[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4313 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4313

     To ensure fairness in premium rates for coverage for business 
properties and second homes under the National Flood Insurance Program, 
                        and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 26, 2014

   Mr. Jolly (for himself, Mr. Bilirakis, and Ms. Castor of Florida) 
 introduced the following bill; which was referred to the Committee on 
                           Financial Services

_______________________________________________________________________

                                 A BILL


 
     To ensure fairness in premium rates for coverage for business 
properties and second homes under the National Flood Insurance Program, 
                        and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Flood Insurance Premium Parity Act 
of 2014''.

SEC. 2. REPEAL OF CERTAIN RATE INCREASES.

    (a) Repeal of Prohibition on Subsidized Rates.--Paragraph (2) of 
section 1307(a) of the National Flood Insurance Act of 1968 (42 U.S.C. 
4014) is amended--
            (1) in subparagraph (A)--
                    (A) by striking ``which is not'' and inserting 
                ``that is neither''; and
                    (B) by inserting before the semicolon at the end 
                the following: ``nor the secondary residence of the 
                owner of the property, and the Administrator shall 
                establish standards for a residential property to 
                qualify for purposes of this subparagraph as a 
                secondary residence that shall (A) require the owner of 
                the property to occupy the property for a minimum 
                period of time each year, as the Administrator 
                determines appropriate, and (B) provide that only a 
                single property of any owner may so qualify'';
            (2) in subparagraph (C), by inserting ``or'' after the 
        semicolon at the end;
            (3) by striking subparagraph (D); and
            (4) by redesignating subparagraph (E) as subparagraph (D).
    (b) Conforming Amendments Relating to Limitation on Annual Rate 
Increases.--Paragraph (4) of section 1308(e) of the National Flood 
Insurance Act of 1968 (42 U.S.C. 4015(e)(4)), as amended by section 5 
of Public Law 113-89, is amended by striking ``(A) through (E)'' and 
inserting ``(A) through (D)''.
    (c) Implementation.--
            (1) Effective date.--The Administrator of the Federal 
        Emergency Management Agency (in this subsection referred to as 
        the ``Administrator'') shall make available such rate tables, 
        as necessary to implement the amendments made by subsections 
        (a) and (b) as if such subsections were enacted as part of the 
        Biggert-Waters Flood Insurance Reform Act of 2012 (Public Law 
        112-141; 126 Stat. 957).
            (2) Implementation, coordination, and guidance.--
                    (A) Facilitation of timely refunds.--To ensure the 
                participation of Write Your Own companies (as such term 
                is defined in section 100202(a) of the Biggert-Waters 
                Flood Insurance Reform Act of 2012 (42 U.S.C. 4004(a)), 
                the Administrator and the Federal Emergency Management 
                Agency shall consult with Write Your Own companies 
                throughout the development of guidance and rate tables 
                necessary to implement the amendments made by 
                subsections (a) and (b).
                    (B) Implementation and guidance.--The Administrator 
                shall issue final guidance and rate tables necessary to 
                implement the amendments made by subsections (a) and 
                (b) not later than eight months following the date of 
                the enactment of this Act. Write Your Own companies, in 
                coordination with the Federal Emergency Management 
                Agency, shall have not less than six months but not 
                more than eight months following the issuance of such 
                final guidance and rate tables to implement the changes 
                required by such final guidance and rate tables.
                    (C) Refund of excess premium charges collected.--
                The Administrator shall refund directly to insureds any 
                premiums for flood insurance coverage under the 
                National Flood Insurance Program collected in excess of 
                the rates required under the amendments made by 
                subsections (a) and (b). To allow for necessary and 
                appropriate implementation of such amendments, any 
                premium changes necessary to implement such amendments, 
                including any such premium refund due to policy 
                holders, which shall be paid directly by the National 
                Flood Insurance Program, shall not be charged or paid 
                to policyholders by the National Flood Insurance 
                Program until after the Administrator issues guidance 
                and makes available such rate tables to implement the 
                amendments made by subsections (a) and (b).
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