562478d15abe"><enum>(F)</enum><header>Administrative
procedure</header><text>The loss allocation system established under
subparagraph (A) shall be promulgated by rule in accordance with section 553 of
title 5, United States Code.</text>
</subparagraph></paragraph><paragraph id="IDece23cfff2c54363a1139df23b9b615e"><enum>(3)</enum><header>Allocation of
indeterminate claims</header><text>For each indeterminate loss—</text>
<subparagraph id="idEC73CDD611054ADCBA922F4304A12FEF"><enum>(A)</enum><text>any insurer
(including the Federal Emergency Management Agency and NFIP Direct) issuing a
standard insurance policy that insures losses due to water peril for properties
that may also be insured against losses caused by wind peril through another
insurer, solely with respect to the amount of losses due to flood insured under
this title, shall allocate payments to policyholders in accordance with the
method or methods established by the Secretary pursuant to paragraph
(2)(A);</text>
</subparagraph><subparagraph id="ID24be31edbe4848aa9f4de71f34440385"><enum>(B)</enum><text>any insurer
required to allocate losses due to flood under subparagraph (A) that also
insures losses due to wind peril under a standard insurance policy shall, with
respect to any property for which it issues both flood and wind coverage,
allocate payments to policyholders for losses due to wind peril in accordance
with the method or methods established by the Secretary pursuant to paragraph
2(A);</text>
</subparagraph><subparagraph id="ID5531ead4c1a34e4f884f1a732c8c78cc"><enum>(C)</enum><text>any insurer that
utilizes the services of insurance agents who—</text>
<clause id="ID29e3daaf30ec42b285b9f922d6194a6a"><enum>(i)</enum><text>work exclusively
or predominately for that insurer, and</text>
</clause><clause id="IDd78852460cba476d8afdd8fb6f51e004"><enum>(ii)</enum><text>service flood
insurance business directly through the National Flood Insurance Program
Servicing Agent,</text>
</clause><continuation-text continuation-text-level="subparagraph">shall
allocate payments to policyholders that purchase flood coverage through such
agents in accordance with the method or methods established by the Secretary
pursuant to paragraph (2)(A);</continuation-text></subparagraph><subparagraph id="ID0baca97b6e624f819ad37afbea4397be"><enum>(D)</enum><text>all other
insurers may elect to allocate losses to policyholders in accordance with the
system established by the Secretary pursuant to paragraph (2)(A) if—</text>
<clause id="idBFF34D9E4CC74EEB88898A25E15FC157"><enum>(i)</enum><text>such election is
made by an insurer prior to the time of purchase or renewal of the applicable
policy by the policy holder; and</text>
</clause><clause id="id41557B1005E14C79A7593623A7FF8905"><enum>(ii)</enum><text>the policyholder
is given notice of such election by the insurer; and</text>
</clause></subparagraph><subparagraph id="IDdba3b271fb7c46b5b12a19f1e06bd22c"><enum>(E)</enum><text>the amount of any
claim settled by any insurer of a standard insurance policy with regard to an
allocation of payments made pursuant to subparagraphs (A), (B), (C), or (D)
shall be final and not subject to judicial review.</text>
</subparagraph></paragraph><paragraph id="idE194552D4E5D4145AC791A39C6644C31"><enum>(4)</enum><header>Appeal of loss
allocation determination</header>
<subparagraph id="id84C9DF6D86964FD092C96F28B9D9C0BB"><enum>(A)</enum><header>In
general</header><text>If a policyholder or an insurer of a standard insurance
policy participating in the loss allocation system established under paragraph
(2) is unsatisfied with the allocation of losses made pursuant to subparagraphs
(A), (B), (C), or (D) of paragraph (3), due to sufficient and credible evidence
not considered in such allocation of losses, the policyholder or insurer may,
not later than 30 days after receiving notice of such allocation, file an
appeal with the arbitration panel established under paragraph (6).</text>
</subparagraph><subparagraph id="id94245B70C1F14C6998645B551B9A7A8E"><enum>(B)</enum><header>Limitation</header><text>An
appeal filed under subparagraph (A) may only be filed with respect to the
amount of any claim determined pursuant to this subsection, and no appeal shall
be heard or accepted with respect to the validity, efficacy, applicability, or
use of the loss allocation formula established under paragraph (2).</text>
</subparagraph></paragraph><paragraph id="idA8D465AF87604E52858BD92C399F4C79"><enum>(5)</enum><header>Loss allocation
and payment of policyholder claims prior to determination</header>
<subparagraph id="id050017D577564CFBAC0B3B0AE4B91F1B"><enum>(A)</enum><header>Good faith
allocations</header><text>Nothing in this subsection shall be construed to
prohibit an insurer (including a State wind pool) from—</text>
<clause id="id5FBAA86D4BB64A5AA92B2B3326B1BDEB"><enum>(i)</enum><text>allocating losses
in good faith with respect to a specific property prior to the determination of
the indeterminate loss allocation for such property under this
subsection;</text>
</clause><clause id="id45310E10EBA4469EBFD37AE8AF86EE6C"><enum>(ii)</enum><text>paying
policyholder claims for losses to such property based on the good faith
allocation under clause (i), provided that such payment does not exceed the
lowest coverage limit amount for a loss under the standard insurance policy of
the policyholder; and</text>
</clause><clause id="id58063F3E1E20463BA7A8F344EB201162"><enum>(iii)</enum><text>immediately
after the determination of the indeterminate loss allocation for such property
under this subsection reconciling amounts paid to the policyholder to conform
with such indeterminate loss allocation determination.</text>
</clause></subparagraph><subparagraph id="id05D83A6D2572471A888A29C6E5BB0D0D"><enum>(B)</enum><header>Settlement of
claims not determined to be indeterminate losses</header>
<clause id="id7A7591FA93214B01B127D70FB7825D9A"><enum>(i)</enum><header>In
general</header><text>If a claim with respect to a specific property is settled
by an insurer (including a State wind pool or an insurer of a standard
insurance policy) pursuant to subparagraph (A), and it is later determined the
specific property does not qualify for the loss allocation formula pursuant to
this subsection, the insurer and the Secretary shall work in good faith to
settle the claim.</text>
</clause><clause id="id5AABDA7FA8B74C54BA0DD556F3EEF981"><enum>(ii)</enum><header>Resolution of
disputes</header><text>If during the process of settling a claim under clause
(i) there arises a dispute between any of the parties involved in that claim,
any such party may file an action to have such dispute settled by the
arbitration panel established under paragraph (6).</text>
</clause></subparagraph></paragraph><paragraph id="id08D97B7123F541D08B79D734FA00868F"><enum>(6)</enum><header>Arbitration
panel</header>
<subparagraph id="ID84e1c64dcdd347dcabcaf9c2e7dd17e6"><enum>(A)</enum><header>Establishment</header><text>The
Administrator of the Federal Emergency Management Agency shall establish an
arbitration panel to efficiently and clearly resolve—</text>
<clause id="id09E8711E995947E495F05C5571E88D3F"><enum>(i)</enum><text>appeals relating
to the loss allocation system for resolving indeterminate claims established
under this subsection; and</text>
</clause><clause id="id411A69F1985B4B8386626675B6347D08"><enum>(ii)</enum><text>any other
actions brought to the panel pursuant to this subsection.</text>
</clause></subparagraph><subparagraph id="ID9b87c0e4c672406ea2e25a55e0cc0ef1"><enum>(B)</enum><header>Membership</header><text>The
arbitration panel established under subparagraph (A) shall be comprised of 5
members.</text>
</subparagraph><subparagraph id="IDd8608135722c448696a28d91d302a19a"><enum>(C)</enum><header>Administrative
law expertise required</header><text>At least 1 member of the arbitration panel
established under subparagraph (A) shall have expertise in administrative
law.</text>
</subparagraph><subparagraph id="ID26afb041b379428e90b0f21b27ed68e2"><enum>(D)</enum><header>No FEMA
employees</header><text>No member of the arbitration panel established under
subparagraph (A) may be a current employee of the Federal Emergency Management
Agency.</text>
</subparagraph><subparagraph id="IDdb5f8ad09b1249e584226a58f0a4f3f8"><enum>(E)</enum><header>Independence</header><text>Each
member of the arbitration panel established under subparagraph (A) shall be
independent and neutral.</text>
</subparagraph></paragraph><paragraph id="id1CFD27BC9D7C4C86930C200B64426A35"><enum>(7)</enum><header>Opt-out</header><text>After
the date of enactment of this subsection, and only after the occurrence of a
named storm, if there is mutual agreement between an insurer and its insured
policyholder, such parties may elect to opt out of the requirements of this
subsection, provided that the document or form used to represent such agreement
is approved in advance by the Secretary.</text>
</paragraph><paragraph id="idE4358D6E849B47AB9D411F7A83092AD3"><enum>(8)</enum><header>Opt-in</header><text>Nothing
in this subsection shall be construed to prevent or prohibit an insurer
(including a State wind pool or an insurer of a standard insurance policy) from
allocating all losses associated with a named storm pursuant to the
requirements of this subsection.</text>
</paragraph><paragraph id="ID0d7ed9fb2efa4bb1b6445ad8eeda4937"><enum>(9)</enum><header>Rule of
construction</header><text>Nothing in this subsection shall be construed to
negate, set aside, or void any policy limit, including any loss limitation, set
forth in a standard insurance policy (including such policies covering wind and
water, State wind pool, and any insurance policy provided in accordance with
this title).</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id74822438BF1B4E029A9277B8F16B7DF6"><enum>(10)</enum><header>Applicability</header><text>Paragraph
(3) shall apply with respect to named storms that occur after the establishment
of the indeterminate loss allocation formula pursuant to paragraph
(2).</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><enum>II</enum><header>Flood Insurance
Reauthorization</header>
<section id="id58BB7A181CF84997B7F1EF38942B39BB"><enum>201.</enum><header>Short
title</header><text display-inline="no-display-inline">This title may be cited
as the <quote>Flood Insurance Reauthorization Act of 2011</quote>.</text>
</section><section id="HB243AA8E71FE4AB9915C1AEC7636FB39"><enum>202.</enum><header>Extensions</header>
<subsection id="H2D55C5B7F7AA4C36B7E627CC292BAACF"><enum>(a)</enum><header>Extension of
program</header><text display-inline="yes-display-inline">Section 1319 of the
National Flood Insurance Act of 1968 (42 U.S.C. 4026) is amended by striking
<quote>September 30, 2011</quote> and inserting <quote>September 30,
2016</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="HEBEAEFC8568A4BAFBE02DC80ACD6155B"><enum>(b)</enum><header>Extension of
financing</header><text display-inline="yes-display-inline">Section 1309(a) of
such Act (42 U.S.C. 4016(a)) is amended by striking <quote>September 30,
2011</quote> and inserting <quote>September 30, 2016</quote>.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="id753B6BFBD92D4DBCB59F255A4527326B"><enum>203.</enum><header>Reform of
premium rates for newly insured and lapsed policies</header>
<subsection commented="no" display-inline="no-display-inline" id="id1D18D411A65C43ECA252D569F121F3D7"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 1307 of the
National Flood Insurance Act of 1968 (42 U.S.C. 4014) is amended by adding at
the end the following:</text>
<quoted-block display-inline="no-display-inline" id="idF0CA1D0C70A84199B946548F535A5855" style="OLC">
<subsection id="id23E193DD674E4802A670A3BF9F09B510"><enum>(g)</enum><header>No extension of
subsidy to new policies or lapsed policies</header><text>The Director shall not
provide flood insurance to prospective insureds at rates less than those
estimated under subsection (a)(1), as required by paragraph (2) of that
subsection, for—</text>
<paragraph id="id2F9FF914B87C42C688A52A9AB22A20F2"><enum>(1)</enum><text>any property not
insured by the flood insurance program as of the date of enactment of the Flood
Insurance Reauthorization Act of 2011; and</text>
</paragraph><paragraph id="idFB895AE4B92142C0A4F4A4D6A0D2E711"><enum>(2)</enum><text>any policy under
the flood insurance program that has lapsed in coverage, as a result of the
deliberate choice of the holder of such
policy.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id83CAFD50B3174F688D7C8700556FA63F"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by paragraph (1) shall become effective
90 days after the date of the enactment of this title.</text>
</subsection></section><section id="id5FFB0743826D4C78932738104967D6EE"><enum>204.</enum><header>Premium rate
adjustment for current policyholders</header><text display-inline="no-display-inline">Section 1308 of the National Flood Insurance
Act of 1968 (42 U.S.C. 4015) is amended by adding at the end the
following:</text>
<quoted-block display-inline="no-display-inline" id="id15667796972C4B71898D15FC63318976" style="OLC">
<subsection id="id405C391C3164412DAD1AB286CA11D460"><enum>(g)</enum><header>Premium
adjustment To reflect current risk of flood</header><text display-inline="yes-display-inline">Notwithstanding subsection (f), and upon
completion of the updating of any flood insurance rate map under this Act or
the Flood Disaster Protection Act of 1973, any property located in an area that
is participating in the national flood insurance program shall have the risk
premium rate charged for flood insurance on such property adjusted to
accurately reflect the current risk of flood to such property, subject to any
other provision of this Act. Any increase in the risk premium rate charged for
flood insurance on any property that is covered by a flood insurance policy on
the date of completion of such updating or remapping that is a result of such
updating or remapping shall be phased in over a 5-year period at the rate of 20
percent per
year.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="id3699BDFC6EB34B068CCE25B84EE4822F"><enum>205.</enum><header>State
chartered financial institutions</header><text display-inline="no-display-inline">Section 1305(c) of the National Flood
Insurance Act of 1968 (42 U.S.C. 4012(c)) is amended—</text>
<paragraph id="id86BEE639CBB841DAAEA49638F936796C"><enum>(1)</enum><text display-inline="yes-display-inline">in paragraph (1), by striking <quote>;
and</quote> and inserting a semicolon;</text>
</paragraph><paragraph id="idCFACD6DF6DB5490BA99BFA40AF6036DD"><enum>(2)</enum><text>in paragraph (2),
by striking the period at the end and inserting <quote>; and</quote>;
and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="idBB9AA4CF82344A3B8BE41785869F468C"><enum>(3)</enum><text>by adding at the
end the following:</text>
<quoted-block display-inline="no-display-inline" id="idD261789C306F41A39B2F0B57CAB564DD" style="OLC">
<paragraph commented="no" display-inline="no-display-inline" id="id590A48C05F624FEBA0E7A7720308817E"><enum>(3)</enum><text>given
satisfactory assurance that by December 31, 2012, lending institutions
chartered by a State, and not insured by the Federal Deposit Insurance
Corporation or by the National Credit Union Share Insurance Fund administered
by the National Credit Union Administration, shall be subject to regulations by
that State that are consistent with the requirements of section 102 of the
Flood Disaster Protection Act of 1973 (42 U.S.C.
4012a).</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="id4EE6B7B7812C4EEAA7791F70BA42AA73"><enum>206.</enum><header>Enforcement</header><text display-inline="no-display-inline">Section 102(f)(5) of the Flood Disaster
Protection Act of 1973 (42 U.S.C. 4012a(f)(5)) is amended—</text>
<paragraph id="idC7131B9ADBBE406FA3A94AA8953D46EF"><enum>(1)</enum><text display-inline="yes-display-inline">in the first sentence, by striking
<quote>$350</quote> and inserting <quote>$2,000</quote>; and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id23FC91E2C78C44A3B00F22B873A00ABC"><enum>(2)</enum><text>by striking the
second sentence.</text>
</paragraph></section><section id="idCB2B31D54CE6485DB5F49698BDA0149B"><enum>207.</enum><header>Escrow of
flood insurance payments</header>
<subsection id="id7AA8F629C97A41E7AF2FFD99CD6E0EDE"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 102(d) of the
Flood Disaster Protection Act of 1973 (42 U.S.C. 4012a(d)) is amended—</text>
<paragraph id="idF68CE37E525242E797F6EA590D843655"><enum>(1)</enum><text display-inline="yes-display-inline">by amending paragraph (1) to read as
follows:</text>
<quoted-block display-inline="no-display-inline" id="idD8691B843D2F4780B774ED6DC3CD3F0B" style="OLC">
<paragraph id="id9C7A0A235D1B4E95B282756137735BCD"><enum>(1)</enum><header>Regulated
lending institutions</header>
<subparagraph id="id9EFAC0184B4F442595DD4D0E1A15A49F"><enum>(A)</enum><header>Federal
entities responsible for lending regulations</header><text>Each Federal entity
for lending regulation (after consultation and coordination with the Federal
Financial Institutions Examination Council) shall, by regulation, direct that
any premiums and fees for flood insurance under the National Flood Insurance
Act of 1968, on any property for which a loan has been made for acquisition or
construction purposes, shall be paid to the mortgage lender, with the same
frequency as payments on the loan are made, for the duration of the loan. Upon
receipt of any premiums or fees, the lender shall deposit such premiums and
fees in an escrow account on behalf of the borrower. Upon receipt of a notice
from the Director or the provider of the flood insurance that insurance
premiums are due, the remaining balance of an escrow account shall be paid to
the provider of the flood insurance.</text>
</subparagraph><subparagraph id="idEB662BDED56D4A3A8EABD45254A05CD5"><enum>(B)</enum><header>State entities
responsible for lending regulations</header><text>In order to continue to
participate in the flood insurance program, each State shall direct that its
entity or agency with primary responsibility for the supervision of lending
institutions in that State require that premiums and fees for flood insurance
under the National Flood Insurance Act of 1968, on any property for which a
loan has been made for acquisition or construction purposes shall be paid to
the mortgage lender, with the same frequency as payments on the loan are made,
for the duration of the loan. Upon receipt of any premiums or fees, the lender
shall deposit such premiums and fees in an escrow account on behalf of the
borrower. Upon receipt of a notice from such State entity or agency, the
Director, or the provider of the flood insurance that insurance premiums are
due, the remaining balance of an escrow account shall be paid to the provider
of the flood insurance.</text>
</subparagraph></paragraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</paragraph><paragraph id="id79BE03CC4AE844609212A698E32B9B1B"><enum>(2)</enum><text>by adding at the
end the following:</text>
<quoted-block display-inline="no-display-inline" id="id70042D6982BB40EA8EF5D8D76931A868" style="OLC">
<paragraph id="idBBB9934EE12F4B37987CC98E4DE48F92"><enum>(6)</enum><header>Notice upon
loan termination</header><text>Upon final payment of the mortgage, a regulated
lending institution shall provide notice to the policyholder that insurance
coverage may cease with such final payment. The regulated lending institution
shall also provide direction as to how the homeowner may continue flood
insurance coverage after the life of the
loan.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="idCCBA4CCC271E47A5B7E397A99421BE61"><enum>(b)</enum><header>Applicability</header><text>The
amendment made by subsection (a)(1) shall apply to any mortgage outstanding or
entered into on or after the expiration of the 2-year period beginning on the
date of enactment of this title.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="idCFD2D99B536E4428B295218F293A85AC" section-type="subsequent-section"><enum>208.</enum><header>Removal of
limitation on State contributions for updating flood maps</header><text display-inline="no-display-inline">Section 1360(f)(2) of the National Flood
Insurance Act of 1968 (42 U.S.C. 4101(f)(2)) is amended by striking <quote>,
but which may not exceed 50 percent of the cost of carrying out the requested
revision or update</quote>.</text>
</section><section id="idDBFCA557379446A2BC17A5E5F146DBBA"><enum>209.</enum><header>Notice of
flood insurance availability under RESPA</header><text display-inline="no-display-inline">Section 5(b) of the Real Estate Settlement
Procedures Act of 1974 (12 U.S.C. 2604(b)), as amended by section 1450 of the
Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 11–203;
124 Stat. 2174), is amended by inserting the following after paragraph
(13):</text>
<quoted-block display-inline="no-display-inline" id="id74EC8DDEA4F04789ADD3BA606BA8ED68" style="OLC">
<paragraph id="id88DC7FD11B95498F9CC410A6DCCD83BF"><enum>(14)</enum><text>An explanation
of flood insurance and the availability of flood insurance under the National
Flood Insurance Program, whether or not the real estate is located in an area
having special flood
hazards.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="id83E5880B4FA04319ADBC861FDD6E1A1B"><enum>210.</enum><header>Reiteration of
FEMA responsibilities under the 2004 Reform Act</header>
<subsection id="id673C0B8EB3CE4736A92BC7CC7FCB6CC5"><enum>(a)</enum><header>Minimum
training and education requirements</header><text>The Administrator of the
Federal Emergency Management Agency shall continue to work with the insurance
industry, State insurance regulators, and other interested parties to implement
the minimum training and education standards for all insurance agents who sell
flood insurance policies, as such standards were determined by the
Administrator in the notice published in the Federal Register on September 1,
2005 (70 Fed. Reg. 52117), pursuant to section 207 of the
Bunning-Bereuter-Blumenauer Flood Insurance Reform Act of 2004 (42 U.S.C. 4011
note).</text>
</subsection><subsection id="id90F753D708774922A15EB9CB3BB4753C"><enum>(b)</enum><header>Report on the
overall implementation of the Reform Act of 2004</header><text>Not later than 3
months after the date of the enactment of this title, the Administrator of the
Federal Emergency Management Agency shall submit a report to Congress—</text>
<paragraph id="IDf32dca63fd11413592f61b99f2e0b3d6"><enum>(1)</enum><text>describing the
implementation of each provision of the Bunning-Bereuter-Blumenauer Flood
Insurance Reform Act of 2004 (Public Law 108–264; 118 Stat. 712);</text>
</paragraph><paragraph id="IDacd088cfaf4f46c68d626f6d9b998565"><enum>(2)</enum><text>identifying each
regulation, order, notice, and other material issued by the Administrator in
implementing each provision of that Act;</text>
</paragraph><paragraph id="ID33831a0d085c45b198589e670327a4e9"><enum>(3)</enum><text>explaining any
statutory or implied deadlines that have not been met; and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="ID6c7d0c02297148ff804c33570ab415c3"><enum>(4)</enum><text>providing an
estimate of when the requirements of such missed deadlines will be
fulfilled.</text>
</paragraph></subsection></section>