1.The table of contents
for this Act is as follows:
Sec. 1. Table of contents.
TITLE I—Flood insurance reform and modernization
Sec. 101. Short title.
Sec. 102. Findings.
Sec. 103. Definitions.
Sec. 104. Extension of National Flood Insurance
Program.
Sec. 105. Availability of insurance for multifamily
properties.
Sec. 106. Reform of premium rate structure.
Sec. 107. Mandatory coverage areas.
Sec. 108. Premium adjustment.
Sec. 109. State chartered financial institutions.
Sec. 110. Enforcement.
Sec. 111. Escrow of flood insurance payments.
Sec. 112. Minimum deductibles for claims under the National
Flood Insurance Program.
Sec. 113. Considerations in determining chargeable premium
rates.
Sec. 114. Reserve fund.
Sec. 115. Repayment plan for borrowing authority.
Sec. 116. Payment of condominium claims.
Sec. 117. Technical mapping advisory council.
Sec. 118. National flood mapping program.
Sec. 119. Scope of appeals.
Sec. 120. Scientific Resolution Panel.
Sec. 121. Removal of limitation on State contributions for
updating flood maps.
Sec. 122. Coordination.
Sec. 123. Interagency coordination study.
Sec. 124. Nonmandatory participation.
Sec. 125. Notice of flood insurance availability under
RESPA.
Sec. 126. Participation in State disaster claims mediation
programs.
Sec. 127. Additional authority of FEMA to collect information
on claims payments.
Sec. 128. Oversight and expense reimbursements of insurance
companies.
Sec. 129. Mitigation.
Sec. 130. Flood Protection Structure Accreditation Task
Force.
Sec. 131. Flood in progress determinations.
Sec. 132. Clarification of residential and commercial coverage
limits.
Sec. 133. Local data requirement.
Sec. 134. Eligibility for flood insurance for persons residing
in communities that have made adequate progress on the construction,
reconstruction, or improvement of a flood protection system.
Sec. 135. Studies and reports.
Sec. 136. Reinsurance.
Sec. 137. GAO study on business interruption and additional
living expenses coverages.
Sec. 138. Policy disclosures.
Sec. 139. Report on inclusion of building codes in floodplain
management criteria.
Sec. 140. Study of participation and affordability for certain
policyholders.
Sec. 141. Study and report concerning the participation of
Indian tribes and members of Indian tribes in the National Flood Insurance
Program.
Sec. 142. Technical corrections.
TITLE II—Commission on natural catastrophe risk management and
insurance
Sec. 201. Short title.
Sec. 202. Findings.
Sec. 203. Establishment.
Sec. 204. Membership.
Sec. 205. Duties of the commission.
Sec. 206. Report.
Sec. 207. Powers of the commission.
Sec. 208. Commission personnel matters.
Sec. 209. Termination.
Sec. 210. Authorization of appropriations.
<enum>I</enum><header>Flood insurance
reform and modernization</header>
<section id="ID27db6891304b4dc5b0af9c078d319dbb"><enum>101.</enum><header>Short
title</header><text display-inline="no-display-inline">This title may be cited
as the <quote><short-title>Flood Insurance Reform and
Modernization Act of 2011</short-title></quote>.</text>
</section><section id="IDf8de29d18acf44f989bad1f2d9bb04f1"><enum>102.</enum><header>Findings</header><text display-inline="no-display-inline">Congress finds that—</text>
<paragraph id="IDf475aef9a1f04e11a0f5b4ae4489e617"><enum>(1)</enum><text>the flood
insurance claims resulting from the hurricane season of 2005 exceeded all
previous claims paid by the National Flood Insurance Program;</text>
</paragraph><paragraph id="ID84fd1b86319a48d78ba73e253d52b8f1"><enum>(2)</enum><text>in order to pay
the legitimate claims of policyholders from the hurricane season of 2005, the
Federal Emergency Management Agency has borrowed $19,000,000,000 from the
Treasury;</text>
</paragraph><paragraph id="IDc654978c86ac4c85ba6c8f361e92a611"><enum>(3)</enum><text>the interest
alone on this debt has been as high as $800,000,000 annually, and that the
Federal Emergency Management Agency has indicated that it will be unable to pay
back this debt;</text>
</paragraph><paragraph id="ID8458dc5abe75465093cbb2f79ca135e8"><enum>(4)</enum><text>the flood
insurance program must be strengthened to ensure it can pay future
claims;</text>
</paragraph><paragraph id="IDb9e5791322ce480cb04d77dbe9e0a125"><enum>(5)</enum><text>while flood
insurance is mandatory in the 100-year floodplain, substantial flooding occurs
outside of existing special flood hazard areas;</text>
</paragraph><paragraph id="ID6b3bd42d4c634adf8cb12aeece414978"><enum>(6)</enum><text>events throughout
the country involving areas behind flood control structures, known as
<quote>residual risk</quote> areas, have produced catastrophic losses;</text>
</paragraph><paragraph id="IDbe9f894319404a45919e789aa733ba61"><enum>(7)</enum><text>although such
flood control structures produce an added element of safety and therefore
lessen the probability that a disaster will occur, they are nevertheless
susceptible to catastrophic loss, even though such areas at one time were not
included within the 100-year floodplain; and</text>
</paragraph><paragraph id="IDd5c2d04f54084d4faeae08da87a0cee0"><enum>(8)</enum><text>voluntary
participation in the National Flood Insurance Program has been minimal and many
families residing outside the 100-year floodplain remain unaware of the
potential risk to their lives and property.</text>
</paragraph></section><section id="IDf46d2ecbb58846dc83e2943df2c3d075"><enum>103.</enum><header>Definitions</header>
<subsection id="ID8a00a712ee18467ab04180eb1a3be384"><enum>(a)</enum><header>In
General</header><text>In this title, the following definitions shall
apply:</text>
<paragraph id="ID1321c21fa0ff4299942ba8c64bdb78f5"><enum>(1)</enum><header>100-Year
floodplain</header><text>The term <term>100-year floodplain</term> means that
area which is subject to inundation from a flood having a 1-percent chance of
being equaled or exceeded in any given year.</text>
</paragraph><paragraph id="ID48a2d36d4d324cfba44b2b454b41dda1"><enum>(2)</enum><header>500-Year
floodplain</header><text>The term <term>500-year floodplain</term> means that
area which is subject to inundation from a flood having a 0.2-percent chance of
being equaled or exceeded in any given year.</text>
</paragraph><paragraph id="id9C233E5603444F2291DEEEB7BD7E0AA6"><enum>(3)</enum><header>Administrator</header><text>The
term <term>Administrator</term> means the Administrator of the Federal
Emergency Management Agency.</text>
</paragraph><paragraph id="ID641eb1400c1f4d92ae7101aac914d931"><enum>(4)</enum><header>National flood
insurance program</header><text>The term <term>National Flood Insurance
Program</term> means the program established under the National Flood Insurance
Act of 1968 (42 U.S.C. 4011 et seq.).</text>
</paragraph><paragraph id="ID76e3227d7336435dbf0564f11e2656b3"><enum>(5)</enum><header>Write your
own</header><text>The term <term>Write Your Own</term> means the cooperative
undertaking between the insurance industry and the Federal Insurance
Administration which allows participating property and casualty insurance
companies to write and service standard flood insurance policies.</text>
</paragraph></subsection><subsection id="ID78088f08cba047c1bf1d0a188f1fabfd"><enum>(b)</enum><header>Common
terminology</header><text>Except as otherwise provided in this title, any terms
used in this title shall have the meaning given to such terms under section
1370 of the National Flood Insurance Act of 1968 (42 U.S.C. 4121).</text>
</subsection></section><section id="ID5886e73bce454639ad71101603d4685d"><enum>104.</enum><header>Extension of
National Flood Insurance Program</header>
<subsection id="idD4E38BF3D38F4FE795DC22AEA4EA61F5"><enum>(a)</enum><header>Financing</header><text display-inline="yes-display-inline">Section 1309(a) of the National Flood
Insurance Act of 1968 (42 U.S.C. 4016(a)) is amended by striking
<quote>2011</quote> and inserting <quote>2016</quote></text>
</subsection><subsection id="idC902C2429A974D29B635852AE72CA94E"><enum>(b)</enum><header>Program
expiration</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>2011</quote> and inserting <quote>2016</quote>.</text>
</subsection></section><section id="IDfac7473485d7457ba26e01250c859285"><enum>105.</enum><header>Availability
of insurance for multifamily properties</header><text display-inline="no-display-inline">Section 1305 of the National Flood Insurance
Act of 1968 (42 U.S.C. 4012) is amended—</text>
<paragraph id="id7AF89A271E8F45268DE1747A6A327AA5"><enum>(1)</enum><text display-inline="yes-display-inline">in subsection (b)(2)(A), by inserting
<quote>not described in subsection (a) or (d)</quote> after
<quote>properties</quote>; and</text>
</paragraph><paragraph id="idC3FD0FA0288D4883B12029FB204485E4"><enum>(2)</enum><text display-inline="yes-display-inline">by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id5DCC5D7237A349E2A7EB0491CA8D9684" style="OLC">
<subsection id="IDd6cc2615b21e4318baa522b5392df822"><enum>(d)</enum><header>Availability of
Insurance for Multifamily Properties</header>
<paragraph id="IDd10c800cabde4398aa550de719bcf829"><enum>(1)</enum><header>In
general</header><text>The Administrator shall make flood insurance available to
cover residential properties of more than 4 units. Notwithstanding any other
provision of law, the maximum coverage amount that the Administrator may make
available under this subsection to such residential properties shall be equal
to the coverage amount made available to commercial properties.</text>
</paragraph><paragraph id="ID984d706d08734dd68f3b5959c13e635e"><enum>(2)</enum><header>Rule of
construction</header><text>Nothing in this subsection shall be construed to
limit the ability of individuals residing in residential properties of more
than 4 units to obtain insurance for the contents and personal articles located
in such
residences.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="IDc684564a7ddc4051a5a0cab8a1ed14d9"><enum>106.</enum><header>Reform of
premium rate structure</header>
<subsection id="ID67cb8c9ab3744386bd09def99818c9fe"><enum>(a)</enum><header>To Exclude
Certain Properties From Receiving Subsidized Premium Rates</header>
<paragraph id="ID882e0ba4b273413ca3e3b512af3a9332"><enum>(1)</enum><header>In
general</header><text>Section 1307 of the National Flood Insurance Act of 1968
(42 U.S.C. 4014) is amended—</text>
<subparagraph id="ID976245e817184e538b46b06f6711b7eb"><enum>(A)</enum><text>in subsection
(a)(2), by striking <quote>; and</quote> and inserting the following: “, except
that the Administrator shall not estimate rates under this paragraph
for—</text>
<quoted-block display-inline="no-display-inline" id="idB6B8F62B6A034313AA0794C758CB47F8" style="OLC">
<subparagraph id="IDf78e7e68283b47c0ae0a5a6602269771"><enum>(A)</enum><text>any property
which is not the primary residence of an individual;</text>
</subparagraph><subparagraph id="IDbf31d68be15446078df7085fa74c21d6"><enum>(B)</enum><text>any severe
repetitive loss property;</text>
</subparagraph><subparagraph id="ID0cdfccfd4a6d4088a6fb82881b443ec5"><enum>(C)</enum><text>any property that
has incurred flood-related damage in which the cumulative amounts of payments
under this title equaled or exceeded the fair market value of such
property;</text>
</subparagraph><subparagraph id="ID9610202ace624df694569e8b8a64d9a3"><enum>(D)</enum><text>any business
property; or</text>
</subparagraph><subparagraph id="IDc0d5791e584243789ede4a68c1e983cc"><enum>(E)</enum><text>any property
which on or after the date of the enactment of the
<short-title>Flood Insurance Reform and Modernization Act
of 2011</short-title> has experienced or sustained—</text>
<clause id="ID302ccf71fdcb4a708337f875ad54082a"><enum>(i)</enum><text>substantial
damage exceeding 50 percent of the fair market value of such property;
or</text>
</clause><clause id="ID51d1b499b91f4f1a8093b387820ee30a"><enum>(ii)</enum><text>substantial
improvement exceeding 30 percent of the fair market value of such property;
and</text>
</clause></subparagraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="ID39ec06ac73f84068a39bb1c615f75582"><enum>(B)</enum><text>by adding at the
end the following:</text>
<quoted-block display-inline="no-display-inline" id="id050F4C686D5D4CFD802B033A8C1400A0" style="OLC">
<subsection id="ID8dc802ad38a44bfe9cb6f4533b59f2c8"><enum>(g)</enum><header>No Extension of
Subsidy to New Policies or Lapsed Policies</header><text>The Administrator
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="ID9c7bcbfc9b5141fbbae50962451dbada"><enum>(1)</enum><text>any property not
insured by the flood insurance program as of the date of the enactment of the
<short-title>Flood Insurance Reform and Modernization Act
of 2011</short-title>;</text>
</paragraph><paragraph id="IDb5d119c015dd4cc39cb57634b4058353"><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; or</text>
</paragraph><paragraph id="IDf7fd880b4f67492a899cf5fc22208b2a"><enum>(3)</enum><text>any prospective
insured who refuses to accept any offer for mitigation assistance by the
Administrator (including an offer to relocate), including an offer of
mitigation assistance—</text>
<subparagraph id="IDd04a43f414c0492786131b4a34e3ae6e"><enum>(A)</enum><text>following a major
disaster, as defined in section 102 of the Robert T. Stafford Disaster Relief
and Emergency Assistance Act (42 U.S.C. 5122); or</text>
</subparagraph><subparagraph id="IDfc95a5048bfd49f38bd4d2a8a58999c9"><enum>(B)</enum><text>in connection
with—</text>
<clause id="IDe79653256f354874b77b318da9d48759"><enum>(i)</enum><text>a
repetitive loss property; or</text>
</clause><clause id="IDfdc875423d164cc9b05870f3b1a57f11"><enum>(ii)</enum><text>a severe
repetitive loss property.</text>
</clause></subparagraph></paragraph></subsection><subsection id="idFC9EB9BF447A4BDE93F43A7E0042D244"><enum>(h)</enum><header>Definition</header><text>In
this section, the term <term>severe repetitive loss property</term> has the
following meaning:</text>
<paragraph id="id196ED47482284C7BA6304E337498D762"><enum>(1)</enum><header>Single-family
properties</header><text>In the case of a property consisting of 1 to 4
residences, such term means a property that—</text>
<subparagraph id="id2AF40C63E6CB41018FE90111BD18B0D2"><enum>(A)</enum><text>is covered under
a contract for flood insurance made available under this title; and</text>
</subparagraph><subparagraph id="id6918711581B444648E9ED97E6F0CCBDD"><enum>(B)</enum><text>has incurred
flood-related damage—</text>
<clause id="id35A77B39751F4095B25FE40DAB66455F"><enum>(i)</enum><text>for which 4 or
more separate claims payments have been made under flood insurance coverage
under this chapter, with the amount of each such claim exceeding $5,000, and
with the cumulative amount of such claims payments exceeding $20,000; or</text>
</clause><clause id="idF55FA2F3CB004930B100E9E7324B1602"><enum>(ii)</enum><text>for which at
least 2 separate claims payments have been made under such coverage, with the
cumulative amount of such claims exceeding the value of the property.</text>
</clause></subparagraph></paragraph><paragraph id="idA608D006D2B7448AB271435DE3E48AFC"><enum>(2)</enum><header>Multifamily
properties</header><text>In the case of a property consisting of more than 4
units, such term shall have such meaning as the Director shall by regulation
provide.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="ID02ca2c16a5eb44b79ed0b74c19a06643"><enum>(2)</enum><header>Effective
date</header><text>The amendments made by paragraph (1) shall become effective
90 days after the date of the enactment of this Act.</text>
</paragraph></subsection><subsection id="idA463950701584F33BC94B4309D7385D0"><enum>(b)</enum><header>Estimates of
premium rates</header><text display-inline="yes-display-inline">Section
1307(a)(1)(B) of the National Flood Insurance Act of 1968 (42 U.S.C.
4014(a)(1)(B)) is amended—</text>
<paragraph id="id1D41AEC8E5D94A8F915D76CBE80B5FD1"><enum>(1)</enum><text>in clause (ii),
by striking <quote>and</quote> at the end;</text>
</paragraph><paragraph id="idAD5A413439E24C2EBAE7317E610C4F8A"><enum>(2)</enum><text>in clause (iii),
by adding <quote>and</quote> at the end; and</text>
</paragraph><paragraph id="id5C348FD058A34668B3E9DD2A7D44C8E2"><enum>(3)</enum><text>by inserting
after clause (iii) the following:</text>
<quoted-block display-inline="no-display-inline" id="idEC8BAFB8059A46EE911AD20E0ED6FF37" style="OLC">
<clause id="id2C8EE8706FF441DEABB320FACC824ACE"><enum>(iv)</enum><text>all costs, as
prescribed by principles and standards of practice in ratemaking adopted by the
American Academy of Actuaries and the Casualty Actuarial Society,
including—</text>
<subclause id="idADA33329A8DE451C838044D2718760B9"><enum>(I)</enum><text>an estimate of
the expected value of future costs,</text>
</subclause><subclause id="id8CCC1294E9784339AF405F306503CD03"><enum>(II)</enum><text>all costs
associated with the transfer of risk, and</text>
</subclause><subclause commented="no" display-inline="no-display-inline" id="idF5FC5B00BFC54BE28C24B19F70A8BDC0"><enum>(III)</enum><text>the costs
associated with an individual risk transfer with respect to risk classes, as
defined by the
Administrator,</text>
</subclause></clause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="ID3bf0986a7b7844aa9b2ba9f0045ccc01"><enum>(c)</enum><header>Increase in
Annual Limitation on Premium Increases</header><text>Section 1308(e) of the
National Flood Insurance Act of 1968 (42 U.S.C. 4015(e)) is amended—</text>
<paragraph id="ID110f76c66d73416d921ceb35c7cee047"><enum>(1)</enum><text>by striking
<quote>under this title for any properties within any single</quote> and
inserting the following: “under this title for any properties—</text>
<quoted-block display-inline="no-display-inline" id="id568627D302EA4C68AEF29D65445322B8" style="OLC">
<paragraph id="ID2bd6ed4a76c547a992cc26bec76b5705"><enum>(1)</enum><text>within any
single</text>
</paragraph><after-quoted-block>;
</after-quoted-block></quoted-block>
</paragraph><paragraph id="ID186b20b9b3d94462931174cf4a00785c"><enum>(2)</enum><text>by striking
<quote>10 percent</quote> and inserting <quote>15 percent</quote>; and</text>
</paragraph><paragraph id="ID04312144de734178839f555928798356"><enum>(3)</enum><text>by striking the
period at the end and inserting the following: “; and</text>
<quoted-block display-inline="no-display-inline" id="idD10F59B93C2644CFA1014C8E68228AEE" style="OLC">
<paragraph id="ID5ff64a57e1514524b1380ab22f8f0741"><enum>(2)</enum><text>described in
subparagraphs (A) through (E) of section 1307(a)(2) shall be increased by 25
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).</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="ID88a381b981894620a69bba57888e12b0"><enum>(d)</enum><header>Premium payment
flexibility for new and existing policyholders</header><text>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="idEE653C16B23D42EA8FA127748375BAA0" style="OLC">
<subsection id="ID1db66119e99b4e1997130ae1358cb4eb"><enum>(g)</enum><header>Frequency of
premium collection</header><text>With respect to any chargeable premium rate
prescribed under this section, the Administrator shall provide policyholders
that are not required to escrow their premiums and fees for flood insurance as
set forth under section 102 of the Flood Disaster Protection Act of 1973 (42
U.S.C. 4012a) with the option of paying their premiums either annually or in
more frequent
installments.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="ID382f661af2db4b86a1c4ea5af4dc6f9c"><enum>107.</enum><header>Mandatory
coverage areas</header>
<subsection id="ID365158a3bcc5479d885a91370fcafdc7"><enum>(a)</enum><header>Special Flood
Hazard Areas</header><text>Not later than 90 days after the date of the
enactment of this Act, the Administrator shall issue final regulations
establishing a revised definition of areas of special flood hazards for
purposes of the National Flood Insurance Program.</text>
</subsection><subsection id="ID1102a1c9f341489288afa12857e9b16a"><enum>(b)</enum><header>Residual risk
areas</header><text>The regulations required by subsection (a) shall require
the expansion of areas of special flood hazards to include areas of residual
risk that are located behind levees or near dams or other flood control
structures, as determined by the Administrator.</text>
</subsection><subsection id="IDc30ba0bb243c438ea10fffbd7d09b957"><enum>(c)</enum><header>Mandatory
participation in national flood insurance program</header>
<paragraph id="ID1d13abe962a249d599deb82cd023c43c"><enum>(1)</enum><header>In
general</header><text>Any area described in subsection (b) shall be subject to
the mandatory purchase requirements of sections 102 and 202 of the Flood
Disaster Protection Act of 1973 (42 U.S.C. 4012a, 4106).</text>
</paragraph><paragraph id="ID2194a0e275d44eab945eff7edff9065c"><enum>(2)</enum><header>Limitation</header><text>The
mandatory purchase requirement under paragraph (1) shall have no force or
effect until the mapping of all residual risk areas in the United States that
the Administrator determines essential in order to administer the National
Flood Insurance Program, as required under section 118, are in the maintenance
phase.</text>
</paragraph><paragraph id="ID681285b4218848c485830820a95a4bd3"><enum>(3)</enum><header>Accurate
pricing</header><text>In carrying out the mandatory purchase requirement under
paragraph (1), the Administrator shall ensure that the price of flood insurance
policies in areas of residual risk accurately reflects the level of flood
protection provided by any levee, dam, or other flood control structure in such
area, regardless of the certification status of the flood control
structure.</text>
</paragraph></subsection><subsection id="IDba940a71530943e7a4a5be5b26ddfdb9"><enum>(d)</enum><header>Decertification</header><text>Upon
decertification of any levee, dam, or flood control structure under the
jurisdiction of the Army Corps of Engineers, the Corps shall immediately
provide notice to the Administrator of the National Flood Insurance
Program.</text>
</subsection></section><section id="IDc6a1bb4dd937450c85fe3254d71d6a3e"><enum>108.</enum><header>Premium
adjustment</header><text display-inline="no-display-inline">Section 1308 of the
National Flood Insurance Act of 1968 (42 U.S.C. 4015), as amended by section
106(c), is further amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id78BBE20E79F44D33812D0A4E1432D6D1" style="OLC">
<subsection id="IDdba8dc9f98524a30ac85dd35c415a572"><enum>(h)</enum><header>Premium
Adjustment To Reflect Current Risk of Flood</header><text>Notwithstanding
subsection (f), upon the effective date of any revised or updated flood
insurance rate map under this Act, the Flood Disaster Protection Act of 1973,
or the <short-title>Flood Insurance Reform and
Modernization Act of 2011</short-title>, 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 effective date of such an update that is a result of such updating shall be
phased in over a 4-year period, at the rate of 40 percent for the first year
following such effective date and 20 percent for each of the second, third, and
fourth years following such effective date. In the case of any area that was
not previously designated as an area having special flood hazards and that,
pursuant to any issuance, revision, updating, or other change in a flood
insurance map, becomes designated as such an area, the chargeable risk premium
rate for flood insurance under this title that is purchased on or after the
date of enactment of this subsection with respect to any property that is
located within such area shall be phased in over a 4-year period, at the rate
of 40 percent for the first year following the effective date of such issuance,
revision, updating, or change and 20 percent for each of the second, third, and
fourth years following such effective
date.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="IDef79ea3d7a294339b37e5f92f4e7f665"><enum>109.</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="IDe31c2085d435465ca32fca27472ab06a"><enum>(1)</enum><text>in paragraph (1),
by striking <quote>, and</quote> and inserting a semicolon;</text>
</paragraph><paragraph id="IDde73d363933d4ee99b96a97f7b2a99bf"><enum>(2)</enum><text>in paragraph (2),
by striking the period at the end and inserting <quote>; and</quote>;
and</text>
</paragraph><paragraph id="IDf51ba75192074d3b9a0b63c18fd0f55a"><enum>(3)</enum><text>by adding at the
end the following:</text>
<quoted-block display-inline="no-display-inline" id="id98A1319EAE954E8FB2E3AF4A128FCFA5" style="OLC">
<paragraph id="ID47649ff560524c8aacdcae82d68bac59"><enum>(3)</enum><text>given
satisfactory assurance that by the date that is 6 months after the date of
enactment of the Flood Insurance Reform and Modernization Act of 2011, lending
institutions chartered by a State, and not insured by the Federal Deposit
Insurance Corporation or 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="ID42635b3a9a3e4736b20cd1ba4055e5e3"><enum>110.</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="ID0e7ebe9f403440bbb6041128e7dbcb6f"><enum>(1)</enum><text>in the first
sentence, by striking <quote>$350</quote> and inserting <quote>$2,000</quote>;
and</text>
</paragraph><paragraph id="IDa497750b69fb4653a41e62fe459dc28e"><enum>(2)</enum><text>by striking the
second sentence.</text>
</paragraph></section><section id="ID0ecb3f5552794cbf850be08ef2634a0c"><enum>111.</enum><header>Escrow of
flood insurance payments</header>
<subsection id="ID4e2b393ec36c47bd81d6d961f62567cc"><enum>(a)</enum><header>In
General</header><text>Section 102(d) of the Flood Disaster Protection Act of
1973 (42 U.S.C. 4012a(d)) is amended—</text>
<paragraph id="IDfccc91944e8542f4b0995bd9143bc44d"><enum>(1)</enum><text>by amending
paragraph (1) to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="id9F1FE22549D242B596BE221C711709E8" style="OLC">
<paragraph id="ID98f9d8364e724084a27febabce81ae2e"><enum>(1)</enum><header>Regulated
lending institutions</header>
<subparagraph id="ID1c9dfecf74e647e09a71f5a864ab75d4"><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 Administrator 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="ID1c380e008e174e8e8dba749c354ec0a7"><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
Administrator, 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="IDd9721e5efdcb4adbbc52c35e089a5f5b"><enum>(2)</enum><text>by adding at the
end the following:</text>
<quoted-block display-inline="no-display-inline" id="idC2B4221557154D039548A5ECA93A091E" style="OLC">
<paragraph id="ID170b16b78ed346dfb2df30f137589218"><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 flood
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="IDaa23fb51d3f745738d0fb80f3342b182"><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 the enactment of this Act.</text>
</subsection></section><section id="id21A901216BA44888BF618678ED171C84"><enum>112.</enum><header>Minimum
deductibles for claims under the National Flood Insurance Program</header><text display-inline="no-display-inline">Section 1312 of the National Flood Insurance
Act of 1968 (42 U.S.C. 4019) is amended—</text>
<paragraph id="id0C8EED3F89C348EA8D6BBFC976ECC96A"><enum>(1)</enum><text>by striking
<quote>The Director is</quote> and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="idA86C256DD6564D7487292D4BEA530198" style="OLC">
<subsection id="idCA2F8FCE171445EE9FBAFEB07B2F9068"><enum>(a)</enum><header>In
general</header><text>The Administrator
is</text>
</subsection><after-quoted-block>; and</after-quoted-block></quoted-block>
</paragraph><paragraph id="id00DFB56ACA354C2194BA38A133CD6936"><enum>(2)</enum><text>by adding at the
end the following:</text>
<quoted-block display-inline="no-display-inline" id="id80760142C13F46AFA4AB2B27FD5DF5A0" style="OLC">
<subsection id="idE9651C829B314496949B7CA14419C290"><enum>(b)</enum><header>Minimum annual
deductible</header>
<paragraph id="id865DB92DDCF94BB6BD40D91AAF8BEDC2"><enum>(1)</enum><header>Pre-firm
properties</header><text>For any structure which is covered by flood insurance
under this title, and on which construction or substantial improvement occurred
on or before December 31, 1974, or before the effective date of an initial
flood insurance rate map published by the Administrator under section 1360 for
the area in which such structure is located, the minimum annual deductible for
damage to such structure shall be—</text>
<subparagraph id="id2D28FF352E064221B9514CA0AA7A5C85"><enum>(A)</enum><text>$1,500, if the
flood insurance coverage for such structure covers loss of, or physical damage
to, such structure in an amount equal to or less than $100,000; and</text>
</subparagraph><subparagraph id="id5697DD59CC0548A58F51A52C23D0F01B"><enum>(B)</enum><text>$2,000, if the
flood insurance coverage for such structure covers loss of, or physical damage
to, such structure in an amount greater than $100,000.</text>
</subparagraph></paragraph><paragraph id="id1C3E7B1F9879478FA5B7161FCA9766A9"><enum>(2)</enum><header>Post-firm
properties</header><text>For any structure which is covered by flood insurance
under this title, and on which construction or substantial improvement occurred
after December 31, 1974, or after the effective date of an initial flood
insurance rate map published by the Administrator under section 1360 for the
area in which such structure is located, the minimum annual deductible for
damage to such structure shall be—</text>
<subparagraph id="id12B4B0EF1194448BA6159CE06F4A058D"><enum>(A)</enum><text>$1,000, if the
flood insurance coverage for such structure covers loss of, or physical damage
to, such structure in an amount equal to or less than $100,000; and</text>
</subparagraph><subparagraph id="idB3382835E65D4C728C19CD082E87E7B1"><enum>(B)</enum><text>$1,250, if the
flood insurance coverage for such structure covers loss of, or physical damage
to, such structure in an amount greater than
$100,000.</text>
</subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="IDb2151dd1eb4d44a8b94aa66d6826133b"><enum>113.</enum><header>Considerations
in determining chargeable premium rates</header><text display-inline="no-display-inline">Section 1308 of the National Flood Insurance
Act of 1968 (42 U.S.C. 4015), as amended by this Act, is amended—</text>
<paragraph id="ID49082a6ca5134b989a6f1ff48d37fd2e"><enum>(1)</enum><text>in subsection
(a), by striking <quote>, after consultation with</quote> and all that follows
through <quote>by regulation</quote> and inserting <quote>prescribe, after
providing notice</quote>;</text>
</paragraph><paragraph id="IDb952dfd4856b42a38ec4964fd100d2e4"><enum>(2)</enum><text>in subsection
(b)—</text>
<subparagraph id="ID95b583824f5c4e64871a7353bf9b7219"><enum>(A)</enum><text>in paragraph (1),
by striking the period at the end and inserting a semicolon;</text>
</subparagraph><subparagraph id="IDd95e029c5ad4417aa198ff79b67f7a3a"><enum>(B)</enum><text>in paragraph (2),
by striking the comma at the end and inserting a semicolon;</text>
</subparagraph><subparagraph id="IDa0efe071a6854df89e253c9f9ff238bf"><enum>(C)</enum><text>in paragraph (3),
by striking <quote>, and</quote> and inserting a semicolon;</text>
</subparagraph><subparagraph id="IDccd494387b634290bff81b1f365b1ec6"><enum>(D)</enum><text>in paragraph (4),
by striking the period and inserting <quote>; and</quote>; and</text>
</subparagraph><subparagraph id="IDa5b26311e6ab4c4e9ca9c9b1b1da3e7d"><enum>(E)</enum><text>by adding at the
end the following:</text>
<quoted-block display-inline="no-display-inline" id="id31E52906508D4252A3F5FB503DCFA974" style="OLC">
<paragraph id="ID41bfe02c8735400a87313c360caf0b59"><enum>(5)</enum><text>adequate, on the
basis of accepted actuarial principles, to cover the average historical loss
year obligations incurred by the National Flood Insurance
Fund.</text>
</paragraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="ID63535fa258a2468a8912775ea94bf68d"><enum>(3)</enum><text>by adding at the
end the following:</text>
<quoted-block display-inline="no-display-inline" id="id8EC352E1422D42258AE182C810E00DF8" style="OLC">
<subsection id="ID982b06b6ad184df79052d729e068d4f8"><enum>(i)</enum><header>Rule of
Construction</header><text>For purposes of this section, the calculation of an
<quote>average historical loss year</quote>—</text>
<paragraph id="IDbabb6521d7a9494885f6056c8686047f"><enum>(1)</enum><text>includes
catastrophic loss years; and</text>
</paragraph><paragraph id="IDfa43e549e9b9406789d82a72ad9dcc59"><enum>(2)</enum><text>shall be computed
in accordance with generally accepted actuarial
principles.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="IDf430e825a7d34e78b5a8fc12ac415b62"><enum>114.</enum><header>Reserve
fund</header><text display-inline="no-display-inline">Chapter I of the National
Flood Insurance Act of 1968 (42 U.S.C. 4011 et seq.) is amended by inserting
after section 1310 (42 U.S.C. 4017) the following:</text>
<quoted-block display-inline="no-display-inline" id="id7578361C2A53461E8BD85ED274898B6A" style="OLC">
<section id="IDeb0edc99c5b842d8869c528178a50602"><enum>1310A.</enum><header>Reserve
fund</header>
<subsection id="ID1f55a4c8526b4f7d875550a7b14b0db7"><enum>(a)</enum><header>Establishment
of Reserve Fund</header><text>In carrying out the flood insurance program
authorized by this chapter, the Administrator shall establish in the Treasury
of the United States a National Flood Insurance Reserve Fund (in this section
referred to as the <quote>Reserve Fund</quote>) which shall—</text>
<paragraph id="ID51de0b7e17f24604b27c9b655a1a5fbe"><enum>(1)</enum><text>be an account
separate from any other accounts or funds available to the Administrator;
and</text>
</paragraph><paragraph id="IDa5bd086971a448acb96bf8187de57585"><enum>(2)</enum><text>be available for
meeting the expected future obligations of the flood insurance program.</text>
</paragraph></subsection><subsection id="ID7b2cfb8ef52e4829b9e00f0e0c545ece"><enum>(b)</enum><header>Reserve
Ratio</header><text>Subject to the phase-in requirements under subsection (d),
the Reserve Fund shall maintain a balance equal to—</text>
<paragraph id="ID1bbdabdfd0f945579383df4b40457070"><enum>(1)</enum><text>1 percent of the
sum of the total potential loss exposure of all outstanding flood insurance
policies in force in the prior fiscal year; or</text>
</paragraph><paragraph id="IDf50713e4b8bc468fbbf2efaf03e28837"><enum>(2)</enum><text>such higher
percentage as the Administrator determines to be appropriate, taking into
consideration any circumstance that may raise a significant risk of substantial
future losses to the Reserve Fund.</text>
</paragraph></subsection><subsection id="ID80fd710b3ba4470899459d5d2c29a13f"><enum>(c)</enum><header>Maintenance of
Reserve Ratio</header>
<paragraph id="ID56c112ab5a2c43e6a46add1e2ca347d6"><enum>(1)</enum><header>In
general</header><text>The Administrator shall have the authority to establish,
increase, or decrease the amount of aggregate annual insurance premiums to be
collected for any fiscal year necessary—</text>
<subparagraph id="IDfe74ea8615e74a279815279d8d120615"><enum>(A)</enum><text>to maintain the
reserve ratio required under subsection (b); and</text>
</subparagraph><subparagraph id="ID56b44519c2a340f083c4b9db44f26d46"><enum>(B)</enum><text>to achieve such
reserve ratio, if the actual balance of such reserve is below the amount
required under subsection (b).</text>
</subparagraph></paragraph><paragraph id="IDbd7982d36c15472cb7cabaa7a374aba8"><enum>(2)</enum><header>Considerations</header><text>In
exercising the authority granted under paragraph (1), the Administrator shall
consider—</text>
<subparagraph id="ID24a1188c89a946f89df4886dd245b408"><enum>(A)</enum><text>the expected
operating expenses of the Reserve Fund;</text>
</subparagraph><subparagraph id="IDb1d2ffafb63a44928892bf5db46f1e63"><enum>(B)</enum><text>the insurance
loss expenditures under the flood insurance program;</text>
</subparagraph><subparagraph id="IDf9c78cccab354537a4ca33bd21b3afd3"><enum>(C)</enum><text>any investment
income generated under the flood insurance program; and</text>
</subparagraph><subparagraph id="ID8e0ab318d94e4e19892319e492f3d71e"><enum>(D)</enum><text>any other factor
that the Administrator determines appropriate.</text>
</subparagraph></paragraph><paragraph id="ID1563917f426f4729a37890fa9d5156c9"><enum>(3)</enum><header>Limitations</header><text>In
exercising the authority granted under paragraph (1), the Administrator shall
be subject to all other provisions of this Act, including any provisions
relating to chargeable premium rates or annual increases of such rates.</text>
</paragraph></subsection><subsection id="ID613eb3afb8f74feaa1be24e29f369961"><enum>(d)</enum><header>Phase-in
requirements</header><text>The phase-in requirements under this subsection are
as follows:</text>
<paragraph id="ID56be830c7fec4d3aac8c869d19e2c273"><enum>(1)</enum><header>In
general</header><text>Beginning in fiscal year 2012 and not ending until the
fiscal year in which the ratio required under subsection (b) is achieved, in
each such fiscal year the Administrator shall place in the Reserve Fund an
amount equal to not less than 7.5 percent of the reserve ratio required under
subsection (b).</text>
</paragraph><paragraph id="IDb28682db7db644788a1a181b0d841e4c"><enum>(2)</enum><header>Amount
satisfied</header><text>As soon as the ratio required under subsection (b) is
achieved, and except as provided in paragraph (3), the Administrator shall not
be required to set aside any amounts for the Reserve Fund.</text>
</paragraph><paragraph id="IDc78950511a7d49aeaec6128c20e575de"><enum>(3)</enum><header>Exception</header><text>If
at any time after the ratio required under subsection (b) is achieved, the
Reserve Fund falls below the required ratio under subsection (b), the
Administrator shall place in the Reserve Fund for that fiscal year an amount
equal to not less than 7.5 percent of the reserve ratio required under
subsection (b).</text>
</paragraph></subsection><subsection id="ID6e47f4c562fc4df68d3eaf0c306698b6"><enum>(e)</enum><header>Limitation on
Reserve Ratio</header><text>In any given fiscal year, if the Administrator
determines that the reserve ratio required under subsection (b) cannot be
achieved, the Administrator shall submit a report to Congress that—</text>
<paragraph id="ID1ad019d822df4b75b23758ebe2c24a51"><enum>(1)</enum><text>describes and
details the specific concerns of the Administrator regarding the consequences
of the reserve ratio not being achieved;</text>
</paragraph><paragraph id="ID0e7d6d3e074c40deb9c001a88d49959c"><enum>(2)</enum><text>demonstrates how
such consequences would harm the long-term financial soundness of the flood
insurance program; and</text>
</paragraph><paragraph id="ID9201a583459b48cbaef88c07140130e0"><enum>(3)</enum><text>indicates the
maximum attainable reserve ratio for that particular fiscal
year.</text>
</paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="ID8b85425d20db4831aa8d9f796a534f1f"><enum>115.</enum><header>Repayment plan
for borrowing authority</header><text display-inline="no-display-inline">Section 1309 of the National Flood Insurance
Act of 1968 (42 U.S.C. 4016) is amended by adding at the end the
following:</text>
<quoted-block display-inline="no-display-inline" id="id55F038653D114D1E83D10B4199168EAC" style="OLC">
<subsection id="IDd05af94258df4a4895e72b0e714b9e69"><enum>(c)</enum><text>Upon the exercise
of the authority established under subsection (a), the Administrator shall
transmit a schedule for repayment of such amounts to—</text>
<paragraph id="ID8b25744553d44a40af3b326039490d05"><enum>(1)</enum><text>the Secretary of
the Treasury;</text>
</paragraph><paragraph id="IDe87fbb54deb6484c9ffe500f90663206"><enum>(2)</enum><text>the Committee on
Banking, Housing, and Urban Affairs of the Senate; and</text>
</paragraph><paragraph id="ID58b79dd35c3c471a9634321725a33806"><enum>(3)</enum><text>the Committee on
Financial Services of the House of Representatives.</text>
</paragraph></subsection><subsection id="ID1a3ac59a94694887ae84a71562d66f04"><enum>(d)</enum><text>In connection
with any funds borrowed by the Administrator under the authority established in
subsection (a), the Administrator, beginning 6 months after the date on which
such funds are borrowed, and continuing every 6 months thereafter until such
borrowed funds are fully repaid, shall submit a report on the progress of such
repayment to—</text>
<paragraph id="ID5e38459afae642b2a3361e62acffedfb"><enum>(1)</enum><text>the Secretary of
the Treasury;</text>
</paragraph><paragraph id="ID829b2ac3303c4366accab4d3ebf4c6f3"><enum>(2)</enum><text>the Committee on
Banking, Housing, and Urban Affairs of the Senate; and</text>
</paragraph><paragraph id="ID40d00b7b56fd4e25881e31f95db6748b"><enum>(3)</enum><text>the Committee on
Financial Services of the House of
Representatives.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="ID52282d56b58140da8476b8463059a664"><enum>116.</enum><header>Payment of
condominium claims</header><text display-inline="no-display-inline">Section
1312 of the National Flood Insurance Act of 1968 (42 U.S.C. 4019), as amended
by section 112, is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id8B93C1F0ED7F433E82961A766257904A" style="OLC">
<subsection id="ID1d91138a5be24e5a9c383e681de24954"><enum>(c)</enum><header>Payment of
Claims to Condominium Owners</header><text>The Administrator may not deny
payment for any damage to or loss of property which is covered by flood
insurance to condominium owners who purchased such flood insurance separate and
apart from the flood insurance purchased by the condominium association in
which such owner is a member, based solely, or in any part, on the flood
insurance coverage of the condominium association or others on the overall
property owned by the condominium
association.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="ID458abc3c6f424cffbd4fc72f10d278a3"><enum>117.</enum><header>Technical
mapping advisory council</header>
<subsection id="ID95cec7899278433b92e62924593d88ec"><enum>(a)</enum><header>Establishment</header><text>There
is established a council to be known as the Technical Mapping Advisory Council
(in this section referred to as the <quote>Council</quote>).</text>
</subsection><subsection id="IDec650d74738346cfa290aa116cd3ebc7"><enum>(b)</enum><header>Membership</header>
<paragraph id="IDcb946ee5e25d4560aa00b6075576713e"><enum>(1)</enum><header>In
general</header><text>The Council shall consist of the Administrator, or the
designee thereof, and 17 additional members to be appointed by the
Administrator or the designee of the Administrator, who shall be—</text>
<subparagraph id="ID15611e29244c4f37862b8e5d512a3a74"><enum>(A)</enum><text>the Under
Secretary of Commerce for Oceans and Atmosphere (or the designee
thereof);</text>
</subparagraph><subparagraph id="ID93a54f069c514b4698e00ef0c157049a"><enum>(B)</enum><text>a member of a
recognized professional surveying association or organization;</text>
</subparagraph><subparagraph id="ID466d7ec93b8c406aa493a965c34e7472"><enum>(C)</enum><text>a member of a
recognized professional mapping association or organization;</text>
</subparagraph><subparagraph id="IDe4d44331e8af4a81a4a810acbafdda9b"><enum>(D)</enum><text>a member of a
recognized professional engineering association or organization;</text>
</subparagraph><subparagraph id="ID29d28061c1374e0ea75f7e6784caf2b1"><enum>(E)</enum><text>a member of a
recognized professional association or organization representing flood hazard
determination firms;</text>
</subparagraph><subparagraph id="ID5d9a7e0e095543daa32947ae18efbefb"><enum>(F)</enum><text>a representative
of the United States Geological Survey;</text>
</subparagraph><subparagraph id="ID42931cfddbba46e4b3b7598c7f9081db"><enum>(G)</enum><text>a representative
of a recognized professional association or organization representing State
geographic information;</text>
</subparagraph><subparagraph id="IDeb1c7da935cd4ab0b46195973eab5ff0"><enum>(H)</enum><text>a representative
of State national flood insurance coordination offices;</text>
</subparagraph><subparagraph id="IDab35d43da86647399fee08a961136da1"><enum>(I)</enum><text>a representative
of the Corps of Engineers;</text>
</subparagraph><subparagraph id="ID3dc87bb58131414998ed60f36d27dfec"><enum>(J)</enum><text>the Secretary of
the Interior (or the designee thereof);</text>
</subparagraph><subparagraph id="ID2fd7962277894ebebe12b70077b3f1c3"><enum>(K)</enum><text>the Secretary of
Agriculture (or the designee thereof);</text>
</subparagraph><subparagraph id="ID2fbe4b637ecb4899b42ff6f1f3f97552"><enum>(L)</enum><text>a member of a
recognized regional flood and storm water management organization;</text>
</subparagraph><subparagraph id="IDc1cc97526b3449a48ddea1982ba2ebad"><enum>(M)</enum><text>a representative
of a State agency that has entered into a cooperating technical partnership
with the Administrator and has demonstrated the capability to produce flood
insurance rate maps;</text>
</subparagraph><subparagraph id="ID200646f22c694121ba53216a9e7f1cd5"><enum>(N)</enum><text>a representative
of a local government agency that has entered into a cooperating technical
partnership with the Administrator and has demonstrated the capability to
produce flood insurance rate maps;</text>
</subparagraph><subparagraph id="idBE31BB66EAEB4155A39DB1D904DFECDD"><enum>(O)</enum><text>a member of a
recognized floodplain management association or organization;</text>
</subparagraph><subparagraph id="id2FD1EFEB1F904424A7DD50B235022EC3"><enum>(P)</enum><text>a member of a
recognized risk management association or organization; and</text>
</subparagraph><subparagraph id="id9C291B6E5CF24F85B1E3DA0190628D38"><enum>(Q)</enum><text>a State
mitigation officer.</text>
</subparagraph></paragraph><paragraph id="IDcffabc803f9949808dba0bdef740173a"><enum>(2)</enum><header>Qualifications</header><text>Members
of the Council shall be appointed based on their demonstrated knowledge and
competence regarding surveying, cartography, remote sensing, geographic
information systems, or the technical aspects of preparing and using flood
insurance rate maps.</text>
</paragraph></subsection><subsection id="ID0cd26ac634fe48efa51885a9802576c1"><enum>(c)</enum><header>Duties</header><text>The
Council shall—</text>
<paragraph id="ID4547f52c54004946a3398e83bded2a47"><enum>(1)</enum><text>recommend to the
Administrator how to improve in a cost-effective manner the—</text>
<subparagraph id="ID07a7d4843af34e73ad0a856f2c491290"><enum>(A)</enum><text>accuracy, general
quality, ease of use, and distribution and dissemination of flood insurance
rate maps and risk data; and</text>
</subparagraph><subparagraph id="ID2cc1af3d2f22469ca245e33707928c55"><enum>(B)</enum><text>performance
metrics and milestones required to effectively and efficiently map flood risk
areas in the United States;</text>
</subparagraph></paragraph><paragraph id="ID1e16598e0b45400882ee46c8028053a3"><enum>(2)</enum><text>recommend to the
Administrator mapping standards and guidelines for—</text>
<subparagraph id="ID2b79d543dfc147d49a098a3756395466"><enum>(A)</enum><text>flood insurance
rate maps; and</text>
</subparagraph><subparagraph id="ID422e2821c0274423a2989dcb5b9a266d"><enum>(B)</enum><text>data accuracy,
data quality, data currency, and data eligibility;</text>
</subparagraph></paragraph><paragraph id="ID984d54edb8174366b94026cd39f8614d"><enum>(3)</enum><text>recommend to the
Administrator how to maintain, on an ongoing basis, flood insurance rate maps
and flood risk identification;</text>
</paragraph><paragraph id="IDeecddb1511e2480499b3ea96be8566ed"><enum>(4)</enum><text>recommend
procedures for delegating mapping activities to State and local mapping
partners;</text>
</paragraph><paragraph id="IDbd03152dd89b434c881f050b9e7eb621"><enum>(5)</enum><text>recommend to the
Administrator and other Federal agencies participating in the Council—</text>
<subparagraph id="IDbcdfcfec6c3f40739c307f8b8592e8a6"><enum>(A)</enum><text>methods for
improving interagency and intergovernmental coordination on flood mapping and
flood risk determination; and</text>
</subparagraph><subparagraph id="IDb6490940339a48379d20bf6c2d167459"><enum>(B)</enum><text>a funding
strategy to leverage and coordinate budgets and expenditures across Federal
agencies; and</text>
</subparagraph></paragraph><paragraph id="IDb44d4b22d1eb45eeba9bdff100e71333"><enum>(6)</enum><text>submit an annual
report to the Administrator that contains—</text>
<subparagraph id="IDa7d1d73d799848a3bd52fa3cbaf67d8e"><enum>(A)</enum><text>a description of
the activities of the Council;</text>
</subparagraph><subparagraph id="ID0f99df69dcca4c56991249ba037fdfc1"><enum>(B)</enum><text>an evaluation of
the status and performance of flood insurance rate maps and mapping activities
to revise and update flood insurance rate maps, as required under section 118;
and</text>
</subparagraph><subparagraph id="IDdd663d2b04ac43aebf462b5efc72cfbd"><enum>(C)</enum><text>a summary of
recommendations made by the Council to the Administrator.</text>
</subparagraph></paragraph></subsection><subsection id="ID7cc8e7de12294ee4856261d5a7d7415d"><enum>(d)</enum><header>Future
conditions risk assessment and modeling report</header>
<paragraph id="IDf08a28664cc14098b54d036ea4358a93"><enum>(1)</enum><header>In
general</header><text>The Council shall consult with scientists and technical
experts, other Federal agencies, States, and local communities to—</text>
<subparagraph id="ID975a4c0fc70d43ada3bb332a38c06c37"><enum>(A)</enum><text>develop
recommendations on how to—</text>
<clause id="ID0ae9317429d4416d89b5bf46878ce7a3"><enum>(i)</enum><text>ensure that flood
insurance rate maps incorporate the best available climate science to assess
flood risks; and</text>
</clause><clause id="ID7b9a9e7b6f28497cb9f0e9bd611e3f01"><enum>(ii)</enum><text>ensure that the
Federal Emergency Management Agency uses the best available methodology to
consider the impact of—</text>
<subclause id="ID6b2883decc054319afc3ccfe8500a40e"><enum>(I)</enum><text>the rise in the
sea level; and</text>
</subclause><subclause id="IDc08fe9a4b1e64c6ab4aac063bb39cba2"><enum>(II)</enum><text>future
development on flood risk; and</text>
</subclause></clause></subparagraph><subparagraph id="ID9226ac1775964947b2cf2e0132cf554b"><enum>(B)</enum><text>not later than 1
year after the date of the enactment of this Act, prepare written
recommendations in a future conditions risk assessment and modeling report and
to submit such recommendations to the Administrator.</text>
</subparagraph></paragraph><paragraph id="ID234a14b7dd9c4e01829ae27ab823bbf0"><enum>(2)</enum><header>Responsibility
of the Administrator</header><text>The Administrator, as part of the ongoing
program to review and update National Flood Insurance Program rate maps under
section 118, shall incorporate any future risk assessment submitted under
paragraph (1)(B) in any such revision or update.</text>
</paragraph></subsection><subsection id="ID1c88f393765a4402bc37cf63f37518b6"><enum>(e)</enum><header>Chairperson</header><text>The
members of the Council shall elect 1 member to serve as the chairperson of the
Council (in this section referred to as the <quote>Chairperson</quote>).</text>
</subsection><subsection id="ID26ad67122051485eb842640e825aa56c"><enum>(f)</enum><header>Coordination</header><text>To
ensure that the Council's recommendations are consistent, to the maximum extent
practicable, with national digital spatial data collection and management
standards, the Chairperson shall consult with the Chairperson of the Federal
Geographic Data Committee (established pursuant to Office of Management and
Budget Circular A–16).</text>
</subsection><subsection id="IDc0329a89e12c4110b7a0e72743a067bf"><enum>(g)</enum><header>Compensation</header><text>Members
of the Council shall receive no additional compensation by reason of their
service on the Council.</text>
</subsection><subsection id="ID6e3f04aeac7d42c195f8c88514ff453a"><enum>(h)</enum><header>Meetings and
Actions</header>
<paragraph id="IDb54cbfcc3b844e89af77bf4339b0d582"><enum>(1)</enum><header>In
general</header><text>The Council shall meet not less frequently than twice
each year at the request of the Chairperson or a majority of its members, and
may take action by a vote of the majority of the members.</text>
</paragraph><paragraph id="ID4e03320530c4456593e8decf44e24769"><enum>(2)</enum><header>Initial
meeting</header><text>The Administrator, or a person designated by the
Administrator, shall request and coordinate the initial meeting of the
Council.</text>
</paragraph></subsection><subsection id="ID61c9c8737cb145a1bf59d4791f36052d"><enum>(i)</enum><header>Officers</header><text>The
Chairperson may appoint officers to assist in carrying out the duties of the
Council under subsection (c).</text>
</subsection><subsection id="IDbcc7f5f8a65b42ccade9e17550e6696f"><enum>(j)</enum><header>Staff</header>
<paragraph id="ID0e3ce62c755846869d072b7e7a948f60"><enum>(1)</enum><header>Staff of
FEMA</header><text>Upon the request of the Chairperson, the Administrator may
detail, on a nonreimbursable basis, personnel of the Federal Emergency
Management Agency to assist the Council in carrying out its duties.</text>
</paragraph><paragraph id="ID50db78d1e33246c0b912436e4298fe97"><enum>(2)</enum><header>Staff of other
Federal agencies</header><text>Upon request of the Chairperson, any other
Federal agency that is a member of the Council may detail, on a nonreimbursable
basis, personnel to assist the Council in carrying out its duties.</text>
</paragraph></subsection><subsection id="IDcd0c7edd62c6422a89d096a1d26f4fef"><enum>(k)</enum><header>Powers</header><text>In
carrying out this section, the Council may hold hearings, receive evidence and
assistance, provide information, and conduct research, as it considers
appropriate.</text>
</subsection><subsection id="IDdb5fc5d34cb5421b84e0a5de0b2c2efa"><enum>(l)</enum><header>Report to
Congress</header><text>The Administrator, on an annual basis, shall report to
the Committee on Banking, Housing, and Urban Affairs of the Senate, the
Committee on Financial Services of the House of Representatives, and the Office
of Management and Budget on the—</text>
<paragraph id="IDa595f3c79cdb4b6388d97037d7798d1e"><enum>(1)</enum><text>recommendations
made by the Council;</text>
</paragraph><paragraph id="ID80a5471e1bd94c7e930a59c0363b47a3"><enum>(2)</enum><text>actions taken by
the Federal Emergency Management Agency to address such recommendations to
improve flood insurance rate maps and flood risk data; and</text>
</paragraph><paragraph id="idDCB7A058372F484CAF1B2CAF2FC7B47E"><enum>(3)</enum><text>any
recommendations made by the Council that have been deferred or not acted upon,
together with an explanatory statement.</text>
</paragraph></subsection></section><section id="ID39e3b8c6d92d4d4eb8a8efe1046fba88"><enum>118.</enum><header>National flood
mapping program</header>
<subsection id="ID33433d4ec75041d0a0f31235a7db7ed7"><enum>(a)</enum><header>Reviewing,
updating, and maintaining maps</header><text>The Administrator, in coordination
with the Technical Mapping Advisory Council established under section 117,
shall establish an ongoing program under which the Administrator shall review,
update, and maintain National Flood Insurance Program rate maps in accordance
with this section.</text>
</subsection><subsection id="IDbd3207e1f06442f2b2c354540461b5fc"><enum>(b)</enum><header>Mapping</header>
<paragraph id="IDf0e2be72ef4c48b8b024d8e2e9f8066c"><enum>(1)</enum><header>In
general</header><text>In carrying out the program established under subsection
(a), the Administrator shall—</text>
<subparagraph id="ID9a9b25b958d54052a31a31d59c7466af"><enum>(A)</enum><text>identify, review,
update, maintain, and publish National Flood Insurance Program rate maps with
respect to—</text>
<clause id="ID533ad694be2449a4ac843442b8ca8fee"><enum>(i)</enum><text>all
populated areas and areas of possible population growth located within the
100-year floodplain;</text>
</clause><clause id="ID231b506c703d4330aaa82cc12bdc2561"><enum>(ii)</enum><text>all populated
areas and areas of possible population growth located within the 500-year
floodplain;</text>
</clause><clause id="ID61321b946b1a411a98d18f024674cfe9"><enum>(iii)</enum><text>areas of
residual risk, including areas that are protected by levees, dams, and other
flood control structures;</text>
</clause><clause id="ID63aaaab01ff44fafbf527cc07f1b5b71"><enum>(iv)</enum><text>areas that could
be inundated as a result of the failure of a levee, dam, or other flood control
structure; and</text>
</clause><clause id="IDd2ee643031fa4f25a4c7cb625692b4ef"><enum>(v)</enum><text>the
level of protection provided by flood control structures;</text>
</clause></subparagraph><subparagraph id="ID02df7f18d50b454aabd2147f19f77107"><enum>(B)</enum><text>establish or
update flood-risk zone data in all such areas, and make estimates with respect
to the rates of probable flood caused loss for the various flood risk zones for
each such area; and</text>
</subparagraph><subparagraph id="ID9f823cc9c2ce491a88563bb4f1be3b15"><enum>(C)</enum><text>use, in
identifying, reviewing, updating, maintaining, or publishing any National Flood
Insurance Program rate map required under this section or under the National
Flood Insurance Act of 1968 (42 U.S.C. 4011 et seq.), the most accurate
topography and elevation data available.</text>
</subparagraph></paragraph><paragraph id="IDe279189835864e98b2dad98f71a8de88"><enum>(2)</enum><header>Mapping
elements</header><text>Each map updated under this section shall—</text>
<subparagraph id="ID804ced00c39e4bb0a93d6861f6fd66c6"><enum>(A)</enum><text>assess the
accuracy of current ground elevation data used for hydrologic and hydraulic
modeling of flooding sources and mapping of the flood hazard and wherever
necessary acquire new ground elevation data utilizing the most up-to-date
geospatial technologies in accordance with guidelines and specifications of the
Federal Emergency Management Agency; and</text>
</subparagraph><subparagraph id="ID627df353e71e49b0b18772f13839b4d4"><enum>(B)</enum><text>develop National
Flood Insurance Program flood data on a watershed basis—</text>
<clause id="ID9c9d91e83de8454eac26f2ce2721d654"><enum>(i)</enum><text>to
provide the most technically effective and efficient studies and hydrologic and
hydraulic modeling; and</text>
</clause><clause id="ID5b49853e01ac4223920bdda96338eba7"><enum>(ii)</enum><text>to
eliminate, to the maximum extent possible, discrepancies in base flood
elevations between adjacent political subdivisions.</text>
</clause></subparagraph></paragraph><paragraph id="ID74215de8fbc948f3a0525743ec03e2f7"><enum>(3)</enum><header>Other
inclusions</header><text>In updating maps under this section, the Administrator
shall include—</text>
<subparagraph id="ID066a4c52b064435faa1e6af31ec57326"><enum>(A)</enum><text>any relevant
information on coastal inundation from—</text>
<clause id="ID6ff25419e7b34ce4afac2f3950efa6f7"><enum>(i)</enum><text>an
applicable inundation map of the Corps of Engineers; and</text>
</clause><clause id="IDf420f7d563984eae9659ef41abfe987f"><enum>(ii)</enum><text>data of the
National Oceanic and Atmospheric Administration relating to storm surge
modeling;</text>
</clause></subparagraph><subparagraph id="IDa887485e110b47d79d6b73222766a171"><enum>(B)</enum><text>any relevant
information of the United States Geological Survey on stream flows, watershed
characteristics, and topography that is useful in the identification of flood
hazard areas, as determined by the Administrator;</text>
</subparagraph><subparagraph id="ID57c3cc1ff0db49118cf74b37f97c99b7"><enum>(C)</enum><text>any relevant
information on land subsidence, coastal erosion areas, and other floor-related
hazards;</text>
</subparagraph><subparagraph id="IDfe46999ec0944fe99d53e7dad974144d"><enum>(D)</enum><text>any relevant
information or data of the National Oceanic and Atmospheric Administration and
the United States Geological Survey relating to the best available climate
science and the potential for future inundation from sea level rise, increased
precipitation, and increased intensity of hurricanes due to global warming;
and</text>
</subparagraph><subparagraph id="ID52f1c79452464de78febb953fd194efc"><enum>(E)</enum><text>any other
relevant information as may be recommended by the Technical Mapping Advisory
Committee.</text>
</subparagraph></paragraph></subsection><subsection id="ID25724fac973e42f783e6c59f4c8a7c21"><enum>(c)</enum><header>Standards</header><text>In
updating and maintaining maps under this section, the Administrator
shall—</text>
<paragraph id="ID437e55e2727245db8ba4ebf0850119ff"><enum>(1)</enum><text>establish
standards to—</text>
<subparagraph id="ID6cf3a2897ba945c9bc00641a4fb4876e"><enum>(A)</enum><text>ensure that maps
are adequate for—</text>
<clause id="ID7e57fa1911a847fdbe188cf5675b06d6"><enum>(i)</enum><text>flood risk
determinations; and</text>
</clause><clause id="ID94ba42f0e2cb4de5aa300b135c8d72b0"><enum>(ii)</enum><text>use by State and
local governments in managing development to reduce the risk of flooding;
and</text>
</clause></subparagraph><subparagraph id="ID06ddc05d93f941f5af24529b76e4a9b0"><enum>(B)</enum><text>facilitate
identification and use of consistent methods of data collection and analysis by
the Administrator, in conjunction with State and local governments, in
developing maps for communities with similar flood risks, as determined by the
Administrator; and</text>
</subparagraph></paragraph><paragraph id="IDbbd91d0ffa9d4c908f78f8086cf01b3d"><enum>(2)</enum><text>publish maps in a
format that is—</text>
<subparagraph id="ID50a8352c88a14e239c73eb03ee11b951"><enum>(A)</enum><text>digital
geospatial data compliant;</text>
</subparagraph><subparagraph id="IDae43a81a5c7a46248d234ee8aa84ad6b"><enum>(B)</enum><text>compliant with
the open publishing and data exchange standards established by the Open
Geospatial Consortium; and</text>
</subparagraph><subparagraph id="ID4fd4be224eb24e5d93117d47f0b3017d"><enum>(C)</enum><text>aligned with
official data defined by the National Geodetic Survey.</text>
</subparagraph></paragraph></subsection><subsection id="ID800cc899521640bda8b0eb92116059e9"><enum>(d)</enum><header>Communication
and outreach</header>
<paragraph id="ID97803a1c637b46f88abf05e8080a701e"><enum>(1)</enum><header>In
general</header><text>The Administrator shall—</text>
<subparagraph id="ID022209958d0d43b589192132b78d30b3"><enum>(A)</enum><text>work to enhance
communication and outreach to States, local communities, and property owners
about the effects—</text>
<clause id="ID622189a8289f4f18b90c73dfcbb62349"><enum>(i)</enum><text>of
any potential changes to National Flood Insurance Program rate maps that may
result from the mapping program required under this section; and</text>
</clause><clause id="IDc5836d01c4cb4efdb9277559934ceb0e"><enum>(ii)</enum><text>that any such
changes may have on flood insurance purchase requirements; and</text>
</clause></subparagraph><subparagraph id="ID7249cdb975564ceaa0d8bd589e238e8a"><enum>(B)</enum><text>engage with local
communities to enhance communication and outreach to the residents of such
communities on the matters described under subparagraph (A).</text>
</subparagraph></paragraph><paragraph id="IDed149ce8715049249fb6a87c5227b952"><enum>(2)</enum><header>Required
activities</header><text>The communication and outreach activities required
under paragraph (1) shall include—</text>
<subparagraph id="ID39e486afc3664c6cba6323f4e3c4a848"><enum>(A)</enum><text>notifying
property owners when their properties become included in, or when they are
excluded from, an area covered by the mandatory flood insurance purchase
requirement under section 102 of the Flood Disaster Protection Act of 1973 (42
U.S.C. 4012a);</text>
</subparagraph><subparagraph id="IDdd3b67ce85ad470d8a8e28105575b1cb"><enum>(B)</enum><text>educating
property owners regarding the flood risk and reduction of this risk in their
community, including the continued flood risks to areas that are no longer
subject to the flood insurance mandatory purchase requirement;</text>
</subparagraph><subparagraph id="IDb5620cf280404f619f2caf99f8779941"><enum>(C)</enum><text>educating
property owners regarding the benefits and costs of maintaining or acquiring
flood insurance, including, where applicable, lower-cost preferred risk
policies under the National Flood Insurance Act of 1968 (42 U.S.C. 4011 et
seq.) for such properties and the contents of such properties;</text>
</subparagraph><subparagraph id="ID9b655cf07e2949929f1ac25ddb1767e2"><enum>(D)</enum><text>educating
property owners about flood map revisions and the process available to such
owners to appeal proposed changes in flood elevations through their community;
and</text>
</subparagraph><subparagraph id="IDc3895e9345fa468b93138361de84130e"><enum>(E)</enum><text>encouraging
property owners to maintain or acquire flood insurance coverage.</text>
</subparagraph></paragraph></subsection><subsection id="ID3291c2119c54451fada42b32352737dd"><enum>(e)</enum><header>Authorization
of appropriations</header><text>There is authorized to be appropriated to the
Administrator to carry out this section $400,000,000 for each of fiscal years
2012 through 2016.</text>
</subsection></section><section id="idD3FAA99A7FDD4E6796167074D01E103E"><enum>119.</enum><header>Scope of
appeals</header><text display-inline="no-display-inline">Section 1363 of the
National Flood Insurance Act of 1968 (42 U.S.C. 4104) is amended—</text>
<paragraph id="id0AE9E0FC5E0C402591082A8CEB5A3FB4"><enum>(1)</enum><text>in subsection
(a)—</text>
<subparagraph id="id994FDC6867C5484E96E209341FE1299E"><enum>(A)</enum><text>in the heading,
by inserting <quote><header-in-text level="subsection" style="OLC">and
designations of special flood hazard areas</header-in-text></quote> after
<quote><header-in-text level="subsection" style="OLC">elevation
determinations</header-in-text></quote>;</text>
</subparagraph><subparagraph id="id4474FB4930BB4C34A1CCA33F35C5E956"><enum>(B)</enum><text>by inserting
<quote>and designating special flood hazard areas</quote> after <quote>flood
elevations</quote>; and</text>
</subparagraph><subparagraph id="idF43C822F78C64B57A2F81188F0085F44"><enum>(C)</enum><text>by striking
<quote>such determinations</quote> and inserting <quote>such determinations and
designations</quote>; and</text>
</subparagraph></paragraph><paragraph id="idA149A832778D4BB3A77CB5E1F4FA9D26"><enum>(2)</enum><text>in subsection
(b)—</text>
<subparagraph id="id8D3B25B47B7445699567F1E50048CBC0"><enum>(A)</enum><text>in the heading,
by inserting <quote><header-in-text level="subsection" style="OLC">and
designations of special flood hazard areas</header-in-text></quote> after
<quote><header-in-text level="subsection" style="OLC">elevation
determinations</header-in-text></quote>;</text>
</subparagraph><subparagraph id="id9B0F496AD46544F79390A54D5DEAF1B4"><enum>(B)</enum><text>in the first
sentence, by inserting <quote>and designation of special flood hazard
areas</quote> after <quote>flood elevation determinations</quote>; and</text>
</subparagraph><subparagraph id="idF77DB1509A7749E1BAF4BB7836804AED"><enum>(C)</enum><text>by amending the
third sentence to read as follows: <quote>The sole grounds for appeal shall be
the possession of knowledge or information indicating that (1) the elevations
being proposed by the Administrator with respect to an identified area having
special flood hazards are scientifically or technically incorrect, or (2) the
designation of an identified special flood hazard area is scientifically or
technically incorrect.</quote></text>
</subparagraph></paragraph></section><section id="IDf3dd1ab809e54caa8121061c23b79a04"><enum>120.</enum><header>Scientific
Resolution Panel</header>
<subsection id="id30A4519A1D2549BA8D678BC25357EAEA"><enum>(a)</enum><header>Establishment</header><text display-inline="yes-display-inline">The National Flood Insurance Act of 1968
(42 U.S.C. 4011 et seq.) is amended by inserting after section 1363 (42 U.S.C.
4104) the following:</text>
<quoted-block display-inline="no-display-inline" id="id78EC14B6A3AE40F7AEE9ADF8FCF5E18D" style="OLC">
<section id="idEEA43CE6A8F64AA1A51AE56B582CE3C6"><enum>1363A.</enum><header>Scientific
Resolution Panel</header>
<subsection id="id5C31F6E8DC2E48B8AB63B3EA8137C8D0"><enum>(a)</enum><header>Availability</header>
<paragraph id="id437C8C40E29A4CA5B115D3C7A2DDA65F"><enum>(1)</enum><header>In
general</header><text>Pursuant to the authority provided under section 1363(e),
the Administrator shall make available an independent review panel, to be known
as the Scientific Resolution Panel, to any community—</text>
<subparagraph id="id8C717027919F440298726706E7D5EED3"><enum>(A)</enum><text>that has—</text>
<clause id="id2908BD1F835B47F2A8A52002B3A07779"><enum>(i)</enum><text>filed a timely
map appeal in accordance with section 1363;</text>
</clause><clause id="id68321D152449404895CAC4CE0789C080"><enum>(ii)</enum><text>completed 60
days of consultation with the Federal Emergency Management Agency on the
appeal; and</text>
</clause><clause id="idC619FD5629E040A5B2FC8EB97E24A882"><enum>(iii)</enum><text>not allowed
more than 120 days, or such longer period as may be provided by the
Administrator by waiver, to pass since the end of the appeal period; or</text>
</clause></subparagraph><subparagraph id="id4005777C9EFD4DA48E29DACE5525C9F1"><enum>(B)</enum><text>that has received
an unsatisfactory ruling under the map revision process established pursuant to
section 1360(f).</text>
</subparagraph></paragraph><paragraph id="id49AF0A46B14C4A5EBE48896DA0FB6FD3"><enum>(2)</enum><header>Appeals by
owners and lessees</header><text>If a community and an owner or lessee of real
property within the community appeal a proposed determination of a flood
elevation under section 1363(b), upon the request of the community—</text>
<subparagraph id="id4F09326DE82A49A59178640F2B128F0A"><enum>(A)</enum><text>the owner or
lessee shall submit scientific and technical data relating to the appeals to
the Scientific Resolution Panel; and</text>
</subparagraph><subparagraph id="idB49F3F3431DF4E99983AC3EA292E4FD9"><enum>(B)</enum><text>the Scientific
Resolution Panel shall make a determination with respect to the appeals in
accordance with subsection (c).</text>
</subparagraph></paragraph><paragraph id="id97F9FCCB854D49F2BCBA43AC873B2DBD"><enum>(3)</enum><header>Definition</header><text>For
purposes of paragraph (1)(B), an <quote>unsatisfactory ruling</quote> means
that a community—</text>
<subparagraph id="ID3b94368636074a5ab61ed84c70768260"><enum>(A)</enum><text>received a
revised Flood Insurance Rate Map from the Federal Emergency Management Agency,
via a Letter of Final Determination, after September 30, 2008 and prior to the
date of enactment of this section;</text>
</subparagraph><subparagraph id="ID5d08a1db2eeb4ae180d377a5e6915869"><enum>(B)</enum><text>has subsequently
applied for a Letter of Map Revision or Physical Map Revision with the Federal
Emergency Management Agency; and</text>
</subparagraph><subparagraph id="ID47645d9ff66f4099b596a078a20c2d0d"><enum>(C)</enum><text>has received an
unfavorable ruling on their request for a map revision.</text>
</subparagraph></paragraph></subsection><subsection id="ID504985bbe16140229804c499779859b0"><enum>(b)</enum><header>Membership</header><text>The
Scientific Resolution Panel made available under subsection (a) shall consist
of 5 members with expertise that relate to the creation and study of flood
hazard maps and flood insurance. The Scientific Resolution Panel may include
representatives from Federal agencies not involved in the mapping study in
question and from other impartial experts. Employees of the Federal Emergency
Management Agency may not serve on the Scientific Resolution Panel.</text>
</subsection><subsection id="ID92362ce6c7384f4a9e2b9d79519b409e"><enum>(c)</enum><header>Determination</header>
<paragraph id="id83F93A362B3841548D302836B07D7A87"><enum>(1)</enum><header>In
general</header><text>Following deliberations, and not later than 90 days after
its formation, the Scientific Resolution Panel shall issue a determination of
resolution of the dispute. Such determination shall set forth recommendations
for the base flood elevation determination or the determination of an area
having special flood hazards that shall be reflected in the Flood Insurance
Rate Maps.</text>
</paragraph><paragraph id="id8E6D8E4B1D5D4467ADD9135DD1B08DA2"><enum>(2)</enum><header>Basis</header><text>The
determination of the Scientific Resolution Panel shall be based on—</text>
<subparagraph id="id66DD8A77262B441D8124075C6337FDF9"><enum>(A)</enum><text>data previously
provided to the Administrator by the community, and, in the case of a dispute
submitted under subsection (a)(2), an owner or lessee of real property in the
community; and</text>
</subparagraph><subparagraph id="id892BC250230B421485669CA0EEE383CC"><enum>(B)</enum><text>data provided by
the Administrator.</text>
</subparagraph></paragraph><paragraph id="idD70FC8F3D22E4A6A95876BCB72770493"><enum>(3)</enum><header>No alternative
determinations permissible</header><text>The Scientific Resolution
Panel—</text>
<subparagraph id="id6C0A201656D44F7095D12F817A754E8E"><enum>(A)</enum><text>shall provide a
determination of resolution of a dispute that—</text>
<clause id="id3BFFAF3302FC4532A85D3B5A7B161B5C"><enum>(i)</enum><text>is either in
favor of the Administrator or in favor of the community on each distinct
element of the dispute; or</text>
</clause><clause id="id375D5E7614E840FEBFD7470C4872537E"><enum>(ii)</enum><text>in the case of a
dispute submitted under subsection (a)(2), is in favor of the Administrator, in
favor of the community, or in favor of the owner or lessee of real property in
the community on each distinct element of the dispute; and</text>
</clause></subparagraph><subparagraph id="id0B6651DFF1F74907B9A4DAE2D71656CC"><enum>(B)</enum><text>may not offer as
a resolution any other alternative determination.</text>
</subparagraph></paragraph><paragraph id="id3BDE81AF1F5F437FB9824F901B732388"><enum>(4)</enum><header>Effect of
determination</header>
<subparagraph id="idA968C12B94B34A6C983789B87AFDF785"><enum>(A)</enum><header>Binding</header><text>The
recommendations of the Scientific Resolution Panel shall be binding on all
appellants and not subject to further judicial review unless the Administrator
determines that implementing the determination of the panel would—</text>
<clause id="id15BE786A9D044D93849E94011D13827A"><enum>(i)</enum><text>pose a
significant threat due to failure to identify a substantial risk of special
flood hazards; or</text>
</clause><clause id="id49CD6A33FB59492F987223A12313206A"><enum>(ii)</enum><text>violate
applicable law.</text>
</clause></subparagraph><subparagraph id="id4DC5020D367B49D4ACE30120B02319EF"><enum>(B)</enum><header>Written
justification not to enforce</header><text>If the Administrator elects not to
implement the determination of the Scientific Resolution Panel pursuant to
subparagraph (A), then not later than 60 days after the issuance of the
determination, the Administrator shall issue a written justification explaining
such election.</text>
</subparagraph><subparagraph id="id7140036194F4447B8A4E7501A0BE8D11"><enum>(C)</enum><header>Appeal of
determination not to enforce</header><text>If the Administrator elects not to
implement the determination of the Scientific Resolution Panel pursuant to
subparagraph (A), the community may appeal the determination of the
Administrator as provided for under section 1363(g).</text>
</subparagraph></paragraph></subsection><subsection id="ID28ab7b05302142569d5fca4d4d7095ff"><enum>(d)</enum><header>Maps used for
insurance and mandatory purchase requirements</header><text>With respect to any
community that has a dispute that is being considered by the Scientific
Resolution Panel formed pursuant to this subsection, the Federal Emergency
Management Agency shall ensure that for each such community that—</text>
<paragraph id="id9126F9BF15D54780890EDCBDC8480814"><enum>(1)</enum><text>the Flood
Insurance Rate Map described in the most recently issued Letter of Final
Determination shall be in force and effect with respect to such community;
and</text>
</paragraph><paragraph id="idBA8B001285FC4500A24068F3FCB1F160"><enum>(2)</enum><text>flood insurance
shall continue to be made available to the property owners and residents of the
participating
community.</text>
</paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="id615FE374B3FB491191A19986F4404309"><enum>(b)</enum><header>Conforming
amendments</header>
<paragraph id="IDa3ed21aed67a4f1e84d42d9ab4b4a45e"><enum>(1)</enum><header>Administrative
review</header><text>Section 1363(e) of the National Flood Insurance Act of
1968 (42 U.S.C. 4104(e)) is amended by striking <quote>an independent
scientific body or appropriate Federal agency for advice</quote> and inserting
<quote>the Scientific Resolution Panel provided for in section
1363A</quote>.</text>
</paragraph><paragraph id="IDbd630075dec54395b3efd30f374a20fe"><enum>(2)</enum><header>Judicial
review</header><text>The first sentence of section 1363(g) of the National
Flood Insurance Act of 1968 (42 U.S.C. 4104(g)) is amended by striking
<quote>Any appellant</quote> and inserting <quote>Except as provided in section
1363A, any appellant</quote>.</text>
</paragraph></subsection></section><section id="IDbcd207a663cd4701a5fca86fc68c56dd"><enum>121.</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="IDd558bd406f6343f8b7771e23180d2d9c"><enum>122.</enum><header>Coordination</header>
<subsection id="IDb2ea261267a442ed923ef70ddaf8a86f"><enum>(a)</enum><header>Interagency
budget crosscut and coordination report</header>
<paragraph id="ID3862c1d9dad8460484fe3ead2867bfc7"><enum>(1)</enum><header>In
general</header><text>The Secretary of Homeland Security, the Administrator,
the Director of the Office of Management and Budget, and the heads of each
Federal department or agency carrying out activities under sections 118 and 119
shall work together to ensure that flood risk determination data and geospatial
data are shared among Federal agencies in order to coordinate the efforts of
the Nation to reduce its vulnerability to flooding hazards.</text>
</paragraph><paragraph id="ID0d2d2d505e524b2dac9109d232f99fef"><enum>(2)</enum><header>Report</header><text>Not
later than 30 days after the submission of the budget of the United States
Government by the President to Congress, the Director of the Office of
Management and Budget, in coordination with the Federal Emergency Management
Agency, the United States Geological Survey, the National Oceanic and
Atmospheric Administration, the Army Corps of Engineers, and other Federal
agencies, as appropriate, shall submit to the appropriate authorizing and
appropriating committees of the Senate and the House of Representatives an
interagency budget crosscut and coordination report, certified by the Secretary
or head of each such agency, that—</text>
<subparagraph id="id02FAC0D195F54CF8AC1B1665D0217B3E"><enum>(A)</enum><text>contains an
interagency budget crosscut report that displays relevant sections of the
budget proposed for each of the Federal agencies working on flood risk
determination data and digital elevation models, including any planned
interagency or intra-agency transfers; and</text>
</subparagraph><subparagraph id="idB5B391C12EA14026A56667F6AB9952A4"><enum>(B)</enum><text>describes how the
efforts aligned with such sections complement one another.</text>
</subparagraph></paragraph></subsection><subsection id="ID3c444a48df7e4defb96e31ba352f5077"><enum>(b)</enum><header>Duties of the
Administrator</header><text>In carrying out sections 118 and 119, the
Administrator shall—</text>
<paragraph id="ID18cfed01ffeb47a6bdba6ae45e22b034"><enum>(1)</enum><text>participate,
pursuant to section 216 of the E–Government Act of 2002 (44 U.S.C. 3501 note),
in the establishment of such standards and common protocols as are necessary to
assure the interoperability of geospatial data for all users of such
information;</text>
</paragraph><paragraph id="IDe4f034797e6349ada08b033044a8fe4e"><enum>(2)</enum><text>coordinate with,
seek assistance and cooperation of, and provide a liaison to the Federal
Geographic Data Committee pursuant to the Office of Management and Budget
Circular A–16 and Executive Order 12906 (43 U.S.C. 1457 note; relating to the
National Spatial Data Infrastructure) for the implementation of and compliance
with such standards;</text>
</paragraph><paragraph id="IDc09e92f022334286bfcc4eeb9a238091"><enum>(3)</enum><text>integrate with,
leverage, and coordinate funding of, to the maximum extent practicable, the
current flood mapping activities of each unit of State and local
government;</text>
</paragraph><paragraph id="IDa6e4c93d9d45422985680a7ebb0ae2e8"><enum>(4)</enum><text>integrate with,
leverage, and coordinate, to the maximum extent practicable, the current
geospatial activities of other Federal agencies and units of State and local
government; and</text>
</paragraph><paragraph id="IDf5f53142bb784454a913a2899afbca36"><enum>(5)</enum><text>develop a funding
strategy to leverage and coordinate budgets and expenditures, and to maintain
or establish joint funding and other agreement mechanisms with other Federal
agencies and units of State and local government to share in the collection and
utilization of geospatial data among all governmental users.</text>
</paragraph></subsection></section><section id="IDcda425ada85d4cbc89c9a0f907337f8b"><enum>123.</enum><header>Interagency
coordination study</header>
<subsection id="IDe7d27cc7629f4d8c95f4070ea630f68c"><enum>(a)</enum><header>In
General</header><text>The Administrator shall enter into a contract with the
National Academy of Public Administration to conduct a study on how the Federal
Emergency Management Agency—</text>
<paragraph id="IDc806c0085b2a4e6ebbc95a7981d53fc7"><enum>(1)</enum><text>should improve
interagency and intergovernmental coordination on flood mapping, including a
funding strategy to leverage and coordinate budgets and expenditures;
and</text>
</paragraph><paragraph id="ID855fc1fb39954864b5a09a88e0edc4aa"><enum>(2)</enum><text>can establish
joint funding mechanisms with other Federal agencies and units of State and
local government to share the collection and utilization of data among all
governmental users.</text>
</paragraph></subsection><subsection id="IDf8c86f94f18147bf890b83fa367cda9b"><enum>(b)</enum><header>Timing</header><text>Not
later than 180 days after the date of the enactment of this title, the National
Academy of Public Administration shall report the findings of the study
required under subsection (a) to—</text>
<paragraph id="ID0361b5f1bbab4ffb9fcdf7cc1bcaae6f"><enum>(1)</enum><text>the Committee on
Banking, Housing, and Urban Affairs of the Senate;</text>
</paragraph><paragraph id="IDce74cb895ce440d7b8c4e519c91361bf"><enum>(2)</enum><text>the Committee on
Financial Services of the House of Representatives;</text>
</paragraph><paragraph id="ID52806f386ca34d42afa35d94c40be6ed"><enum>(3)</enum><text>the Committee on
Appropriations of the Senate; and</text>
</paragraph><paragraph id="ID2a001f7f452249759a141865a55a916a"><enum>(4)</enum><text>the Committee on
Appropriations of the House of Representatives.</text>
</paragraph></subsection></section><section id="ID0e0da6139d4e49e5bdd0504c34ecd8db"><enum>124.</enum><header>Nonmandatory
participation</header>
<subsection id="IDd1975dd603334377b4810647cd50b0fb"><enum>(a)</enum><header>Nonmandatory
Participation in National Flood Insurance Program for 500-Year
Floodplain</header><text>Any area located within the 500-year floodplain shall
not be subject to the mandatory purchase requirements of sections 102 or 202 of
the Flood Disaster Protection Act of 1973 (42 U.S.C. 4012a and 4106).</text>
</subsection><subsection id="ID9551c5884fd9416d923bd728dc692044"><enum>(b)</enum><header>Notice</header>
<paragraph id="ID3e20ea4389bf4a73a3f2837a3b843d0a"><enum>(1)</enum><header>By
Administrator</header><text>In carrying out the National Flood Insurance
Program, the Administrator shall provide notice to any community located in an
area within the 500-year floodplain.</text>
</paragraph><paragraph id="ID3fb553dcbe8e4533afa248cb2997bad9"><enum>(2)</enum><header>Timing of
notice</header><text>The notice required under paragraph (1) shall be made not
later than 6 months after the date of completion of the initial mapping of the
500-year floodplain, as required under section 118.</text>
</paragraph><paragraph id="ID621b68082bb144759c394825a3f7ee45"><enum>(3)</enum><header>Lender required
notice</header>
<subparagraph id="ID232e820f608a489087c5ec0db1b755ba"><enum>(A)</enum><header>Regulated
lending institutions</header><text>Each Federal or State entity for lending
regulation (after consultation and coordination with the Federal Financial
Institutions Examination Council) shall, by regulation, require regulated
lending institutions, as a condition of making, increasing, extending, or
renewing any loan secured by property located in an area within the 500-year
floodplain, to notify the purchaser or lessee (or obtain satisfactory
assurances that the seller or lessor has notified the purchaser or lessee) and
the servicer of the loan that such property is located in an area within the
500-year floodplain, in a manner that is consistent with, and substantially
identical to, the notice required under section 1364(a)(1) of the National
Flood Insurance Act of 1968 (42 U.S.C. 4104a(a)(1)).</text>
</subparagraph><subparagraph id="ID2a7e2e5c96b442268a33da8944c70d9a"><enum>(B)</enum><header>Federal or
State agency lenders</header><text>Each Federal or State agency lender shall,
by regulation, require notification in the same manner as provided under
subparagraph (A) with respect to any loan that is made by a Federal or State
agency lender and secured by property located in an area within the 500-year
floodplain.</text>
</subparagraph><subparagraph id="ID3143751588b1425db42fdfbb170fbb1f"><enum>(C)</enum><header>Penalty for
noncompliance</header><text>Any regulated lending institution or Federal or
State agency lender that fails to comply with the notice requirements
established by this paragraph shall be subject to the penalties prescribed
under section 102(f)(5) of the Flood Disaster Protection Act of 1973 (42 U.S.C.
4012a(f)(5)).</text>
</subparagraph></paragraph></subsection></section><section id="ID3aa441b53c894e3092c64e6e7da11215"><enum>125.</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 111–203;
124 Stat. 2174), is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id76BFA7590F634776A8517AE36FCDE905" style="OLC">
<paragraph id="ID69cdb7ca92d44aed885b73d4af49f67c"><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="IDdd97916f49b84c3bb99a8de7429d5ba4"><enum>126.</enum><header>Participation
in State disaster claims mediation programs</header><text display-inline="no-display-inline">Chapter I of the National Flood Insurance
Act of 1968 (42 U.S.C. 4011 et seq.) is amended by inserting after section 1313
(42 U.S.C. 4020) the following:</text>
<quoted-block display-inline="no-display-inline" id="idE382C2B5DCB540AEB1F1C9D85168DD23" style="OLC">
<section id="ID724c21d7195c46819a46ebf5331151b3"><enum>1314.</enum><header>Participation
in State disaster claims mediation programs</header>
<subsection id="IDb7affd150688456b9e216495d9485a6c"><enum>(a)</enum><header>Requirement To
Participate</header><text>In the case of the occurrence of a major disaster, as
defined in section 102 of the Robert T. Stafford Disaster Relief and Emergency
Assistance Act (42 U.S.C. 5122), that may have resulted in flood damage covered
under the flood insurance program established under this chapter and other
personal lines residential property insurance coverage offered by a State
regulated insurer, upon a request made by the insurance commissioner of a State
(or such other official responsible for regulating the business of insurance in
the State) for the participation of representatives of the Administrator in a
program sponsored by such State for nonbinding mediation of insurance claims
resulting from a major disaster, the Administrator shall cause representatives
of the flood insurance program to participate in such a State program where
claims under the flood insurance program are involved to expedite settlement of
flood damage claims resulting from such disaster.</text>
</subsection><subsection id="IDe861e03f3d7e4102ad0e52d72bc9775e"><enum>(b)</enum><header>Extent of
Participation</header><text>In satisfying the requirements of subsection (a),
the Administrator shall require that each representative of the
Administrator—</text>
<paragraph id="ID2511d6b12a634f22829c72198e6c56b2"><enum>(1)</enum><text>be certified for
purposes of the flood insurance program to settle claims against such program
resulting from such disaster in amounts up to the limits of policies under such
program;</text>
</paragraph><paragraph id="IDa06919b71a6b460aa138d6616b898f60"><enum>(2)</enum><text>attend
State-sponsored mediation meetings regarding flood insurance claims resulting
from such disaster at such times and places as may be arranged by the
State;</text>
</paragraph><paragraph id="ID5d152bd00ef84904ae1851a7fc8e79f5"><enum>(3)</enum><text>participate in
good faith negotiations toward the settlement of such claims with policyholders
of coverage made available under the flood insurance program; and</text>
</paragraph><paragraph id="ID3c3bcb078c1042e79d0cad5a31fc71c3"><enum>(4)</enum><text>finalize the
settlement of such claims on behalf of the flood insurance program with such
policyholders.</text>
</paragraph></subsection><subsection id="IDb4351dbfb04e4e4d8549d2cb60e58753"><enum>(c)</enum><header>Coordination</header><text>Representatives
of the Administrator shall at all times coordinate their activities with
insurance officials of the State and representatives of insurers for the
purposes of consolidating and expediting settlement of claims under the
national flood insurance program resulting from such disaster.</text>
</subsection><subsection id="ID371e430848a648b7bd298c7191642492"><enum>(d)</enum><header>Qualifications
of Mediators</header><text>Each State mediator participating in State-sponsored
mediation under this section shall be—</text>
<paragraph id="ID8354edf22f534d35abcd001968b93193"><enum>(1)</enum><subparagraph commented="no" display-inline="yes-display-inline" id="id7F4BB912B44447CC9B0779544F83CD0A"><enum>(A)</enum><text>a member in good
standing of the State bar in the State in which the mediation is to occur with
at least 2 years of practical experience; and</text>
</subparagraph><subparagraph id="id7FBE0A3802884BBFA98C416CB46A1B74" indent="up1"><enum>(B)</enum><text>an active member of such bar for at
least 1 year prior to the year in which such mediator's participation is
sought; or</text>
</subparagraph></paragraph><paragraph id="ID6c536ee466514b57b8e6f53cf53bea94"><enum>(2)</enum><text>a retired trial
judge from any United States jurisdiction who was a member in good standing of
the bar in the State in which the judge presided for at least 5 years prior to
the year in which such mediator's participation is sought.</text>
</paragraph></subsection><subsection id="ID9c9f1778f2f740e2a724f63ebbf3ad29"><enum>(e)</enum><header>Mediation
Proceedings and Documents Privileged</header><text>As a condition of
participation, all statements made and documents produced pursuant to
State-sponsored mediation involving representatives of the Administrator shall
be deemed privileged and confidential settlement negotiations made in
anticipation of litigation.</text>
</subsection><subsection id="ID5edde63edd72412c9b198db9bd43b22c"><enum>(f)</enum><header>Liability,
Rights, or Obligations Not Affected</header><text>Participation in
State-sponsored mediation, as described in this section does not—</text>
<paragraph id="ID9b0e7ccbc3514ab6b7b3046432dca3d1"><enum>(1)</enum><text>affect or expand
the liability of any party in contract or in tort; or</text>
</paragraph><paragraph id="ID567dd40b7758413bb57414b20cecc6ca"><enum>(2)</enum><text>affect the rights
or obligations of the parties, as established—</text>
<subparagraph id="IDc3e64376f6524db48797cfa87822142a"><enum>(A)</enum><text>in any regulation
issued by the Administrator, including any regulation relating to a standard
flood insurance policy;</text>
</subparagraph><subparagraph id="ID0f83bfada7434338a798d9f6922ca81f"><enum>(B)</enum><text>under this Act;
and</text>
</subparagraph><subparagraph id="IDadf6912f346d40c7b356e5c748bf0627"><enum>(C)</enum><text>under any other
provision of Federal law.</text>
</subparagraph></paragraph></subsection><subsection id="IDdf3f2cbf85954afb983d7bd1f8267db6"><enum>(g)</enum><header>Exclusive
Federal Jurisdiction</header><text>Participation in State-sponsored mediation
shall not alter, change, or modify the original exclusive jurisdiction of
United States courts, as set forth in this Act.</text>
</subsection><subsection id="ID780ab4327a55498b9b70ae3f7ea29839"><enum>(h)</enum><header>Cost
Limitation</header><text>Nothing in this section shall be construed to require
the Administrator or a representative of the Administrator to pay additional
mediation fees relating to flood insurance claims associated with a
State-sponsored mediation program in which such representative of the
Administrator participates.</text>
</subsection><subsection id="IDdc24e5327f73426dbde409345018ca90"><enum>(i)</enum><header>Exception</header><text>In
the case of the occurrence of a major disaster that results in flood damage
claims under the national flood insurance program and that does not result in
any loss covered by a personal lines residential property insurance
policy—</text>
<paragraph id="ID7a0fd6176eb944378868803e14f2407f"><enum>(1)</enum><text>this section
shall not apply; and</text>
</paragraph><paragraph id="ID77aa2b337732491d95c875b28e48ddb4"><enum>(2)</enum><text>the provisions of
the standard flood insurance policy under the national flood insurance program
and the appeals process established under section 205 of the
Bunning-Bereuter-Blumenauer Flood Insurance Reform Act of 2004 (42 U.S.C. 4011
note) and the regulations issued pursuant to such section shall apply
exclusively.</text>
</paragraph></subsection><subsection id="ID1ab5a0bf37ba4bee9065c265ebe9280a"><enum>(j)</enum><header>Representatives
of the Administrator</header><text>For purposes of this section, the term
<term>representatives of the Administrator</term> means representatives of the
national flood insurance program who participate in the appeals process
established under section 205 of the Bunning-Bereuter-Blumenauer Flood
Insurance Reform Act of 2004 (42 U.S.C. 4011
note).</text>
</subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="IDc6fadaf123b64e21a2037c380a618cb3"><enum>127.</enum><header>Additional
authority of FEMA to collect information on claims payments</header>
<subsection id="IDcc6908a043454c5d8ca363d60d8d76db"><enum>(a)</enum><header>In
General</header><text>The Administrator shall collect, from property and
casualty insurance companies that are authorized by the Administrator to
participate in the Write Your Own program any information and data needed to
determine the accuracy of the resolution of flood claims filed on any property
insured with a standard flood insurance policy obtained under the program that
was subject to a flood.</text>
</subsection><subsection id="ID71fd52dbcba0425c8671460b45c172ae"><enum>(b)</enum><header>Type of
Information To Be Collected</header><text>The information and data to be
collected under subsection (a) may include—</text>
<paragraph id="ID340c28500c5f4c8aaaf6d3f709ac5167"><enum>(1)</enum><text>any adjuster
estimates made as a result of flood damage, and if the insurance company also
insures the property for wind damage—</text>
<subparagraph id="ID5168db7e424c4c8db54813f6eb861f41"><enum>(A)</enum><text>any adjuster
estimates for both wind and flood damage;</text>
</subparagraph><subparagraph id="ID4d0612c6a1b541689d28b19e2f0213dc"><enum>(B)</enum><text>the amount paid
to the property owner for wind and flood claims;</text>
</subparagraph><subparagraph id="ID91e7c8e11deb4a238987babdfb6f4eab"><enum>(C)</enum><text>the total amount
paid to the policyholder for damages as a result of the event that caused the
flooding and other losses;</text>
</subparagraph></paragraph><paragraph id="ID830a72058aaf45a6a6cc753fcbf03a1d"><enum>(2)</enum><text>any amounts paid
to the policyholder by the insurance company for damages to the insured
property other than flood damages; and</text>
</paragraph><paragraph id="ID6f9c4f1fc4754f55bbe9bd84bf600b5e"><enum>(3)</enum><text>the total amount
paid to the policyholder by the insurance company for all damages incurred to
the insured property as a result of the flood.</text>
</paragraph></subsection></section><section id="ID45b49ed915784a748b6aa801e5dc0f97"><enum>128.</enum><header>Oversight and
expense reimbursements of insurance companies</header>
<subsection id="ID82125978ef8f47c3b8434e9e7127d5a7"><enum>(a)</enum><header>Submission of
Biennial Reports</header>
<paragraph id="IDcda4c02b71b54c359963dee48d9edbe8"><enum>(1)</enum><header>To the
Administrator</header><text>Not later than 20 days after the date of the
enactment of this Act, each property and casualty insurance company that is
authorized by the Administrator to participate in the Write Your Own program
shall submit to the Administrator any biennial report required by the Federal
Emergency Management Agency to be prepared in the prior 5 years by such
company.</text>
</paragraph><paragraph id="IDa50aef50d8584a01801e6825a6ad796a"><enum>(2)</enum><header>To
GAO</header><text>Not later than 10 days after the submission of the biennial
reports under paragraph (1), the Administrator shall submit all such reports to
the Comptroller General of the United States.</text>
</paragraph><paragraph id="IDae10dbf3af154015a0092d215361f8e3"><enum>(3)</enum><header>Notice to
congress of failure to comply</header><text>The Administrator shall notify and
report to the Committee on Banking, Housing, and Urban Affairs of the Senate
and the Committee on Financial Services of the House of Representatives on any
property and casualty insurance company participating in the Write Your Own
program that failed to submit its biennial reports as required under paragraph
(1).</text>
</paragraph><paragraph id="IDbe4256e06b4a4f0399889858997f911d"><enum>(4)</enum><header>Failure to
comply</header><text>A property and casualty insurance company that is
authorized by the Administrator to participate in the Write Your Own program
which fails to comply with the reporting requirement under this subsection or
the requirement under section 62.23(j)(1) of title 44, Code of Federal
Regulations (relating to biennial audit of the flood insurance financial
statements) shall be subject to a civil penalty in an amount equal to $1,000
per day for each day that the company remains in noncompliance with either such
requirement.</text>
</paragraph></subsection><subsection id="ID5737a11c8c874c7a9f0ccabf4deda096"><enum>(b)</enum><header>Methodology To
Determine Reimbursed Expenses</header><text>Not later than 180 days after the
date of the enactment of this Act, the Administrator shall develop a
methodology for determining the appropriate amounts that participating property
and casualty insurance companies should be reimbursed for selling, writing, and
servicing flood insurance policies and adjusting flood insurance claims on
behalf of the National Flood Insurance Program. The methodology shall be
developed using actual expense data for the flood insurance line and can be
derived from—</text>
<paragraph id="ID91d0abb20d45498b89de47fc497dcb31"><enum>(1)</enum><text>flood insurance
expense data produced by participating property and casualty insurance
companies;</text>
</paragraph><paragraph id="ID4e8399f6fb034fb3b83fb8e746d4e44a"><enum>(2)</enum><text>flood insurance
expense data collected by the National Association of Insurance Commissioners;
or</text>
</paragraph><paragraph id="ID4098ec96472c412591f3249510e537e0"><enum>(3)</enum><text>a combination of
the methodologies described in paragraphs (1) and (2).</text>
</paragraph></subsection><subsection id="ID74b9ca897dc54054b0dbe7559e2b2664"><enum>(c)</enum><header>Submission of
Expense Reports</header><text>To develop the methodology established under
subsection (b), the Administrator may require each property and casualty
insurance company participating in the Write Your Own program to submit a
report to the Administrator, in a format determined by the Administrator and
within 60 days of the request, that details the expense levels of each such
company for selling, writing, and servicing standard flood insurance policies
and adjusting and servicing claims.</text>
</subsection><subsection id="IDb0ce06c6dd734b22ab919dbf9fc288b4"><enum>(d)</enum><header>FEMA Rulemaking
on Reimbursement of Expenses Under the WYO Program</header><text>Not later than
12 months after the date of the enactment of this Act, the Administrator shall
conduct a rulemaking proceeding to formulate revised expense reimbursements to
property and casualty insurance companies participating in the Write Your Own
program for their expenses (including their operating and administrative
expenses for adjustment of claims) in selling, writing, and servicing standard
flood insurance policies, including how such companies shall be reimbursed in
both catastrophic and noncatastrophic years. Such reimbursements shall be
structured to ensure reimbursements track the actual expenses, including
standard business costs and operating expenses, of such companies as close as
practicably possible.</text>
</subsection><subsection id="ID3c4a1e3921bc4801ab846debe1e039fe"><enum>(e)</enum><header>Report of the
Administrator</header><text>Not later than 60 days after the effective date of
any final rule established pursuant to subsection (d), 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 containing—</text>
<paragraph id="ID1ac32b0404f54af7bca1dd0957d2d373"><enum>(1)</enum><text>the specific
rationale and purposes of such rule;</text>
</paragraph><paragraph id="IDbe7ff838088f42d9b618865409b63b42"><enum>(2)</enum><text>the reasons for
the adoption of the policies contained in such rule; and</text>
</paragraph><paragraph id="ID5c2999d5d2684d08a06b5b2bb7c45e4a"><enum>(3)</enum><text>the degree to
which such rule accurately represents the true operating costs and expenses of
property and casualty insurance companies participating in the Write Your Own
program.</text>
</paragraph></subsection><subsection id="IDbc2c0a7d3bb146ccbe3a5f8b6c00f808"><enum>(f)</enum><header>GAO Study and
Report on Expenses of WYO Program</header>
<paragraph id="ID31442faed5b949fab35459b184420b02"><enum>(1)</enum><header>Study</header><text>Not
later than 180 days after the effective date of the final rule established
pursuant to subsection (d), the Comptroller General of the United States
shall—</text>
<subparagraph id="IDdfe15aeba04e42e48416576cb9f4456c"><enum>(A)</enum><text>conduct a study
on the efficacy, adequacy, and sufficiency of the final rules established
pursuant to subsection (d); and</text>
</subparagraph><subparagraph id="ID8e06a8febb874f5182c842c52d68f922"><enum>(B)</enum><text>report to the
Committee on Banking, Housing, and Urban Affairs of the Senate and the
Committee on Financial Services of the House of Representatives on the findings
of the study conducted under subparagraph (A).</text>
</subparagraph></paragraph><paragraph id="IDb5070a4c68024a5eb7674ede77f6de0b"><enum>(2)</enum><header>GAO
Authority</header><text>In conducting the study and report required under
paragraph (1), the Comptroller General—</text>
<subparagraph id="ID7805c0283a9a49638d270c70fcafa6f0"><enum>(A)</enum><text>may use any
previous findings, studies, or reports that the Comptroller General previously
completed on the Write Your Own program;</text>
</subparagraph><subparagraph id="IDa273ff93d7f145f9896e0bf6731b8c30"><enum>(B)</enum><text>shall determine
if—</text>
<clause id="ID2089145fb2db4ae68deb29bbd3118276"><enum>(i)</enum><text>the
final rules established pursuant to subsection (d) allow the Federal Emergency
Management Agency to access adequate information regarding the actual expenses
of property and casualty insurance companies participating in the Write Your
Own program; and</text>
</clause><clause id="ID3268f90720d94f5981dbfada0bd34677"><enum>(ii)</enum><text>the actual
reimbursements paid out under the final rule established in subsection (d)
accurately reflect the expenses reported by property and casualty insurance
companies participating in the Write Your Own program, including the standard
business costs and operating expenses of such companies; and</text>
</clause></subparagraph><subparagraph id="ID0563341dc45e4951b3cdebdd4be12444"><enum>(C)</enum><text>shall analyze the
effect of such rules on the level of participation of property and casualty
insurers in the Write Your Own program.</text>
</subparagraph></paragraph></subsection></section><section id="ID2614668c837c479688466cdde0a9a238"><enum>129.</enum><header>Mitigation</header>
<subsection id="idF601F26E713E45AEA8000BE5324C4020"><enum>(a)</enum><header>Mitigation
assistance grants</header><text>Section 1366 of the National Flood Insurance
Act of 1968 (42 U.S.C. 4104c) is amended—</text>
<paragraph id="IDc02756f01f654851948ac0a4554133ea"><enum>(1)</enum><text>by striking
subsections (b), (d), (f), (g), (h), (k), and (m);</text>
</paragraph><paragraph id="id296D52831D9443B0BA6CA3A833D9D8C1"><enum>(2)</enum><text>by redesignating
subsections (c), (e), (i), and (j) as subsections (b), (c), (e), and (f),
respectively;</text>
</paragraph><paragraph id="idA8EE824A02284264AE47FBA0D15B657A"><enum>(3)</enum><text>in subsection
(a), by striking the last sentence and inserting the
following:</text>
<quoted-block display-inline="yes-display-inline" id="id880DBD05B642445C9C2FFE18668667C8" style="OLC">
<text>Such financial assistance shall be
made available—</text><paragraph id="ID1935486109ce4a85a3e0608852d21eaf"><enum>(1)</enum><text>to States and
communities in the form of grants under this section for carrying out
mitigation activities;</text>
</paragraph><paragraph id="ID65d9f55d4dd34031a845035dad4e5dab"><enum>(2)</enum><text>to States and
communities in the form of grants under this section for carrying out
mitigation activities that reduce flood damage to severe repetitive loss
structures; and</text>
</paragraph><paragraph id="IDa5d6d27557924bb18fcdb31342daa31b"><enum>(3)</enum><text>to property
owners in the form of direct grants under this section for carrying out
mitigation activities that reduce flood damage to individual structures for
which 2 or more claim payments for losses have been made under flood insurance
coverage under this title if the Administrator, after consultation with the
State and community, determines that neither the State nor community in which
such a structure is located has the capacity to manage such
grants.</text>
</paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph id="ID5775fffcfff84ad2865594ec1a77802d"><enum>(4)</enum><text>in subsection
(b), as so redesignated, in the first sentence—</text>
<subparagraph id="ID73d1f159bc2d47e8bb7b5e3185a41a5f"><enum>(A)</enum><text>by striking
<quote>and provides protection against</quote> and inserting <quote>provides
for reduction of</quote>; and</text>
</subparagraph><subparagraph id="id1884D38D2EAB4C63B9A86B61DAAAA18F"><enum>(B)</enum><text>by inserting
before the period at the end the following: <quote>, and may be included in a
multi-hazard mitigation plan</quote>;</text>
</subparagraph></paragraph><paragraph id="IDcf91bde1d34149a0826b8584980bbcb2"><enum>(5)</enum><text>in subsection
(c), as so redesignated—</text>
<subparagraph id="ID65bc57ca971b463792e90df6c044b881"><enum>(A)</enum><text>in paragraph (1),
by striking <quote>(1) <header-in-text level="paragraph" style="OLC">Use of
amounts</header-in-text>.—</quote> and all that follows through the end of the
first sentence and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="idD12B5C73ADE74AEFBCCA9C31C3E36D92" style="OLC">
<paragraph id="ID0bf84f505fb24184ae732dc163ef6454"><enum>(1)</enum><header>Requirement of
consistency with approved mitigation plan</header><text>Amounts provided under
this section may be used only for mitigation activities that are consistent
with mitigation plans that are approved by the Administrator and identified
under paragraph
(4).</text>
</paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="ID2af524dd89ff4d0e9434f1c3bd917f27"><enum>(B)</enum><text>by striking
paragraphs (2), (3), and (4) and inserting the following new paragraphs:</text>
<quoted-block display-inline="no-display-inline" id="id78AC9658CA6C4DDCABECFA2C1094614C" style="OLC">
<paragraph id="ID0eab0a74f6d1452585951c4430891799"><enum>(2)</enum><header>Requirements of
technical feasibility, cost effectiveness, and interest of
nfif</header><text>The Administrator may approve only mitigation activities
that the Administrator determines are technically feasible and cost-effective
and in the interest of, and represent savings to, the National Flood Insurance
Fund. In making such determinations, the Administrator shall take into
consideration recognized ancillary benefits.</text>
</paragraph><paragraph id="ID7ab65ac0aaac47778698968f3a864916"><enum>(3)</enum><header>Priority for
mitigation assistance</header><text>In providing grants under this section for
mitigation activities, the Administrator shall give priority for funding to
activities that the Administrator determines will result in the greatest
savings to the National Flood Insurance Fund, including activities for—</text>
<subparagraph id="ID8683bd20e7dc4cfeaf0f54dcea0d78ac"><enum>(A)</enum><text>severe repetitive
loss structures;</text>
</subparagraph><subparagraph id="ID5de1084ed6ae49489cecae1a3c2aec84"><enum>(B)</enum><text>repetitive loss
structures; and</text>
</subparagraph><subparagraph id="ID3273f53bc17a4f52a4240f8aaf70f3ce"><enum>(C)</enum><text>other subsets of
structures as the Administrator may
establish.</text>
</subparagraph></paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="ID769964e9be1c4449b676d46f589ad286"><enum>(C)</enum><text>by redesignating
paragraph (5) as paragraph (4);</text>
</subparagraph><subparagraph id="idAAB01BA3544A41EF867561303345EFA7"><enum>(D)</enum><text>in paragraph (4),
as so redesignated—</text>
<clause id="ID4ee01d91818944fe97b4d360d5f9716f"><enum>(i)</enum><text>in
the matter preceding subparagraph (A), by striking <quote>The Director</quote>
and all that follows through <quote>Such activities may</quote> and inserting
<quote>Eligible activities under a mitigation plan may</quote>;</text>
</clause><clause id="IDe9bafb779c0b4023a458cca4d4b89c28"><enum>(ii)</enum><text>by
striking subparagraphs (E) and (H);</text>
</clause><clause id="IDd4c40046ae884a4e852ca69cb968d886"><enum>(iii)</enum><text>by
redesignating subparagraphs (D), (F), and (G) as subparagraphs (E), (G), and
(H), respectively;</text>
</clause><clause id="ID5774a3123ee740999a9a850afe97547d"><enum>(iv)</enum><text>by
inserting after subparagraph (C) the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="idE1F5584ACB774C318F1A2BFFA408FCC8" style="OLC">
<subparagraph id="ID993ed23a09aa425e9644a3b87b5229f2"><enum>(D)</enum><text>elevation,
relocation, or floodproofing of utilities (including equipment that serve
structures);</text>
</subparagraph><after-quoted-block>;</after-quoted-block></quoted-block>
</clause><clause id="IDfb8132cd7f19490592839898418e1bc4"><enum>(v)</enum><text>by
inserting after subparagraph (E), as so redesignated, the following new
subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="idB8EA09C2803F48E38ACADAD3FC0E34AE" style="OLC">
<subparagraph id="ID682476b5ca564195a9d0a3c37428721f"><enum>(F)</enum><text>the development
or update of mitigation plans by a State or community which meet the planning
criteria established by the Administrator, except that the amount from grants
under this section that may be used under this subparagraph may not exceed
$50,000 for any mitigation plan of a State or $25,000 for any mitigation plan
of a
community;</text>
</subparagraph><after-quoted-block>;</after-quoted-block></quoted-block>
</clause><clause id="ID0f7bfba6bbb442cfaccf21c457a119c2"><enum>(vi)</enum><text>in
subparagraph (H); as so redesignated, by striking <quote>and</quote> at the
end; and</text>
</clause><clause id="ID092eb8c76ba14d99b1d16a990063ca7d"><enum>(vii)</enum><text>by adding at
the end the following new subparagraphs:</text>
<quoted-block display-inline="no-display-inline" id="id969E155D14A44D4286906A119BF75546" style="OLC">
<subparagraph id="ID0b2d8c42433e4cc98db84a5206875f50"><enum>(I)</enum><text>other mitigation
activities not described in subparagraphs (A) through (G) or the regulations
issued under subparagraph (H), that are described in the mitigation plan of a
State or community; and</text>
</subparagraph><subparagraph id="IDa5cb19a4129b46c1a8aa8d52fd04b3e6"><enum>(J)</enum><text>without regard to
the requirements under subsections (d)(1) and (d)(2), and if the State applied
for and was awarded at least $1,000,000 in grants available under this section
in the prior fiscal year, technical assistance to communities to identify
eligible activities, to develop grant applications, and to implement grants
awarded under this section, not to exceed $50,000 to any one State in any
fiscal
year.</text>
</subparagraph><after-quoted-block>;</after-quoted-block></quoted-block>
</clause></subparagraph><subparagraph id="ID570163ac956c4c568b6ca6c6346c2a96"><enum>(E)</enum><text>by adding at the
end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="id3225AB548E90414CA24084042949D30B" style="OLC">
<paragraph id="IDdec156f750514b0f8856a0439bfe003a"><enum>(5)</enum><header>Eligibility of
demolition and rebuilding of properties</header><text>The Administrator shall
consider as an eligible activity the demolition and rebuilding of properties to
at least base flood elevation or greater, if required by the Administrator or
if required by any State regulation or local ordinance, and in accordance with
criteria established by the
Administrator.</text>
</paragraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="ID6471bf2e4649420f832c6fae1600f73b"><enum>(6)</enum><text>by inserting
after subsection (c), as so redesignated, the following new subsection:</text>
<quoted-block display-inline="no-display-inline" id="id0263D36495594709B2AEB0F052EB4327" style="OLC">
<subsection id="IDeb941fb4133242aaba549ba3c3e4d8f6"><enum>(d)</enum><header>Matching
requirement</header><text>The Administrator may provide grants for eligible
mitigation activities as follows:</text>
<paragraph id="IDc750d3e84e3c423eba7ac9b84f1d0d99"><enum>(1)</enum><header>Severe
repetitive loss structures</header><text>In the case of mitigation activities
to severe repetitive loss structures, in an amount up to 100 percent of all
eligible costs.</text>
</paragraph><paragraph id="ID9ae479ce1eaf42bb86e71f03abf024c9"><enum>(2)</enum><header>Repetitive loss
structures</header><text>In the case of mitigation activities to repetitive
loss structures, in an amount up to 90 percent of all eligible costs.</text>
</paragraph><paragraph id="IDfda3720d53c04b2c84dd82ac9035c50d"><enum>(3)</enum><header>Other
mitigation activities</header><text>In the case of all other mitigation
activities, in an amount up to 75 percent of all eligible
costs.</text>
</paragraph></subsection><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph id="ID3327669bd19f47f2a6d589ad86ec168f"><enum>(7)</enum><text>in subsection
(e)(2), as so redesignated—</text>
<subparagraph id="IDb05511b45c4a42dbad5e0e17adf52e62"><enum>(A)</enum><text>by striking
<quote>certified under subsection (g)</quote> and inserting <quote>required
under subsection (d)</quote>; and</text>
</subparagraph><subparagraph id="IDf467318832074e168a0caf5bac272f86"><enum>(B)</enum><text>by striking
<quote>3 times the amount</quote> and inserting <quote>the
amount</quote>;</text>
</subparagraph></paragraph><paragraph id="IDfe4cbcaf0d084f5da9a543bea5530b0e"><enum>(8)</enum><text>in subsection
(f)(1), as so redesignated, by striking <quote>Riegle Community Development and
Regulatory Improvement Act of 1994</quote> and inserting <quote><short-title>Flood Insurance Reform and Modernization Act of
2011</short-title></quote>; and</text>
</paragraph><paragraph id="IDa5e2329d56f24a658a145e83d4ba85bb"><enum>(9)</enum><text>by adding at the
end the following new subsections:</text>
<quoted-block display-inline="no-display-inline" id="idDFD15440942B45A6A7AA84E7D19FCA74" style="OLC">
<subsection id="IDa7a56895474243c0a3579e055ce90ad0"><enum>(g)</enum><header>Failure To make
grant award within 5 years</header><text>For any application for a grant under
this section for which the Administrator fails to make a grant award within 5
years of the date of the application, the grant application shall be considered
to be denied and any funding amounts allocated for such grant applications
shall remain in the National Flood Mitigation Fund under section 1367 of this
title and shall be made available for grants under this section.</text>
</subsection><subsection id="IDcdab7fe65c354e81a74d82280e10601e"><enum>(h)</enum><header>Definitions</header><text>For
purposes of this section, the following definitions shall apply:</text>
<paragraph id="ID7f5829aa03374108b38643ea480992ad"><enum>(1)</enum><header>Community</header><text>The
term <term>community</term> means—</text>
<subparagraph id="ID2da8d4b0174c4742b4e3686b3662490b"><enum>(A)</enum><text>a political
subdivision that—</text>
<clause id="ID6fd64436d714492cb61f6c252ebe5eef"><enum>(i)</enum><text>has zoning and
building code jurisdiction over a particular area having special flood hazards;
and</text>
</clause><clause id="ID7a9a62691a344bf5976a1e3e482a291c"><enum>(ii)</enum><text>is participating
in the national flood insurance program; or</text>
</clause></subparagraph><subparagraph id="IDb26c843fac134e40b184378c00ab4106"><enum>(B)</enum><text>a political
subdivision of a State, or other authority, that is designated by political
subdivisions, all of which meet the requirements of subparagraph (A), to
administer grants for mitigation activities for such political
subdivisions.</text>
</subparagraph></paragraph><paragraph id="IDeb0f53ff20004997ad277159b72537f5"><enum>(2)</enum><header>Repetitive loss
structure</header><text>The term <term>repetitive loss structure</term> has the
meaning given such term in section 1370.</text>
</paragraph><paragraph id="ID8a455c2e9f5f4fc491c8ab3c14476a00"><enum>(3)</enum><header>Severe
repetitive loss structure</header><text>The term <term>severe repetitive loss
structure</term> means a structure that—</text>
<subparagraph id="ID4810eba405044436a482d5d66a651c46"><enum>(A)</enum><text>is covered under
a contract for flood insurance made available under this title; and</text>
</subparagraph><subparagraph id="ID9d517818211f470a979108c06d7fd9cb"><enum>(B)</enum><text>has incurred
flood-related damage—</text>
<clause id="ID0e13bf9697924ad0acff4482b8e9d99e"><enum>(i)</enum><text>for which 4 or
more separate claims payments have been made under flood insurance coverage
under this title, with the amount of each such claim exceeding $5,000, and with
the cumulative amount of such claims payments exceeding $20,000; or</text>
</clause><clause id="ID132fd4d2c09848a7a2de600820827ac6"><enum>(ii)</enum><text>for which at
least 2 separate claims payments have been made under such coverage, with the
cumulative amount of such claims exceeding the value of the insured
structure.</text>
</clause></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="IDef2542010394476a8c389df7d0b26ba0"><enum>(b)</enum><header>Elimination of
grants program for repetitive insurance claims properties</header><text>Chapter
I of the National Flood Insurance Act of 1968 is amended by striking section
1323 (42 U.S.C. 4030).</text>
</subsection><subsection id="ID0a0e27a5d8b943b5b87c96740d6db1b9"><enum>(c)</enum><header>Elimination of
pilot program for mitigation of severe repetitive loss
properties</header><text>Chapter III of the National Flood Insurance Act of
1968 is amended by striking section 1361A (42 U.S.C. 4102a).</text>
</subsection><subsection id="ID4401ad771cae47c6860ae65ad872d817"><enum>(d)</enum><header>National flood
insurance fund</header><text>Section 1310(a) of the National Flood Insurance
Act of 1968 (42 U.S.C. 4017(a)) is amended—</text>
<paragraph id="IDb79f48b9cb67429a9ac1510986960880"><enum>(1)</enum><text>in paragraph (6),
by inserting <quote>and</quote> after the semicolon;</text>
</paragraph><paragraph id="ID1c6e08741004462ba1b3e04be6cdb3e6"><enum>(2)</enum><text>in paragraph (7),
by striking the semicolon and inserting a period; and</text>
</paragraph><paragraph id="ID48d8ef044525405887b2b315f0089c4a"><enum>(3)</enum><text>by striking
paragraphs (8) and (9).</text>
</paragraph></subsection><subsection id="ID866882ebde1648f0b18ed9b31ed3dd83"><enum>(e)</enum><header>National flood
mitigation fund</header><text>Section 1367 of the National Flood Insurance Act
of 1968 (42 U.S.C. 4104d) is amended—</text>
<paragraph id="IDa479eb79df0f44c7b00a33db6a3b8830"><enum>(1)</enum><text>in subsection
(b)—</text>
<subparagraph id="IDe4087d7c93604844be6e2a57ab94289e"><enum>(A)</enum><text>by striking
paragraph (1) and inserting the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="idD393CD83B9CA470C980AF7B5B7632C36" style="OLC">
<paragraph id="ID11b3f8d0abe7457d998a0545d7beca6c"><enum>(1)</enum><text>in each fiscal
year, amounts from the National Flood Insurance Fund not to exceed $90,000,000
and to remain available until expended, of which—</text>
<subparagraph id="ID935f699c50ce400b957c42bdc99f1145"><enum>(A)</enum><text>not more than
$40,000,000 shall be available pursuant to subsection (a) of this section for
assistance described in section 1366(a)(1);</text>
</subparagraph><subparagraph id="ID8ebb4a56200b4f46972a703d9e678f5f"><enum>(B)</enum><text>not more than
$40,000,000 shall be available pursuant to subsection (a) of this section for
assistance described in section 1366(a)(2); and</text>
</subparagraph><subparagraph id="IDfbdc0bf6b3824ba4916bb096d455f968"><enum>(C)</enum><text>not more than
$10,000,000 shall be available pursuant to subsection (a) of this section for
assistance described in section
1366(a)(3);</text>
</subparagraph></paragraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="ID80417166b3774d379e4f51bb3d88751b"><enum>(B)</enum><text>in paragraph (3),
by striking <quote>section 1366(i)</quote> and inserting <quote>section
1366(e)</quote>;</text>
</subparagraph></paragraph><paragraph id="ID03d19b9f927b4afdacfc453fd92e8bb5"><enum>(2)</enum><text>in subsection
(c), by striking <quote>sections 1366 and 1323</quote> and inserting
<quote>section 1366</quote>;</text>
</paragraph><paragraph id="ID20aaad885a6245fb97d8efd5dc623d93"><enum>(3)</enum><text>by redesignating
subsections (d) and (e) as subsections (f) and (g), respectively; and</text>
</paragraph><paragraph id="ID6351be0280384673af5515ef6d0bdd44"><enum>(4)</enum><text>by inserting
after subsection (c) the following new subsections:</text>
<quoted-block display-inline="no-display-inline" id="id36B56D79093B4D5799FB534A8547B894" style="OLC">
<subsection id="IDd56566be08124022a0806ed0fdbeccdb"><enum>(d)</enum><header>Prohibition on
offsetting collections</header><text>Notwithstanding any other provision of
this title, amounts made available pursuant to this section shall not be
subject to offsetting collections through premium rates for flood insurance
coverage under this title.</text>
</subsection><subsection id="ID6bc1d8f5e1ca42b0afec1d14a3a46a4c"><enum>(e)</enum><header>Continued
Availability and Reallocation</header><text>Any amounts made available pursuant
to subparagraph (A), (B), or (C) of subsection (b)(1) that are not used in any
fiscal year shall continue to be available for the purposes specified in such
subparagraph of subsection (b)(1) pursuant to which such amounts were made
available, unless the Administrator determines that reallocation of such unused
amounts to meet demonstrated need for other mitigation activities under section
1366 is in the best interest of the National Flood Insurance
Fund.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="IDfea98e46507b42598fdc49e9dd9738f0"><enum>(f)</enum><header>Increased cost
of compliance coverage</header><text>Section 1304(b)(4) of the National Flood
Insurance Act of 1968 (42 U.S.C. 4011(b)(4)) is amended—</text>
<paragraph id="IDf2aa47361ea24308b2ef8aa661570031"><enum>(1)</enum><text>by striking
subparagraph (B); and</text>
</paragraph><paragraph id="IDe259823087ed4960b5362faae254f057"><enum>(2)</enum><text>by redesignating
subparagraphs (C), (D), and (E) as subparagraphs (B), (C), and (D),
respectively.</text>
</paragraph></subsection></section><section id="idF7C1C92F298B4F35B932CD0F054C1526"><enum>130.</enum><header>Flood
Protection Structure Accreditation Task Force</header>
<subsection id="idABB5FCBBC5A84652B8E4A3A7A014F8C7"><enum>(a)</enum><header>Definitions</header><text>In
this section—</text>
<paragraph id="id13BCC0EAA4F84E5E950C0ADCFDD44F36"><enum>(1)</enum><text>the term
<term>flood protection structure accreditation requirements</term> means the
requirements established under section 65.10 of title 44, Code of Federal
Regulations, for levee systems to be recognized on maps created for purposes of
the National Flood Insurance Program;</text>
</paragraph><paragraph id="idD3957E10E4884177AC88FBDE61BD7D68"><enum>(2)</enum><text>the term
<term>National Committee on Levee Safety</term> means the Committee on Levee
Safety established under section 9003 of the National Levee Safety Act of 2007
(33 U.S.C. 3302); and</text>
</paragraph><paragraph id="id1554BB44321143C9B1069EA710CF5D3D"><enum>(3)</enum><text>the term
<term>task force</term> means the Flood Protection Structure Accreditation Task
Force established under subsection (b).</text>
</paragraph></subsection><subsection id="idA3546E17B635420B9E673F9F73F0057F"><enum>(b)</enum><header>Establishment</header>
<paragraph id="id61539B64D8094166BD4C33EA98A6F487"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">The Administrator and
the Secretary of the Army, acting through the Chief of Engineers, in
cooperation with the National Committee on Levee Safety, shall jointly
establish a Flood Protection Structure Accreditation Task Force.</text>
</paragraph><paragraph id="idA5543962B06141739C0B338944875D13"><enum>(2)</enum><header>Duties</header>
<subparagraph id="id9C653EB42DFB4469ADF9DD4C2CD3D3B0"><enum>(A)</enum><header>Developing
process</header><text display-inline="yes-display-inline">The task force shall
develop a process to better align the information and data collected by or for
the United States Army Corps of Engineers under the Inspection of Completed
Works Program with the flood protection structure accreditation requirements so
that—</text>
<clause id="id4639106F5F7F4F87B412E02ABBCAD30E"><enum>(i)</enum><text display-inline="yes-display-inline">information and data collected for either
purpose can be used interchangeably; and</text>
</clause><clause id="idD1DFB1ED076645808546A4DFF969D495"><enum>(ii)</enum><text display-inline="yes-display-inline">information and data collected by or for
the United States Army Corps of Engineers under the Inspection of Completed
Works Program is sufficient to satisfy the flood protection structure
accreditation requirements.</text>
</clause></subparagraph><subparagraph id="idD2648EEBA852488CA7144817E9E72E60"><enum>(B)</enum><header>Gathering
recommendations</header><text display-inline="yes-display-inline">The task
force shall gather, and consider in the process developed under subparagraph
(A), recommendations from interested persons in each region relating to the
information, data, and accreditation requirements described in subparagraph
(A).</text>
</subparagraph></paragraph><paragraph id="id2F9112036D0D41C9BB025B07C6309FF6"><enum>(3)</enum><header>Considerations</header><text>In
developing the process under paragraph (2), the task force shall consider
changes to—</text>
<subparagraph id="id62C04064CF064A39A06D6E11ABE8F795"><enum>(A)</enum><text>the information
and data collected by or for the United States Army Corps of Engineers under
the Inspection of Completed Works Program; and</text>
</subparagraph><subparagraph id="id00D44DD5A3154240A1331CEC5B641C46"><enum>(B)</enum><text>the flood
protection structure accreditation requirements.</text>
</subparagraph></paragraph><paragraph id="id4396999934054F43931626D2FCEBCDA4"><enum>(4)</enum><header>Rule of
construction</header><text>Nothing in this section shall be construed to
require a reduction in the level of public safety and flood control provided by
accredited levees, as determined by the Administrator for purposes of this
section.</text>
</paragraph></subsection><subsection id="id17C9AD9037444929B159BD1FE6ABA614"><enum>(c)</enum><header>Implementation</header><text>The
Administrator and the Secretary of the Army, acting through the Chief of
Engineers, shall implement the process developed by the task force under
subsection (b).</text>
</subsection><subsection id="idEA829B25C24940AB804028D4481BC436"><enum>(d)</enum><header>Reports</header><text>The
Administrator and the Secretary of the Army, acting through the Chief of
Engineers, in cooperation with the National Committee on Levee Safety, shall
jointly submit to the Committee on Banking, Housing, and Urban Affairs and the
Committee on Environment and Public Works of the Senate and the Committee on
Financial Services, the Committee on Transportation and Infrastructure, and the
Committee on Natural Resources of the House of Representatives reports
concerning the activities of the task force and the implementation of the
process developed by the task force under subsection (b), including—</text>
<paragraph id="id6D0084D101DD411983C283FDF5D6CA08"><enum>(1)</enum><text>an interim
report, not later than 180 days after the date of enactment of this Act;
and</text>
</paragraph><paragraph id="id7F3BB99EAAB047C59A9206A37191CDA3"><enum>(2)</enum><text>a final report,
not later than 1 year after the date of enactment of this Act.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id9810243BF1014463B281F952838E962C"><enum>(e)</enum><header>Termination</header><text>The
task force shall terminate on the date of submission of the report under
subsection (d)(2).</text>
</subsection></section><section id="id7404E1823E844680B0C69A3AAE896213"><enum>131.</enum><header>Flood in
progress determinations</header>
<subsection id="ID983a9f6cbd92427da2f7b60e4169b359"><enum>(a)</enum><header>Report</header>
<paragraph id="id9DFD907B476142DD9A665FE903313F4D"><enum>(1)</enum><header>Review</header><text>The
Administrator shall review—</text>
<subparagraph id="IDd40249c2081946c08eef5dff68b116b7"><enum>(A)</enum><text>the processes and
procedures for determining that a flood event has commenced or is in progress
for purposes of flood insurance coverage made available under the National
Flood Insurance Program;</text>
</subparagraph><subparagraph id="IDa26d72fec8664236afb003fbef186ac1"><enum>(B)</enum><text>the processes and
procedures for providing public notification that such a flood event has
commenced or is in progress;</text>
</subparagraph><subparagraph id="IDd618ebc6acde48629717892973cde49d"><enum>(C)</enum><text>the processes and
procedures regarding the timing of public notification of flood insurance
requirements and availability; and</text>
</subparagraph><subparagraph id="ID60fdb8394a74436da12716ef06c04e3f"><enum>(D)</enum><text>the effects and
implications that weather conditions, including rainfall, snowfall, projected
snowmelt, existing water levels, and other conditions, have on the
determination that a flood event has commenced or is in progress.</text>
</subparagraph></paragraph><paragraph id="IDd18e16669f5249f49411aab607a5a86a"><enum>(2)</enum><header>Report</header><text>Not
later than 6 months after the date of enactment of this Act, the Administrator
shall submit a report to Congress that describes—</text>
<subparagraph id="idF1B8158C65C845D9A4DE01C40293D033"><enum>(A)</enum><text>the results and
conclusions of the review under paragraph (1); and</text>
</subparagraph><subparagraph id="id4B81E70716104DB0A561BC7FC20823D3"><enum>(B)</enum><text>any actions
taken, or proposed actions to be taken, by the Administrator to provide for
more precise and technical processes and procedures for determining that a
flood event has commenced or is in progress.</text>
</subparagraph></paragraph></subsection><subsection id="id28076026EE894A3996406D94327EDC1F"><enum>(b)</enum><header>Effective date
of policies covering properties affected by flooding of the Missouri River in
2011</header>
<paragraph id="id2A10492F13AB47149966B98CE8AE5EDA"><enum>(1)</enum><header>Eligible
coverage</header><text display-inline="yes-display-inline">For purposes of this
subsection, the term <term>eligible coverage</term> means coverage under a new
contract for flood insurance coverage under the National Flood Insurance
Program, or a modification to coverage under an existing flood insurance
contract, for property damaged by the flooding of the Missouri River that
commenced on June 1, 2011, that was purchased or made during the period
beginning May 1, 2011, and ending June 6, 2011.</text>
</paragraph><paragraph id="id5E561068B44E4C90874CF82CDC0BAB54"><enum>(2)</enum><header>Effective
dates</header><text display-inline="yes-display-inline">Notwithstanding section
1306(c) of the National Flood Insurance Act of 1968 (42 U.S.C. 4013(c)), or any
other provision of law, any eligible coverage shall—</text>
<subparagraph id="id9D4E461012264EA981B06E46E9F4F358"><enum>(A)</enum><text display-inline="yes-display-inline">be deemed to take effect on the date that
is 30 days after the date on which all obligations for the eligible coverage
(including completion of the application and payment of any initial premiums
owed) are satisfactorily completed; and</text>
</subparagraph><subparagraph id="idA246349AB0904921A1BCD0D7E4FD3C5F"><enum>(B)</enum><text>cover damage to
property occurring after the effective date described in subparagraph (A) that
resulted from the flooding of the Missouri River that commenced on June 1,
2011, if the property did not suffer damage or loss as a result of such
flooding before the effective date described in subparagraph (A).</text>
</subparagraph></paragraph></subsection></section><section id="HE5A83BD17D8E44F99DB4E5652F275DE5"><enum>132.</enum><header>Clarification
of residential and commercial coverage limits</header><text display-inline="no-display-inline">Section 1306(b) of the National Flood
Insurance Act of 1968 (42 U.S.C. 4013(b)) is amended—</text>
<paragraph id="H8FF611432FFD4DE29487A63E4B166CF0"><enum>(1)</enum><text>in paragraph
(2)—</text>
<subparagraph id="H7DF5F61F94EC47F29BF1E3A9BCCD625C"><enum>(A)</enum><text>by striking
<quote>in the case of any residential property</quote> and inserting <quote>in
the case of any residential building designed for the occupancy of from one to
four families</quote>; and</text>
</subparagraph><subparagraph id="H5886C1E504104238878BAE6473ADD711"><enum>(B)</enum><text>by striking
<quote>shall be made available to every insured upon renewal and every
applicant for insurance so as to enable such insured or applicant to receive
coverage up to a total amount (including such limits specified in paragraph
(1)(A)(i)) of $250,000</quote> and inserting <quote>shall be made available,
with respect to any single such building, up to an aggregate liability
(including such limits specified in paragraph (1)(A)(i)) of $250,000</quote>;
and</text>
</subparagraph></paragraph><paragraph id="H0B1B027647B84469BBE076CF666CCDD0"><enum>(2)</enum><text>in paragraph
(4)—</text>
<subparagraph id="HB33365FA8E2547B8B2823589383E2FF3"><enum>(A)</enum><text>by striking
<quote>in the case of any nonresidential property, including churches,</quote>
and inserting <quote>in the case of any nonresidential building, including a
church,</quote>; and</text>
</subparagraph><subparagraph id="HB50DB6BFFC224F9FBDBB9046EDCDCDDC"><enum>(B)</enum><text>by striking
<quote>shall be made available to every insured upon renewal and every
applicant for insurance, in respect to any single structure, up to a total
amount (including such limit specified in subparagraph (B) or (C) of paragraph
(1), as applicable) of $500,000 for each structure and $500,000 for any
contents related to each structure</quote> and inserting <quote>shall be made
available with respect to any single such building, up to an aggregate
liability (including such limits specified in subparagraph (B) or (C) of
paragraph (1), as applicable) of $500,000, and coverage shall be made available
up to a total of $500,000 aggregate liability for contents owned by the
building owner and $500,000 aggregate liability for each unit within the
building for contents owned by the tenant</quote>.</text>
</subparagraph></paragraph></section><section id="id6D221D1782284F17B43708E44F020B45"><enum>133.</enum><header>Local data
requirement</header>
<subsection id="id43DFF849432F42469DCBA4DDF762AE3E"><enum>(a)</enum><header>In
general</header><text>Notwithstanding any other provision of this title, no
area or community participating in the National Flood Insurance Program that is
or includes a community that is identified by the Administrator as Community
Identification Number 360467 and impacted by the Jamaica Bay flooding source or
identified by the Administrator as Community Identification Number 360495 may
be or become designated as an area of special flood hazards for purposes of the
National Flood Insurance Program, unless the designation is made on the basis
of—</text>
<paragraph id="ID39b8a0e581ed4e77902b96802cc71f99"><enum>(1)</enum><text>flood hazard
analyses of hydrologic, hydraulic, or coastal flood hazards that have been
properly calibrated and validated, and are specific and directly relevant to
the geographic area being studied; and</text>
</paragraph><paragraph id="IDdf45cecabaf3482c9616c966893dd502"><enum>(2)</enum><text>ground elevation
information of sufficient accuracy and precision to meet the guidelines of the
Administration for accuracy at the 95 percent confidence level.</text>
</paragraph></subsection><subsection id="ID98edeba150a24d03afec6f97facd9cfc"><enum>(b)</enum><header>Remapping</header>
<paragraph id="idC6FFE38F49054E8999F2CC3B24CB871C"><enum>(1)</enum><header>Remapping
required</header><text>If the Administrator determines that an area described
in subsection (a) has been designated as an area of special flood hazard on the
basis of information that does not comply with the requirements under
subsection (a), the Administrator shall revise and update any National Flood
Insurance Program rate map for the area—</text>
<subparagraph id="idA3CE220981AE4AC5944665ABBC8A2CE2"><enum>(A)</enum><text>using information
that complies with the requirements under subsection (a); and</text>
</subparagraph><subparagraph id="idEA370C0FAAD547E9AEEF01EE9AABC2FF"><enum>(B)</enum><text>in accordance
with the procedures established under section 1363 of the National Flood
Insurance Act of 1968 (42 U.S.C. 4104) for flood elevation
determinations.</text>
</subparagraph></paragraph><paragraph id="idBFB7E29DE34B47B4A33A5C5487091529"><enum>(2)</enum><header>Deadline</header><text>The
Administrator shall issue a preliminary National Flood Insurance Program rate
map resulting from a revision and update required under paragraph (1) not later
than 1 year after the date of enactment of this Act.</text>
</paragraph><paragraph id="ID08011be3d9ae4032a113d4149ea8f2f1"><enum>(3)</enum><header>Risk premium
rate clarification</header><text>Any increase in the risk premium rate for a
property in an area for which the Administrator has made a determination under
paragraph (1) shall be phased in, in accordance with the schedule set forth
under section 1308(h) of the National Flood Insurance Act of 1968 (42 U.S.C.
4015(h)), as added by this Act. The provisions of this paragraph terminate on
the effective date of the National Flood Insurance Program rate map for the
area revised and updated in accordance with paragraph (1).</text>
</paragraph></subsection></section><section id="id16877B0D2B7649D487ABC50F51C6179E"><enum>134.</enum><header>Eligibility
for flood insurance for persons residing in communities that have made adequate
progress on the construction, reconstruction, or improvement of a flood
protection system</header>
<subsection id="ID98f9e1358d9f4d9abbe2e62d6ac1a89b"><enum>(a)</enum><header>Eligibility for
flood insurance coverage</header>
<paragraph id="id74467B976AC24B20B82CF7AFFF7E6D1D"><enum>(1)</enum><header>In
general</header><text>Notwithstanding any other provision of law, a person
residing in a community that the Administrator determines has made adequate
progress on the reconstruction or improvement of a flood protection system that
will afford flood protection for a 100-year floodplain (without regard to the
level of Federal funding of or participation in the construction,
reconstruction, or improvement), shall be eligible for flood insurance coverage
under the National Flood Insurance Program—</text>
<subparagraph id="id7501AE6DF025411D97A3B95D3F9425B3"><enum>(A)</enum><text>if the person
resides in a community that is a participant in the National Flood Insurance
Program; and</text>
</subparagraph><subparagraph id="idE99BC4CAC6B94AFB9B970983542005F6"><enum>(B)</enum><text>at a risk premium
rate that does not exceed the risk premium rate that would be chargeable if the
flood protection system had been completed.</text>
</subparagraph></paragraph><paragraph id="id957BDB532B8F404FAB112C6BC2B151CC"><enum>(2)</enum><header>Adequate
progress</header>
<subparagraph id="ID2823a5f1cdf644aaa5fc9e0d21700d60"><enum>(A)</enum><header>Reconstruction
or improvement</header><text>For purposes of paragraph (1), the Administrator
shall determine that a community has made adequate progress on the
reconstruction or improvement of a flood protection system if—</text>
<clause id="idB0083CE7C6144AACA68F31FDA787022B"><enum>(i)</enum><text>100
percent of the project cost has been authorized;</text>
</clause><clause id="id7B1304253E5E4DF8B0F2D39458E47CA7"><enum>(ii)</enum><text>not less than 60
percent of the project cost has been secured or appropriated;</text>
</clause><clause id="id9CAC23786A8D40E1BED493BDD2D55954"><enum>(iii)</enum><text>not less than
50 percent of the flood protection system has been assessed as being without
deficiencies; and</text>
</clause><clause id="idC8D4BF7B1F51492AA0790309CD763912"><enum>(iv)</enum><text>the
reconstruction or improvement has a project schedule that does not exceed 5
years, beginning on the date on which the reconstruction or construction of the
improvement commences.</text>
</clause></subparagraph><subparagraph id="id4C35FB28D3F249F686897969C3F5F326"><enum>(B)</enum><header>Considerations</header><text>In
determining whether a flood protection system have been assessed as being
without deficiencies, the Administrator shall consider the requirements under
section 65.10 of chapter 44, Code of Federal Regulations, or any successor
thereto.</text>
</subparagraph></paragraph></subsection><subsection id="ID514914ef73c64e798fa242f4dcda60fd"><enum>(b)</enum><header>Termination of
eligibility</header>
<paragraph id="id2D209F5A1FF640E796297FDBA0EC6698"><enum>(1)</enum><header>Adequate
continuing progress</header><text>The Administrator shall issue rules to
establish a method of determining whether a community has made adequate
continuing progress on the reconstruction or improvement of a flood protection
system that includes—</text>
<subparagraph id="idAD3C204A3A314B70B3CD929E4FBD6F96"><enum>(A)</enum><text>a requirement
that the Administrator shall—</text>
<clause id="idD872EF3153204AAD9C0500B8B590772B"><enum>(i)</enum><text>consult with the
owner of the flood protection system—</text>
<subclause id="id57E249C5663243ADAFC36CE2EC15A0F8"><enum>(I)</enum><text>6 months after
the date of a determination under subsection (a);</text>
</subclause><subclause id="id9D07200318644D939D397775FE3FBCFA"><enum>(II)</enum><text>18 months after
the date of a determination under subsection (a); and</text>
</subclause><subclause id="id33A89485AF7A4604B00B13488E71EF13"><enum>(III)</enum><text>36 months after
the date of a determination under subsection (a); and</text>
</subclause></clause><clause id="id8C8F26806D1243C9A9265830F72005B9"><enum>(ii)</enum><text>after each
consultation under clause (i), determine whether the reconstruction or
improvement is reasonably likely to be completed in accordance with the project
schedule described in subsection (a)(2)(A)(iv); and</text>
</clause></subparagraph><subparagraph id="idA7335A44FEB94A8FBB750B2E83B1DC7F"><enum>(B)</enum><text>a requirement
that, if the Administrator makes a determination under subparagraph (A)(ii)
that reconstruction or improvement is not reasonably likely to be completed in
accordance with the project schedule, the Administrator shall—</text>
<clause id="idE77ECACB15904CD1B7FE12254293B865"><enum>(i)</enum><text>not
later than 30 days after the date of the determination, notify the owner of the
flood protection system of the determination and provide the rationale and
evidence for the determination; and</text>
</clause><clause id="id621BA85918664C24B8143DBFEBCCD51A"><enum>(ii)</enum><text>provide the
owner of the flood protection system the opportunity to appeal the
determination.</text>
</clause></subparagraph></paragraph><paragraph id="idFFE92F4E7634412C9AB3462AE1636D09"><enum>(2)</enum><header>Termination</header><text>The
Administrator shall terminate the eligibility for flood insurance coverage
under the National Flood Insurance Program of persons residing in a community
with respect to which the Administrator made a determination under subsection
(a) if—</text>
<subparagraph id="IDebd02b967ad04c54ab78198cb2559105"><enum>(A)</enum><text>the Administrator
determines that the community has not made adequate continuing progress;
or</text>
</subparagraph><subparagraph id="IDf50e103f97814412a7d21bd150f31a65"><enum>(B)</enum><text>on the date that
is 5 years after the date on which the reconstruction or construction of the
improvement commences, the project has not been completed.</text>
</subparagraph></paragraph><paragraph id="IDc497879c23664bf9b2e3c53c76b674b3"><enum>(3)</enum><header>Waiver</header><text>A
person whose eligibility would otherwise be terminated under paragraph (2)(B)
shall continue to be eligible to purchase flood insurance coverage described in
subsection (a) if the Administrator determines—</text>
<subparagraph id="idDD455B48DEC14FC08297BA0C6B4AF705"><enum>(A)</enum><text>the community has
made adequate continuing progress on the reconstruction or improvement of a
flood protection system; and</text>
</subparagraph><subparagraph id="id80D476897EB44D5388E41ECB55FFF6A6"><enum>(B)</enum><text>there is a
reasonable expectation that the reconstruction or improvement of the flood
protection system will be completed not later than 1 year after the date of the
determination under this paragraph.</text>
</subparagraph></paragraph><paragraph id="ID2949181531964f0ca31176936674f3bf"><enum>(4)</enum><header>Risk premium
rate</header><text>If the Administrator terminates the eligibility of persons
residing in a community to purchase flood insurance coverage described in
subsection (a), the Administrator shall establish an appropriate risk premium
rate for flood insurance coverage under the National Flood Insurance Program
for persons residing in the community that purchased flood insurance coverage
before the date on which the termination of eligibility takes effect, taking
into consideration the then-current state of the flood protection
system.</text>
</paragraph></subsection></section><section id="ID5e07e1370ddd4e6eb74b089536fdb92c"><enum>135.</enum><header>Studies and
reports</header>
<subsection id="IDbb8661b8909e4725b0814bc6e1abeafc"><enum>(a)</enum><header>Report on
Expanding the National Flood Insurance Program</header><text>Not later than 1
year after the date of the enactment of this Act, the Comptroller General of
the United States shall conduct a study and submit a report to the Committee on
Banking, Housing, and Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives, on—</text>
<paragraph id="IDa524bdfddd154588b97dec5e2aadedab"><enum>(1)</enum><text>the number of
flood insurance policy holders currently insuring—</text>
<subparagraph id="IDa337cc39b5af4b2489a927cf5f9f4834"><enum>(A)</enum><text>a residential
structure up to the maximum available coverage amount, as established in
section 61.6 of title 44, Code of Federal Regulations, of—</text>
<clause id="ID115ee2a35b344accb4e020963089b633"><enum>(i)</enum><text>$250,000 for the
structure; and</text>
</clause><clause id="ID83b578c909954db495e4238713bc5706"><enum>(ii)</enum><text>$100,000 for the
contents of such structure; or</text>
</clause></subparagraph><subparagraph id="ID72b913bfa7524806b4cfcfdfe36b582b"><enum>(B)</enum><text>a commercial
structure up to the maximum available coverage amount, as established in
section 61.6 of title 44, Code of Federal Regulations, of $500,000;</text>
</subparagraph></paragraph><paragraph id="ID3e4c963d83574aa784803e11d668b607"><enum>(2)</enum><text>the increased
losses the National Flood Insurance Program would have sustained during the
2004 and 2005 hurricane season if the National Flood Insurance Program had
insured all policyholders up to the maximum conforming loan limit for fiscal
year 2006 of $417,000, as established under section 302(b)(2) of the Federal
National Mortgage Association Charter Act (12 U.S.C. 1717(b)(2));</text>
</paragraph><paragraph id="IDb0e76ac304ce465e848d38824d33ed1e"><enum>(3)</enum><text>the availability
in the private marketplace of flood insurance coverage in amounts that exceed
the current limits of coverage amounts established in section 61.6 of title 44,
Code of Federal Regulations; and</text>
</paragraph><paragraph id="IDbc220a561a40401391bb855e4bebbd23"><enum>(4)</enum><text>what effect, if
any—</text>
<subparagraph id="IDfdbee17905ff4909b743ccbaaa9191f0"><enum>(A)</enum><text>raising the
current limits of coverage amounts established in section 61.6 of title 44,
Code of Federal Regulations, would have on the ability of private insurers to
continue providing flood insurance coverage; and</text>
</subparagraph><subparagraph id="IDd0fdbc5c7fef4d438fa2e79fdb55d1de"><enum>(B)</enum><text>reducing the
current limits of coverage amounts established in section 61.6 of title 44,
Code of Federal Regulations, would have on the ability of private insurers to
provide sufficient flood insurance coverage to effectively replace the current
level of flood insurance coverage being provided under the National Flood
Insurance Program.</text>
</subparagraph></paragraph></subsection><subsection id="IDf352e932299545fc976926bb36bf7f6a"><enum>(b)</enum><header>Report of the
Administrator on Activities Under the National Flood Insurance Program</header>
<paragraph id="ID5e14123737414dc9b4d020df50b3815c"><enum>(1)</enum><header>In
general</header><text>The Administrator shall, on an annual basis, submit a
full report on the operations, activities, budget, receipts, and expenditures
of the National Flood Insurance Program for the preceding 12-month period to
the Committee on Banking, Housing, and Urban Affairs of the Senate and the
Committee on Financial Services of the House of Representatives.</text>
</paragraph><paragraph id="IDceac73da20004751b595a0045a591b69"><enum>(2)</enum><header>Timing</header><text>Each
report required under paragraph (1) shall be submitted to the committees
described in paragraph (1) not later than 3 months following the end of each
fiscal year.</text>
</paragraph><paragraph id="ID196b6dba84d244688c3c8c9bb8894fc0"><enum>(3)</enum><header>Contents</header><text>Each
report required under paragraph (1) shall include—</text>
<subparagraph id="ID837482c4fbda4514979f690538e30c96"><enum>(A)</enum><text>the current
financial condition and income statement of the National Flood Insurance Fund
established under section 1310 of the National Flood Insurance Act of 1968 (42
U.S.C. 4017), including—</text>
<clause id="ID3501d82378784312a1efe3c53434289a"><enum>(i)</enum><text>premiums paid
into such Fund;</text>
</clause><clause id="ID3351de6a58ae4cf48f58707d91aaaf84"><enum>(ii)</enum><text>policy claims
against such Fund; and</text>
</clause><clause id="ID7f76777469cc41098affa0d6d592b1ca"><enum>(iii)</enum><text>expenses in
administering such Fund;</text>
</clause></subparagraph><subparagraph id="ID4b47ae1fc55044c0898aa07de287d43a"><enum>(B)</enum><text>the number and
face value of all policies issued under the National Flood Insurance Program
that are in force;</text>
</subparagraph><subparagraph id="ID9ade429a735d4b5a90c125cb160dd8ee"><enum>(C)</enum><text>a description and
summary of the losses attributable to repetitive loss structures;</text>
</subparagraph><subparagraph id="ID14b6d8cc7a314667b96d70ed83c6fdaf"><enum>(D)</enum><text>a description and
summary of all losses incurred by the National Flood Insurance Program due
to—</text>
<clause id="IDf9adb550f4bf401282af5dfb0995edde"><enum>(i)</enum><text>hurricane related
damage; and</text>
</clause><clause id="ID978f0f171e584933baf0fa346174b07e"><enum>(ii)</enum><text>nonhurricane
related damage;</text>
</clause></subparagraph><subparagraph id="IDacca7c880c03428888cff819452052e5"><enum>(E)</enum><text>the amounts made
available by the Administrator for mitigation assistance under section
1366(c)(4) of the National Flood Insurance Act of 1968 (42 U.S.C. 4104c(c)(4)
for the purchase of properties substantially damaged by flood for that fiscal
year, and the actual number of flood damaged properties purchased and the total
cost expended to purchase such properties;</text>
</subparagraph><subparagraph id="IDb25b5bb984814811ac571664606b3c32"><enum>(F)</enum><text>the estimate of
the Administrator as to the average historical loss year, and the basis for
that estimate;</text>
</subparagraph><subparagraph id="ID2d944f5c6bc247d4ad608ffc1c34b0d9"><enum>(G)</enum><text>the estimate of
the Administrator as to the maximum amount of claims that the National Flood
Insurance Program would have to expend in the event of a catastrophic
year;</text>
</subparagraph><subparagraph id="ID29bebfb5886a42a18bead42260586f63"><enum>(H)</enum><text>the
average—</text>
<clause id="IDe9565955c21944d9a103e3afad8fb587"><enum>(i)</enum><text>amount of
insurance carried per flood insurance policy;</text>
</clause><clause id="ID5592be2bd6e64e8595c9933c0d9da4a6"><enum>(ii)</enum><text>premium per
flood insurance policy; and</text>
</clause><clause id="IDb7780476d83844198ec376e8ec0ba062"><enum>(iii)</enum><text>loss per flood
insurance policy; and</text>
</clause></subparagraph><subparagraph id="ID84399eb6db7144c883bac044fa462950"><enum>(I)</enum><text>the number of
claims involving damages in excess of the maximum amount of flood insurance
available under the National Flood Insurance Program and the sum of the amount
of all damages in excess of such amount.</text>
</subparagraph></paragraph></subsection><subsection id="IDd71b2ad870294954a6974e4a7e574896"><enum>(c)</enum><header>GAO Study on
Pre-FIRM Structures</header><text>Not later than 1 year after the date of the
enactment of this Act, the Comptroller General of the United States shall
conduct a study and submit a report to the Committee on Banking, Housing, and
Urban Affairs of the Senate and the Committee on Financial Services of the
House of Representatives, on the—</text>
<paragraph id="ID76930b354e4640d9a8dd65121b739328"><enum>(1)</enum><text>composition of
the remaining pre-FIRM structures that are explicitly receiving discounted
premium rates under section 1307 of the National Flood Insurance Act of 1968
(42 U.S.C. 4014), including the historical basis for the receipt of such
subsidy and the extent to which pre-FIRM structures are currently owned by the
same owners of the property at the time of the original FIRM;</text>
</paragraph><paragraph id="ID56fec59756a84c55919c9a44e3633a3b"><enum>(2)</enum><text>number and fair
market value of such structures;</text>
</paragraph><paragraph id="ID915f7cf1cce14abda8f8d466f2c5f09d"><enum>(3)</enum><text>respective income
level of the owners of such structures;</text>
</paragraph><paragraph id="IDaf20c9ad669f47a8b17f8dfd7ba745b6"><enum>(4)</enum><text>number of times
each such structure has been sold since 1968, including specific dates, sales
price, and any other information the Secretary determines appropriate;</text>
</paragraph><paragraph id="ID6b0a026447ee47d4a9fa135a5273d486"><enum>(5)</enum><text>total losses
incurred by such structures since the establishment of the National Flood
Insurance Program compared to the total losses incurred by all structures that
are charged a nondiscounted premium rate;</text>
</paragraph><paragraph id="ID82b33960939a4714bfb937ae52470e6b"><enum>(6)</enum><text>total cost of
foregone premiums since the establishment of the National Flood Insurance
Program, as a result of the subsidies provided to such structures;</text>
</paragraph><paragraph id="IDfb4f31c79c9d4502bed756132832d894"><enum>(7)</enum><text>annual cost as a
result of the subsidies provided to such structures;</text>
</paragraph><paragraph id="ID53acf24b67914b859b5c02b30873ed7b"><enum>(8)</enum><text>the premium
income collected and the losses incurred by the National Flood Insurance
Program as a result of such explicitly subsidized structures compared to the
premium income collected and the losses incurred by such Program as a result of
structures that are charged a nondiscounted premium rate, on a State-by-State
basis; and</text>
</paragraph><paragraph id="IDf80db7afb6b24692822dc25d8e70230a"><enum>(9)</enum><text>the options for
eliminating the subsidy to such structures.</text>
</paragraph></subsection><subsection id="ID669f3406c6d743fe88e5654546370343"><enum>(d)</enum><header>GAO Review of
FEMA Contractors</header><text>The Comptroller General of the United States, in
conjunction with the Office of the Inspector General of the Department of
Homeland Security, shall—</text>
<paragraph id="IDcaf05989b838412a94c6fa5b13e88f0d"><enum>(1)</enum><text>conduct a review
of the 3 largest contractors the Administrator uses in administering the
National Flood Insurance Program; and</text>
</paragraph><paragraph id="ID094d7c0de80c4f3e913eebf8a513eff5"><enum>(2)</enum><text>not later than 18
months after the date of the enactment of this Act, submit a report on the
findings of such review to the Administrator, the Committee on Banking,
Housing, and Urban Affairs of the Senate, and the Committee on Financial
Services of the House of Representatives.</text>
</paragraph></subsection></section><section id="idE62DF6723D2D45CF8B996B3B7A45B273"><enum>136.</enum><header>Reinsurance</header>
<subsection id="IDa64a18397c7d4bd5b3f5f1121a70aabb"><enum>(a)</enum><header>Reinsurance
assessment</header>
<paragraph id="IDb4a867ad820b424ea6545b2261a74d07"><enum>(1)</enum><header>Private market
pricing assessment</header><text>Not later than 12 months after the date of the
enactment of this Act, the Administrator shall submit to Congress a report
that—</text>
<subparagraph id="ID56886a97dcbb4ba18199ddf45aa9780e"><enum>(A)</enum><text>assesses the
capacity of the private reinsurance, capital, and financial markets to assist
communities, on a voluntary basis, in managing the full range of financial
risks associated with flooding by requesting proposals to assume a portion of
the insurance risk of the National Flood Insurance Program;</text>
</subparagraph><subparagraph id="ID6c910c8649314ee68ee7b78c71bdd4ad"><enum>(B)</enum><text>describes any
responses to the request for proposals under subparagraph (A);</text>
</subparagraph><subparagraph id="ID9f88780ee2e349f9a6627474bb05138d"><enum>(C)</enum><text>assesses whether
the rates and terms contained in any proposals received by the Administrator
are—</text>
<clause id="id8CBDC14C1E7A4DB085CCBE25A3C69CD5"><enum>(i)</enum><text>reasonable and
appropriate; and</text>
</clause><clause id="id8382E85405864339969EEF2B57B26851"><enum>(ii)</enum><text>in
an amount sufficient to maintain the ability of the National Flood Insurance
Program to pay claims;</text>
</clause></subparagraph><subparagraph id="ID13de6f7c02bf4fe79fed0e82899a1e28"><enum>(D)</enum><text>describes the
extent to which carrying out the proposals received by the Administrator would
minimize the likelihood that the Administrator would use the borrowing
authority under section 1309 of the National Flood Insurance Act of 1968 (42
U.S.C. 4016);</text>
</subparagraph><subparagraph id="IDc8f323f907184b978bcc7b61d5f6d5fd"><enum>(E)</enum><text>describes
fluctuations in historical reinsurance rates; and</text>
</subparagraph><subparagraph id="IDb79c8fcb7fc34600a3787f1995a6c97d"><enum>(F)</enum><text>includes an
economic cost-benefit analysis of the impact on the National Flood Insurance
Program if the Administrator were to exercise the authority under section
1335(a)(2) of the National Flood Insurance Act of 1968 (42 U.S.C. 4055(a)(2)),
as added by this section, to secure reinsurance of coverage provided by the
National Flood Insurance Program from the private market.</text>
</subparagraph></paragraph><paragraph id="IDdfa28195a9394ef2b7060fcf349801ff"><enum>(2)</enum><header>Protocol for
release of data</header><text>The Administrator shall develop a protocol,
including adequate privacy protections, to provide for the release of data
sufficient to conduct the assessment required under paragraph (1).</text>
</paragraph></subsection><subsection id="ID0ad5accc757e4f76b9106cb1fbddb792"><enum>(b)</enum><header>Reinsurance</header><text>The
National Flood Insurance Act of 1968 (42 U.S.C. 4011 et seq.) is
amended—</text>
<paragraph id="IDae242a84e21e4a7d8bbfeac2c7ecf8ab"><enum>(1)</enum><text>in section
1331(a)(2) (42 U.S.C. 4051(a)(2)), by inserting <quote>, including as
reinsurance of coverage provided by the flood insurance program</quote> before
<quote>, on such terms</quote>;</text>
</paragraph><paragraph id="IDd987c98178e74fe68cabb0ca3c8c172d"><enum>(2)</enum><text>in section
1332(c)(2) (42 U.S.C. 4052(c)(2)), by inserting <quote>or reinsurance</quote>
after <quote>flood insurance coverage</quote>;</text>
</paragraph><paragraph id="IDb698c4a0621f4c14b408a4f999f589b1"><enum>(3)</enum><text>in section
1335(a) (42 U.S.C. 4055(a))—</text>
<subparagraph id="IDdf954e6ae03a44b8bfe78cc36e88aeee"><enum>(A)</enum><text>by striking
<quote>The Director</quote> and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="id014BFEDBC10C4517B7AB9F2D0B89EBE2" style="OLC">
<paragraph id="IDe9f2d75fb73543fabae514b58f4e0661"><enum>(1)</enum><header>In
general</header><text>The Administrator</text>
</paragraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="ID39dfb1595e2a4a38895f42d05f1fbe8a"><enum>(B)</enum><text>by adding at the
end the following:</text>
<quoted-block display-inline="no-display-inline" id="idDD8DD3084B784161B8C29E0F2E2128EB" style="OLC">
<paragraph id="ID97f687b3d22642c6a2c62f8ff30ff673"><enum>(2)</enum><header>Private
reinsurance</header><text>The Administrator is authorized to secure reinsurance
of coverage provided by the flood insurance program from the private market at
rates and on terms determined by the Administrator to be reasonable and
appropriate, in an amount sufficient to maintain the ability of the program to
pay
claims.</text>
</paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="IDee1f9ef7ab2a4cafa4f2ccf8c8af39ae"><enum>(4)</enum><text>in section
1346(a) (12 U.S.C. 4082(a))—</text>
<subparagraph id="ID0d5fb9075ecb4ddfac1d3be3f8501d15"><enum>(A)</enum><text>in the matter
preceding paragraph (1), by inserting after <quote>for the purpose of</quote>
the following: <quote>securing reinsurance of insurance coverage provided by
the program or for the purpose of</quote>;</text>
</subparagraph><subparagraph id="ID21d4468cf9cd42a3908adb0de7719f91"><enum>(B)</enum><text>in paragraph
(1)—</text>
<clause id="ID1ab42fcbab5f45128d0065b2f04b5521"><enum>(i)</enum><text>by
striking <quote>estimating</quote> and inserting <quote>Estimating</quote>;
and</text>
</clause><clause id="id0402DD55395843C2B7D6CD7343FBC480"><enum>(ii)</enum><text>by
striking the semicolon at the end and inserting a period;</text>
</clause></subparagraph><subparagraph id="IDc24bfc3809704437b6f0fc3843673ca7"><enum>(C)</enum><text>in paragraph
(2)—</text>
<clause id="ID59a2f9d89f5a48ea8bc156e2770dc85e"><enum>(i)</enum><text>by
striking <quote>receiving</quote> and inserting <quote>Receiving</quote>;
and</text>
</clause><clause id="id4D3DE62223324F0BB5742C622C5706FB"><enum>(ii)</enum><text>by
striking the semicolon at the end and inserting a period;</text>
</clause></subparagraph><subparagraph id="IDf8d64be345184580b8d9e7810a1cd84e"><enum>(D)</enum><text>in paragraph
(3)—</text>
<clause id="IDc32bdf8b8f704a4a92a7822cc37bc619"><enum>(i)</enum><text>by
striking <quote>making</quote> and inserting <quote>Making</quote>; and</text>
</clause><clause id="id9C2E7718D45349F18291E508D20D78CD"><enum>(ii)</enum><text>(ii) by striking
<quote>‘; and</quote>’ and inserting a period;</text>
</clause></subparagraph><subparagraph id="IDeb95de4427e646668daeda0e9c5f33e6"><enum>(E)</enum><text>by redesignating
paragraph (4) as paragraph (5);</text>
</subparagraph><subparagraph id="IDe65393b0c7dd4e41a4d093f3a6a2e237"><enum>(F)</enum><text>in paragraph (5),
as so redesignated, by striking <quote>otherwise</quote> and inserting
<quote>Otherwise</quote>; and</text>
</subparagraph><subparagraph id="IDa04fc672ae254e6289d04d92f191bd66"><enum>(G)</enum><text>by inserting
after paragraph (3) the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="id08F3732B8EEC45A0A966D9FE797B249F" style="OLC">
<paragraph id="ID1a07c775cfb249d680ff6bb652e7e41b"><enum>(4)</enum><text>Placing
reinsurance coverage on insurance provided by such
program;</text>
</paragraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="id4D6986BC7F9B4BCF94CD2AC7E9CA16E9"><enum>(5)</enum><text>in section
1370(a)(3) (42 U.S.C. 4121(a)(3)), by striking <quote>include any</quote> and
all that follows and inserting the following: <quote>include any organization
or person that is authorized to engage in the business of insurance under the
laws of any State, subject to the reporting requirements of the Securities
Exchange Act of 1934 pursuant to section 13(a) or 15(d) of such Act (15 U.S.C.
78m(a) and 78o(d)), or authorized by the Administrator to assume reinsurance on
risks insured by the flood insurance program;</quote>.</text>
</paragraph></subsection><subsection id="ID019b82cbc9f54994a7d1f7ebd6ee0d8a"><enum>(c)</enum><header>Assessment of
claims-paying ability</header>
<paragraph id="ID80781f30b63c431a96f395335d219d57"><enum>(1)</enum><header>Assessment</header>
<subparagraph id="ID2956c106a6c641f79e198b158841ceb5"><enum>(A)</enum><header>Assessment
required</header>
<clause id="id5FA849D2FADD4DD39882510D860FA5D8"><enum>(i)</enum><header>In
general</header><text>Not later than September 30 of each year, the
Administrator shall conduct an assessment of the ability of the National Flood
Insurance Program to pay claims.</text>
</clause><clause id="id6ABF756592704FDDBAF56823698DA31C"><enum>(ii)</enum><header>Private market
reinsurance</header><text>The assessment under this paragraph for any year in
which the Administrator exercises the authority under section 1335(a)(2) of the
National Flood Insurance Act of 1968 (42 U.S.C. 4055(a)(2)), as added by this
section, to secure reinsurance of coverage provided by the National Flood
Insurance Program from the private market shall include information relating
the use of private sector reinsurance and reinsurance equivalents by the
Administrator, whether or not the Administrator used the borrowing authority
under section 1309 of the National Flood Insurance Act of 1968 (42 U.S.C.
4016).</text>
</clause><clause id="id26ACB92B8A0F4D68BF12EAF7CBC8C73F"><enum>(iii)</enum><header>First
assessment</header><text>The Administrator shall conduct the first assessment
required under this paragraph not later than September 30, 2012.</text>
</clause></subparagraph><subparagraph id="ID81576f4a90844cd2836ff89e4b2ec93e"><enum>(B)</enum><header>Considerations</header><text>In
conducting an assessment under subparagraph (A), the Administrator shall take
into consideration regional concentrations of coverage written by the National
Flood Insurance Program, peak flood zones, and relevant mitigation
measures.</text>
</subparagraph></paragraph><paragraph id="ID9da1ba09f76143efb8e838b7318ecfe7"><enum>(2)</enum><header>Annual report
of the Administrator of activities under the national flood insurance
program</header><text>The Administrator shall—</text>
<subparagraph id="ID1bddec5eb3034dadbed72e6f464be5a4"><enum>(A)</enum><text>include the
results of each assessment in the report required under section 135(b);
and</text>
</subparagraph><subparagraph id="IDfd41d913ebeb429daa3298620641e906"><enum>(B)</enum><text>not later than 30
days after the date on which the Administrator completes an assessment required
under paragraph (1), make the results of the assessment available to the
public.</text>
</subparagraph></paragraph></subsection></section><section id="idEB7501A15000446BBB5AE1D4B3DBE57B"><enum>137.</enum><header>GAO study on
business interruption and additional living expenses coverages</header>
<subsection id="ID55f01ea382eb44ce80ab0ed205c821ca"><enum>(a)</enum><header>Study</header><text>The
Comptroller General of the United States shall conduct a study
concerning—</text>
<paragraph id="ID1cf218408cde405cbdfde180abeba820"><enum>(1)</enum><text>the availability
of additional living expenses and business interruption coverage in the private
marketplace for flood insurance;</text>
</paragraph><paragraph id="IDa01afcc6c046454f85acf11636db0dc9"><enum>(2)</enum><text>the feasibility
of allowing the National Flood Insurance Program to offer such coverage at the
option of the consumer;</text>
</paragraph><paragraph id="IDe62fb710ecce4b2c8a4f393576710a56"><enum>(3)</enum><text>the estimated
cost to consumers if the National Flood Insurance Program priced such optional
coverage at true actuarial rates;</text>
</paragraph><paragraph id="IDea21f87c85c34f61bf16f793768093d3"><enum>(4)</enum><text>the impact such
optional coverage would have on consumer participation in the National Flood
Insurance Program; and</text>
</paragraph><paragraph id="ID80fa51a97e1a4e4ba964a279e2e20586"><enum>(5)</enum><text>the fiscal impact
such optional coverage would have upon the National Flood Insurance Fund if
such optional coverage were included in the National Flood Insurance Program,
as described in paragraph (2), at the price described in paragraph (3).</text>
</paragraph></subsection><subsection id="ID03a7b639097f40b0af4cbba93a55dccc"><enum>(b)</enum><header>Report</header><text>Not
later than 1 year after the date of the enactment of this Act, the Comptroller
General 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 containing the results of the study under subsection
(a).</text>
</subsection></section><section id="ID6efa0a94f9804d439b366bdb85078058"><enum>138.</enum><header>Policy
disclosures</header>
<subsection id="IDeaa25b2d79b7465e985b2178f732dc16"><enum>(a)</enum><header>In
general</header><text>Notwithstanding any other provision of law, in addition
to any other disclosures that may be required, each policy under the National
Flood Insurance Program shall state all conditions, exclusions, and other
limitations pertaining to coverage under the subject policy, regardless of the
underlying insurance product, in plain English, in boldface type, and in a font
size that is twice the size of the text of the body of the policy.</text>
</subsection><subsection id="ID8ac05b7ea65b4f248370050f42121be8"><enum>(b)</enum><header>Violations</header><text>Any
person that violates the requirements of this section shall be subject to a
fine of not more than $50,000 at the discretion of the Administrator.</text>
</subsection></section><section id="ID7095d66fee1749bca331c6c5d86ee877"><enum>139.</enum><header>Report on
inclusion of building codes in floodplain management criteria</header><text display-inline="no-display-inline">Not later than 6 months after the date of
the enactment of this Act, the Administrator of the Federal Emergency
Management Agency shall conduct a study and submit a report to the Committee on
Banking, Housing, and Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives regarding the impact,
effectiveness, and feasibility of amending section 1361 of the National Flood
Insurance Act of 1968 (42 U.S.C. 4102) to include widely used and nationally
recognized building codes as part of the floodplain management criteria
developed under such section, and shall determine—</text>
<paragraph id="ID0e4f082ab9984079ac313222415f7226"><enum>(1)</enum><text>the regulatory,
financial, and economic impacts of such a building code requirement on
homeowners, States and local communities, local land use policies, and the
Federal Emergency Management Agency;</text>
</paragraph><paragraph id="IDd598b8640ac54f00984b3352d084038d"><enum>(2)</enum><text>the resources
required of State and local communities to administer and enforce such a
building code requirement;</text>
</paragraph><paragraph id="IDfa623d531da748d3b011be9e228790b2"><enum>(3)</enum><text>the effectiveness
of such a building code requirement in reducing flood-related damage to
buildings and contents;</text>
</paragraph><paragraph id="IDfca23fb7f43d4e208437645d5f9f5a7b"><enum>(4)</enum><text>the impact of
such a building code requirement on the actuarial soundness of the National
Flood Insurance Program;</text>
</paragraph><paragraph id="IDcfe9e969c74f4e31a708a7d0bff10dd1"><enum>(5)</enum><text>the effectiveness
of nationally recognized codes in allowing innovative materials and systems for
flood-resistant construction;</text>
</paragraph><paragraph id="ID5f233574463f49bbb63775f48a87ab89"><enum>(6)</enum><text>the feasibility
and effectiveness of providing an incentive in lower premium rates for flood
insurance coverage under such Act for structures meeting whichever of such
widely used and nationally recognized building codes or any applicable local
building codes provides greater protection from flood damage;</text>
</paragraph><paragraph id="id06EDBD8A3B5F4905B81029BBF12A012C"><enum>(7)</enum><text>the impact of
such a building code requirement on rural communities with different building
code challenges than urban communities; and</text>
</paragraph><paragraph id="idE96B4D1844214F5DB406A1A0914EFDCC"><enum>(8)</enum><text>the impact of a
such a building code requirement on Indian reservations.</text>
</paragraph></section><section id="ID40f9ff504c4c4471ac300889ff05355b"><enum>140.</enum><header>Study of
participation and affordability for certain policyholders</header>
<subsection id="ID0088095729fa401bba63c190b1cf5d80"><enum>(a)</enum><header>FEMA
Study</header><text>The Administrator shall conduct a study of—</text>
<paragraph id="id1376A5713ED34C1BA67A21ECE5BAE6F9"><enum>(1)</enum><text>methods to
encourage and maintain participation in the National Flood Insurance
Program;</text>
</paragraph><paragraph id="id71E05D85E5C0425ABEBCD85B68B11A87"><enum>(2)</enum><text>methods to
educate consumers about the National Flood Insurance Program and the flood risk
associated with their property;</text>
</paragraph><paragraph id="id655B8B70EC024E7D83FD764CC6599FBC"><enum>(3)</enum><text>methods for
establishing an affordability framework for the National Flood Insurance
Program, including methods to aid individuals to afford risk-based premiums
under the National Flood Insurance Program through targeted assistance rather
than generally subsidized rates, including means-tested vouchers; and</text>
</paragraph><paragraph id="idDEAFF5F41B274E5E862C65600DD70382"><enum>(4)</enum><text>the implications
for the National Flood Insurance Program and the Federal budget of using each
such method.</text>
</paragraph></subsection><subsection id="ID8e4856226c9140708cc0cba65da3f25c"><enum>(b)</enum><header>National
Academy of Sciences Economic Analysis</header><text>To inform the Administrator
in the conduct of the study under subsection (a), the National Academy of
Sciences, in consultation with the Comptroller General of the United States,
shall conduct and submit to the Administrator an economic analysis of the costs
and benefits to the Federal Government of a flood insurance program with full
risk-based premiums, combined with means-tested Federal assistance to aid
individuals who cannot afford coverage, through an insurance voucher program.
The analysis shall compare the costs of a program of risk-based rates and
means-tested assistance to the current system of subsidized flood insurance
rates and federally funded disaster relief for people without coverage.</text>
</subsection><subsection id="id1DC63B46238741739F601C1C55ECAFE9"><enum>(c)</enum><header>Report</header><text>Not
later than 270 days 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 of the study and analysis under this
section.</text>
</subsection><subsection id="ID1c081efa8e194a2b83b4b97c70ec3516"><enum>(d)</enum><header>Funding</header><text>Notwithstanding
section 1310 of the National Flood Insurance Act of 1968 (42 U.S.C. 4017),
there shall be available to the Administrator from the National Flood Insurance
Fund, of amounts not otherwise obligated, not more than $750,000 to carry out
this section.</text>
</subsection></section><section id="id774F53CAB9924921B3500CF494548696"><enum>141.</enum><header>Study and
report concerning the participation of Indian tribes and members of Indian
tribes in the National Flood Insurance Program</header>
<subsection id="id4ED731F3B7D046A7BC870DF6E175A84E"><enum>(a)</enum><header>Definition</header><text>In
this section, the term <term>Indian tribe</term> has the meaning given that
term in section 4 of the Indian Self-Determination and Education Assistance Act
(25 U.S.C. 450b).</text>
</subsection><subsection id="idE327EBBA4C96490494AB61D91495EC1C"><enum>(b)</enum><header>Findings</header><text>Congress
finds that participation by Indian tribes in the National Flood Insurance
Program is low. Only 45 of 565 Indian tribes participate in the National Flood
Insurance Program.</text>
</subsection><subsection id="idC846EF94CAA643F0A2EA6E223379FF85"><enum>(c)</enum><header>Study</header><text>The
Comptroller General of the United States, in coordination and consultation with
Indian tribes and members of Indian tribes throughout the United States, shall
carry out a study that examines—</text>
<paragraph id="id353041C0C88642F88620090456094576"><enum>(1)</enum><text>the factors
contributing to the current rates of participation by Indian tribes and members
of Indian tribes in the National Flood Insurance Program; and</text>
</paragraph><paragraph id="idF4DC8D5F5C734C31BBDAC9377245031F"><enum>(2)</enum><text>methods of
encouraging participation by Indian tribes and members of Indian tribes in the
National Flood Insurance Program.</text>
</paragraph></subsection><subsection id="id033461CC3E684651AF5C1AA05E767881"><enum>(d)</enum><header>Report</header><text>Not
later than 6 months after the date of enactment of this Act, the Comptroller
General shall submit to Congress a report that—</text>
<paragraph id="id0B12EC8309324164A3CDB74CFEC10A36"><enum>(1)</enum><text>contains the
results of the study carried out under subsection (c);</text>
</paragraph><paragraph id="id34173648A54C49AAA0CBFAC784081639"><enum>(2)</enum><text>describes the
steps that the Administrator should take to increase awareness and encourage
participation by Indian tribes and members of Indian tribes in the National
Flood Insurance Program; and</text>
</paragraph><paragraph id="id65E1A54BED654E7FB14FC3AB7DC957DF"><enum>(3)</enum><text>identifies any
legislative changes that would encourage participation by Indian tribes and
members of Indian tribes in the National Flood Insurance Program.</text>
</paragraph></subsection></section><section id="HC6A83D848586497CA4A4357BE6418FDB"><enum>142.</enum><header>Technical
corrections</header>
<subsection id="HDC098D22284A476C9668F6FF5340B503"><enum>(a)</enum><header>Flood Disaster
Protection Act of 1973</header><text display-inline="yes-display-inline">The
Flood Disaster Protection Act of 1973 (42 U.S.C. 4002 et seq.) is
amended—</text>
<paragraph id="H825B086059B949E381C4FA5D65571F14"><enum>(1)</enum><text>by striking
<quote>Director</quote> each place that term appears, except in section
102(f)(3) (42 U.S.C. 4012a(f)(3)), and inserting <quote>Administrator</quote>;
and</text>
</paragraph><paragraph id="HFFB0732386974CE8A296D3B391D5AC49"><enum>(2)</enum><text display-inline="yes-display-inline">in section 201(b) (42 U.S.C. 4105(b)), by
striking <quote>Director’s</quote> and inserting
<quote>Administrator’s</quote>.</text>
</paragraph></subsection><subsection id="H17290E1EFADE46B1A768775F57C9B31B"><enum>(b)</enum><header>National Flood
Insurance Act of 1968</header><text display-inline="yes-display-inline">The
National Flood Insurance Act of 1968 (42 U.S.C. 4001 et seq.) is
amended—</text>
<paragraph id="H2E900E829A79420288FDA9E3E9514D21"><enum>(1)</enum><text>by striking
<quote>Director</quote> each place that term appears and inserting
<quote>Administrator</quote>; and</text>
</paragraph><paragraph id="HA4E9500A69D54AB48FF352A9715E4B70"><enum>(2)</enum><text display-inline="yes-display-inline">in sections 1363 (42 U.S.C. 4104), by
striking <quote>Director’s</quote> each place that term appears and inserting
<quote>Administrator’s</quote>.</text>
</paragraph></subsection><subsection id="H856BB5A3A524406EA2EA05F42CBA73E6"><enum>(c)</enum><header>Federal Flood
Insurance Act of 1956</header><text display-inline="yes-display-inline">Section
15(e) of the Federal Flood Insurance Act of 1956 (42 U.S.C. 2414(e)) is amended
by striking <quote>Director</quote> each place that term appears and inserting
<quote>Administrator</quote>.</text>
</subsection></section><enum>II</enum><header>Commission on
natural catastrophe risk management and insurance</header>
<section id="id6DEF8D7E18AB4F2DA9C701E1CB55A21B"><enum>201.</enum><header>Short
title</header><text display-inline="no-display-inline">This title may be cited
as the <quote><short-title>Commission on Natural
Catastrophe Risk Management and Insurance Act of
2011</short-title></quote>.</text>
</section><section id="ID723c205679a44d1299821a4d6181e167"><enum>202.</enum><header>Findings</header><text display-inline="no-display-inline">Congress finds that—</text>
<paragraph id="IDd38c4b679a44457babb67af5aa729fa0"><enum>(1)</enum><text>Hurricanes
Katrina, Rita, and Wilma, which struck the United States in 2005, caused, by
some estimates, in excess of $200,000,000,000 in total economic losses;</text>
</paragraph><paragraph id="ID4fe624cb728b4b7babb821089706200b"><enum>(2)</enum><text>many
meteorologists predict that the United States is in a period of increased
hurricane activity;</text>
</paragraph><paragraph id="ID9b8fa78b72a941fc8b3d7c429cd1132e"><enum>(3)</enum><text>the Federal
Government and State governments have provided billions of dollars to pay for
losses from natural catastrophes, including hurricanes, earthquakes, volcanic
eruptions, tsunamis, tornados, flooding, wildfires, droughts, and other natural
catastrophes;</text>
</paragraph><paragraph id="ID6c768679e5ff48c68c24de887fbbdf4e"><enum>(4)</enum><text>many Americans
are finding it increasingly difficult to obtain and afford property and
casualty insurance coverage;</text>
</paragraph><paragraph id="IDbaede21c6dc9470ca7b58744a687f77f"><enum>(5)</enum><text>some insurers are
not renewing insurance policies, are excluding certain risks, such as wind
damage, and are increasing rates and deductibles in some markets;</text>
</paragraph><paragraph id="ID52b44b36241d43dc84fd4231b9f7dab5"><enum>(6)</enum><text>the inability of
property and business owners in vulnerable areas to obtain and afford property
and casualty insurance coverage endangers the national economy and public
health and safety;</text>
</paragraph><paragraph id="ID181d75d5dc9a446e92443376236388bc"><enum>(7)</enum><text>almost every
State in the United States is at risk of a natural catastrophe, including
hurricanes, earthquakes, volcanic eruptions, tsunamis, tornados, flooding,
wildfires, droughts, and other natural catastrophes;</text>
</paragraph><paragraph id="ID6ed932b0011a46b38e84ec3c91c07e0b"><enum>(8)</enum><text>building codes
and land use regulations play an indispensable role in managing catastrophe
risks, by preventing building in high risk areas and ensuring that appropriate
mitigation efforts are completed where building has taken place;</text>
</paragraph><paragraph id="ID156f9ad2a9874fc9bf2aff4681715c46"><enum>(9)</enum><text>several proposals
have been introduced in Congress to address the affordability and availability
of natural catastrophe insurance across the United States, but there is no
consensus on what, if any, role the Federal Government should play; and</text>
</paragraph><paragraph id="IDe9037360b8d244c8ae5d05261fa3dcc3"><enum>(10)</enum><text>an efficient and
effective approach to assessing natural catastrophe risk management and
insurance is to establish a nonpartisan commission to study the management of
natural catastrophe risk, and to require such commission to timely report to
Congress on its findings.</text>
</paragraph></section><section id="ID02d154eaa51a46ff89bdbc6b904c4126"><enum>203.</enum><header>Establishment</header><text display-inline="no-display-inline">There is established a nonpartisan
Commission on Natural Catastrophe Risk Management and Insurance (in this title
referred to as the <quote>Commission</quote>).</text>
</section><section id="ID7567b7513d214f27a73445b79d5f309e"><enum>204.</enum><header>Membership</header>
<subsection id="ID552d7c1aeccc432e826c153cdc172c6b"><enum>(a)</enum><header>Appointment</header><text>The
Commission shall be composed of 16 members, of whom—</text>
<paragraph id="IDa37170c65d674d9990d41b780eb7aab3"><enum>(1)</enum><text>2 members shall
be appointed by the majority leader of the Senate;</text>
</paragraph><paragraph id="IDb4fb891a17c44eccb4125b6bfc580cf2"><enum>(2)</enum><text>2 members shall
be appointed by the minority leader of the Senate;</text>
</paragraph><paragraph id="IDe9e58f7be8204cc4b8103230cff17cd4"><enum>(3)</enum><text>2 members shall
be appointed by the Speaker of the House of Representatives;</text>
</paragraph><paragraph id="IDc7d7d53cb3844e0daec1ce817d49b2a9"><enum>(4)</enum><text>2 members shall
be appointed by the minority leader of the House of Representatives;</text>
</paragraph><paragraph id="ID539f384ac5d4413cb6868079cb22c5e3"><enum>(5)</enum><text>2 members shall
be appointed by the Chairman of the Committee on Banking, Housing, and Urban
Affairs of the Senate;</text>
</paragraph><paragraph id="ID2ab0d68cfdda438aaa1e5ebbaf1347c1"><enum>(6)</enum><text>2 members shall
be appointed by the Ranking Member of the Committee on Banking, Housing, and
Urban Affairs of the Senate;</text>
</paragraph><paragraph id="ID7e556c5ba81643d58c468198c0ccf2c4"><enum>(7)</enum><text>2 members shall
be appointed by the Chairman of the Committee on Financial Services of the
House of Representatives; and</text>
</paragraph><paragraph id="ID910064004190475e907271ed1f41fdf4"><enum>(8)</enum><text>2 members shall
be appointed by the Ranking Member of the Committee on Financial Services of
the House of Representatives.</text>
</paragraph></subsection><subsection id="IDae339885aca94aa9b0c0230e2f07e4c2"><enum>(b)</enum><header>Qualification
of members</header>
<paragraph id="IDd0af48c3f3064c0faa524f5648ba06fd"><enum>(1)</enum><header>In
general</header><text>Members of the Commission shall be appointed under
subsection (a) from among persons who—</text>
<subparagraph id="ID4c9754dd950f4900940525623b46222f"><enum>(A)</enum><text>have expertise in
insurance, reinsurance, insurance regulation, policyholder concerns, emergency
management, risk management, public finance, financial markets, actuarial
analysis, flood mapping and planning, structural engineering, building
standards, land use planning, natural catastrophes, meteorology, seismology,
environmental issues, or other pertinent qualifications or experience;
and</text>
</subparagraph><subparagraph id="ID5ff7834638d54ec99e4a707b99519bab"><enum>(B)</enum><text>are not officers
or employees of the United States Government or of any State or local
government.</text>
</subparagraph></paragraph><paragraph id="ID6e008482602e4e57a3a1970d9e644d61"><enum>(2)</enum><header>Diversity</header><text>In
making appointments to the Commission—</text>
<subparagraph id="IDb6131afa703b4d5aab7d5452bd8a4008"><enum>(A)</enum><text>every effort
shall be made to ensure that the members are representative of a broad cross
section of perspectives within the United States; and</text>
</subparagraph><subparagraph id="ID410ddc70fc734ecfa5d431da0a889977"><enum>(B)</enum><text>each member of
Congress described in subsection (a) shall appoint not more than 1 person from
any single primary area of expertise described in paragraph (1)(A) of this
subsection.</text>
</subparagraph></paragraph></subsection><subsection id="ID831ba1d7bf404286aa56f54a55a77864"><enum>(c)</enum><header>Period of
appointment</header>
<paragraph id="ID6f89b63065a04be0b3baed8b3a27400f"><enum>(1)</enum><header>In
general</header><text>Each member of the Commission shall be appointed for the
duration of the Commission.</text>
</paragraph><paragraph id="ID478686f9a2ce4a019c0f982c7883e9c9"><enum>(2)</enum><header>Vacancies</header><text>A
vacancy on the Commission shall not affect its powers, but shall be filled in
the same manner as the original appointment.</text>
</paragraph></subsection><subsection id="ID7fc04c20ef944817803a945a14b16d40"><enum>(d)</enum><header>Quorum</header>
<paragraph id="ID27e540d34ab34f769761b0b2f0820597"><enum>(1)</enum><header>Majority</header><text>A
majority of the members of the Commission shall constitute a quorum, but a
lesser number, as determined by the Commission, may hold hearings.</text>
</paragraph><paragraph id="ID9c4139fbf99747b79e5fc42adba3a6c9"><enum>(2)</enum><header>Approval
actions</header><text>All recommendations and reports of the Commission
required by this title shall be approved only by a majority vote of all of the
members of the Commission.</text>
</paragraph></subsection><subsection id="ID939ed5ccceea4983aa30f9852f839bd2"><enum>(e)</enum><header>Chairperson</header><text>The
Commission shall, by majority vote of all of the members, select 1 member to
serve as the Chairperson of the Commission (in this title referred to as the
<quote>Chairperson</quote>).</text>
</subsection><subsection id="IDcd29e556d1e64a77a6c83023d5148765"><enum>(f)</enum><header>Meetings</header><text>The
Commission shall meet at the call of its Chairperson or a majority of the
members.</text>
</subsection></section><section id="IDf72bdc3c998149418a429ed0a794a6d1"><enum>205.</enum><header>Duties of the
commission</header><text display-inline="no-display-inline">The Commission
shall examine the risks posed to the United States by natural catastrophes, and
means for mitigating those risks and for paying for losses caused by natural
catastrophes, including assessing—</text>
<paragraph id="ID3731def7a6f44de1abbd64f7bd492644"><enum>(1)</enum><text>the condition of
the property and casualty insurance and reinsurance markets prior to and in the
aftermath of Hurricanes Katrina, Rita, and Wilma in 2005, and the 4 major
hurricanes that struck the United States in 2004;</text>
</paragraph><paragraph id="ID52bd93b1e056456784849bfc94ac7385"><enum>(2)</enum><text>the current
condition of, as well as the outlook for, the availability and affordability of
insurance in all regions of the country;</text>
</paragraph><paragraph id="ID5366356d0ac94c769dce58d2050b0afe"><enum>(3)</enum><text>the current
ability of States, communities, and individuals to mitigate their natural
catastrophe risks, including the affordability and feasibility of such
activities;</text>
</paragraph><paragraph id="ID4d352f2fcf3348b99badd84b269c3909"><enum>(4)</enum><text>the ongoing
exposure of the United States to natural catastrophes, including hurricanes,
earthquakes, volcanic eruptions, tsunamis, tornados, flooding, wildfires,
droughts, and other natural catastrophes;</text>
</paragraph><paragraph id="IDf6a5dbba85e64ccc9020ea9908f8ea13"><enum>(5)</enum><text>the catastrophic
insurance and reinsurance markets and the relevant practices in providing
insurance protection to different sectors of the American population;</text>
</paragraph><paragraph id="ID9f4a00942dce430982ba4c78d288adf1"><enum>(6)</enum><text>implementation of
a catastrophic insurance system that can resolve key obstacles currently
impeding broader implementation of catastrophic risk management and financing
with insurance;</text>
</paragraph><paragraph id="ID86c0c5c196154574a8fdf5f87ee27e0e"><enum>(7)</enum><text>the financial
feasibility and sustainability of a national, regional, or other pooling
mechanism designed to provide adequate insurance coverage and increased
underwriting capacity to insurers and reinsurers, including private-public
partnerships to increase insurance capacity in constrained markets;</text>
</paragraph><paragraph id="ID8bb798459ae940589e7ab58ab549ed7e"><enum>(8)</enum><text>methods to
promote public or private insurance policies to reduce losses caused by natural
catastrophes in the uninsured sectors of the American population;</text>
</paragraph><paragraph id="ID911db7cd54074c42b346ff877feaae4d"><enum>(9)</enum><text>approaches for
implementing a public or private insurance scheme for low-income communities,
in order to promote risk reduction and insurance coverage in such
communities;</text>
</paragraph><paragraph id="IDe966a1d708734d1e965a6014744f5086"><enum>(10)</enum><text>the impact of
Federal and State laws, regulations, and policies (including rate regulation,
market access requirements, reinsurance regulations, accounting and tax
policies, State residual markets, and State catastrophe funds) on—</text>
<subparagraph id="ID56f3296fff6e476f8037444a5cb65436"><enum>(A)</enum><text>the affordability
and availability of catastrophe insurance;</text>
</subparagraph><subparagraph id="IDc8267985fa66430a8aa27bc6c7cfca01"><enum>(B)</enum><text>the capacity of
the private insurance market to cover losses inflicted by natural
catastrophes;</text>
</subparagraph><subparagraph id="IDc753996753a74fbf893d245f6d0e6806"><enum>(C)</enum><text>the commercial
and residential development of high-risk areas; and</text>
</subparagraph><subparagraph id="ID98fca36976ef4adea6a11719d4e51187"><enum>(D)</enum><text>the costs of
natural catastrophes to Federal and State taxpayers;</text>
</subparagraph></paragraph><paragraph id="IDc0cc58d81dd64d18a14a04c1080f11aa"><enum>(11)</enum><text>the present and
long-term financial condition of State residual markets and catastrophe funds
in high-risk regions, including the likelihood of insolvency following a
natural catastrophe, the concentration of risks within such funds, the reliance
on post-event assessments and State funding, and the adequacy of rates;</text>
</paragraph><paragraph id="ID4bb70976071a4376b2299e15092f6e08"><enum>(12)</enum><text>the role that
innovation in financial services could play in improving the affordability and
availability of natural catastrophe insurance, specifically addressing measures
that would foster the development of financial products designed to cover
natural catastrophe risk, such as risk-linked securities;</text>
</paragraph><paragraph id="IDc25f85e29ee842069f54eefa81d38f81"><enum>(13)</enum><text>the need for
strengthened land use regulations and building codes in States at high risk for
natural catastrophes, and methods to strengthen the risk assessment and
enforcement of structural mitigation and vulnerability reduction measures, such
as zoning and building code compliance;</text>
</paragraph><paragraph id="ID3b61104f35fc419a8ca9bfadc78fbffe"><enum>(14)</enum><text>the benefits and
costs of proposed Federal natural catastrophe insurance programs (including the
Federal Government’s provision of reinsurance to State catastrophe funds,
private insurers, or other entities), specifically addressing the costs to
taxpayers, tax equity considerations, and the record of other government
insurance programs (particularly with regard to charging actuarially sound
prices);</text>
</paragraph><paragraph id="ID54a689a3e9af4db3a10ec2d06eaa79b3"><enum>(15)</enum><text>the ability of
the United States private insurance market—</text>
<subparagraph id="ID60b0dad2e93f4d3986026a4514afb09b"><enum>(A)</enum><text>to cover insured
losses caused by natural catastrophes, including an estimate of the maximum
amount of insured losses that could be sustained during a single year and the
probability of natural catastrophes occurring in a single year that would
inflict more insured losses than the United States insurance and reinsurance
markets could sustain; and</text>
</subparagraph><subparagraph id="IDba163a17b7ef44daa7287850bc778502"><enum>(B)</enum><text>to recover after
covering substantial insured losses caused by natural catastrophes;</text>
</subparagraph></paragraph><paragraph id="ID947dfe13289a444992cc0375bf0a1e41"><enum>(16)</enum><text>the impact that
demographic trends could have on the amount of insured losses inflicted by
future natural catastrophes;</text>
</paragraph><paragraph id="ID56bafad4c66246fbafff1a4c9eea69e7"><enum>(17)</enum><text>the appropriate
role, if any, for the Federal Government in stabilizing the property and
casualty insurance and reinsurance markets; and</text>
</paragraph><paragraph id="ID36a058ac976e41f89fd99cbc9b3e9c4f"><enum>(18)</enum><text>the role of the
Federal, State, and local governments in providing incentives for feasible risk
mitigation efforts.</text>
</paragraph></section><section id="ID4517305ff0334c89a2a9a9b933a67170"><enum>206.</enum><header>Report</header>
<subsection id="ID682be40f0c7e4e8aabef3851584e519a"><enum>(a)</enum><header>In
general</header><text>Not later than 9 months after the date of the enactment
of this Act, the Commission 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 final report containing—</text>
<paragraph id="ID89ba0f1beab44fbaad2c63acbf4331fd"><enum>(1)</enum><text>a detailed
statement of the findings and assessments conducted by the Commission pursuant
to section 205; and</text>
</paragraph><paragraph id="ID06a0c7f673a8452ea8e8b86efb439c26"><enum>(2)</enum><text>any
recommendations for legislative, regulatory, administrative, or other actions
at the Federal, State, or local levels that the Commission considers
appropriate, in accordance with the requirements of section 205.</text>
</paragraph></subsection><subsection id="IDf59374bc3b504940acb41aa03ea9f7b5"><enum>(b)</enum><header>Extension of
time</header><text>The Commission may request Congress to extend the period of
time for the submission of the report required under subsection (a) for an
additional 3 months.</text>
</subsection></section><section id="IDba4f9add88ba48129f00b4b6d5a48f0b"><enum>207.</enum><header>Powers of the
commission</header>
<subsection id="ID68b178ab36db4ed69d0dc9231d2efcbb"><enum>(a)</enum><header>Meetings;
hearings</header><text>The Commission may hold such hearings, sit and act at
such times and places, take such testimony, and receive such evidence as the
Commission considers necessary to carry out the purposes of this title. Members
may attend meetings of the Commission and vote in person, via telephone
conference, or via video conference.</text>
</subsection><subsection id="ID55cc5b86b05a4e84991c0c71ea0318e1"><enum>(b)</enum><header>Authority of
members or agents of the commission</header><text>Any member or agent of the
Commission may, if authorized by a vote of the Commission, take any action
which the Commission is authorized to take by this title.</text>
</subsection><subsection id="ID9f16a86e52dd43a59a4a0ab8ad4dc47a"><enum>(c)</enum><header>Obtaining
official data</header>
<paragraph id="ID5891d81ff33a473787e5692665e1fa1c"><enum>(1)</enum><header>Authority</header><text>Notwithstanding
any provision of section 552a of title 5, United States Code, the Commission
may secure directly from any department or agency of the United States any
information necessary to enable the Commission to carry out this title.</text>
</paragraph><paragraph id="ID037cc1ffcfa0474ca9580509bada5c03"><enum>(2)</enum><header>Procedure</header><text>Upon
the request of the Chairperson, the head of such department or agency shall
furnish to the Commission the information requested.</text>
</paragraph></subsection><subsection id="ID5544f599c36b406494eca44c5f0078a2"><enum>(d)</enum><header>Postal
services</header><text>The Commission may use the United States mails in the
same manner and under the same conditions as other departments and agencies of
the Federal Government.</text>
</subsection><subsection id="IDed787fafbaac4f9e8b5740bbe4226281"><enum>(e)</enum><header>Administrative
support services</header><text>Upon the request of the Commission, the
Administrator of General Services shall provide to the Commission, on a
reimbursable basis, any administrative support services necessary for the
Commission to carry out its responsibilities under this title.</text>
</subsection><subsection id="IDb590413df88448ae8b219efe36a87aa5"><enum>(f)</enum><header>Acceptance of
gifts</header><text>The Commission may accept, hold, administer, and utilize
gifts, donations, and bequests of property, both real and personal, for the
purposes of aiding or facilitating the work of the Commission. The Commission
shall issue internal guidelines governing the receipt of donations of services
or property.</text>
</subsection><subsection id="ID4282cd02e5fc49a7983462ac4eeb5ef2"><enum>(g)</enum><header>Volunteer
services</header><text>Notwithstanding the provisions of section 1342 of title
31, United States Code, the Commission may accept and utilize the services of
volunteers serving without compensation. The Commission may reimburse such
volunteers for local travel and office supplies, and for other travel expenses,
including per diem in lieu of subsistence, as authorized by section 5703 of
title 5, United States Code.</text>
</subsection><subsection id="ID6ee97aab192e4e2eb8a6351e4867006f"><enum>(h)</enum><header>Federal
property and administrative services Act of 1949</header><text>Subject to the
Federal Property and Administrative Services Act of 1949, the Commission may
enter into contracts with Federal and State agencies, private firms,
institutions, and individuals for the conduct of activities necessary to the
discharge of its duties and responsibilities.</text>
</subsection><subsection id="ID38806e6ba701485eab991f21e4eee149"><enum>(i)</enum><header>Limitation on
contracts</header><text display-inline="yes-display-inline">A contract or other
legal agreement entered into by the Commission may not extend beyond the date
of the termination of the Commission.</text>
</subsection></section><section id="ID6f530d05893245429d19132b0d8da708"><enum>208.</enum><header>Commission
personnel matters</header>
<subsection id="ID348f94d8fd554241ac807b5c69ace443"><enum>(a)</enum><header>Travel
expenses</header><text>The members of the Commission shall be allowed travel
expenses, including per diem in lieu of subsistence, at rates authorized for
employees of agencies under subchapter I of chapter 57 of title 5, United
States Code, while away from their homes or regular places of business in the
performance of services for the Commission.</text>
</subsection><subsection id="IDe4bf78c3417a4f01bc96934bfd9bed34"><enum>(b)</enum><header>Subcommittees</header><text>The
Commission may establish subcommittees and appoint members of the Commission to
such subcommittees as the Commission considers appropriate.</text>
</subsection><subsection id="ID88867dc407fa48e7a70194fd900e1627"><enum>(c)</enum><header>Staff</header><text>Subject
to such policies as the Commission may prescribe, the Chairperson may appoint
and fix the pay of such additional personnel as the Chairperson considers
appropriate to carry out the duties of the Commission. The Commission shall
confirm the appointment of the executive director by majority vote of all of
the members of the Commission.</text>
</subsection><subsection id="ID7ee8c6e4a8354ab5bde266e7049312f6"><enum>(d)</enum><header>Applicability
of certain civil service laws</header><text>Staff of the Commission may
be—</text>
<paragraph id="ID7e610cfe78c948de891723c11328f9a9"><enum>(1)</enum><text>appointed without
regard to the provisions of title 5, United States Code, governing appointments
in the competitive service; and</text>
</paragraph><paragraph id="ID720294616e4f4b9caee08aa7d9c60e02"><enum>(2)</enum><text>paid without
regard to the provisions of chapter 51 and subchapter III of chapter 53 of that
title relating to classification and General Schedule pay rates, except that an
individual so appointed may not receive pay in excess of the annual rate of
basic pay prescribed for GS–15 of the General Schedule under section 5332 of
that title.</text>
</paragraph></subsection><subsection id="ID72a6a2e072224b34b11239b9497513db"><enum>(e)</enum><header>Experts and
consultants</header><text>In carrying out its objectives, the Commission may
procure temporary and intermittent services of consultants and experts under
section 3109(b) of title 5, United States Code, at rates for individuals which
do not exceed the daily equivalent of the annual rate of basic pay prescribed
for GS–15 of the General Schedule under section 5332 of that title.</text>
</subsection><subsection id="ID63a0683c867641599517f379cd428052"><enum>(f)</enum><header>Detail of
government employees</header><text>Upon request of the Chairperson, any Federal
Government employee may be detailed to the Commission to assist in carrying out
the duties of the Commission—</text>
<paragraph id="IDc8927e3c738f435485c15d284885e528"><enum>(1)</enum><text>on a reimbursable
basis; and</text>
</paragraph><paragraph id="IDc4a74b36405d4478968aae0fab632b22"><enum>(2)</enum><text>such detail shall
be without interruption or loss of civil service status or privilege.</text>
</paragraph></subsection></section><section id="ID7785265396104ced84c3d0e9327b857c"><enum>209.</enum><header>Termination</header><text display-inline="no-display-inline">The Commission shall terminate 90 days after
the date on which the Commission submits its report under section 206.</text>
</section><section id="ID16823fa372284439b75fce13b67403d2"><enum>210.</enum><header>Authorization
of appropriations</header><text display-inline="no-display-inline">There are
authorized to be appropriated to the Commission, such sums as may be necessary
to carry out this title, to remain available until expended.</text>
</section>
December 5, 2011
Read twice and placed on the calendar