117 S3829 IS: Flood Insurance Pricing Transparency Act U.S. Senate 2022-03-14 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II117th CONGRESS2d SessionS. 3829IN THE SENATE OF THE UNITED STATESMarch 14, 2022Mr. Cassidy (for himself, Mrs. Gillibrand, and Mr. Kennedy) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban AffairsA BILLTo require the Administrator of the Federal Emergency Management Agency to make publicly available information regarding the calculation of premiums under the National Flood Insurance Program, and for other purposes.

1.

Short title

This Act may be cited as the Flood Insurance Pricing Transparency Act.

2.

Premium calculator

(a)

Definitions

In this section—(1)the term Administrator means the Administrator of the Federal Emergency Management Agency; (2)the term covered property means a property for which insurance is provided under the National Flood Insurance Program;(3)the term National Flood Insurance Program means the program established under the National Flood Insurance Act of 1968 (42 U.S.C. 4001 et seq.); and(4)the term premium rates means chargeable premium rates prescribed under section 1308 of the National Flood Insurance Act of 1968 (42 U.S.C. 4015).(b)

Requirements

The Administrator shall— (1)not later than 60 days after the date of enactment of this Act, make public all formulas used by the Administrator to calculate the value of mitigation credits provided with respect to covered properties, including, at a minimum, credits for—(A)installing a flood opening;(B)elevating such a property onto a post, pile, or pier; and(C)elevating machinery and equipment above the lowest floor of such a property; and(2)not later than 90 days after the date of enactment of this Act, establish a tool that allows members of the public to estimate premium rates for covered properties under the Risk Rating 2.0 program (or any similar methodology) within a reasonable margin of error based on user inputs, which shall include a mechanism for determining how the premium rates for a covered property would change based on taking a particular mitigation action, including an action described in subparagraph (A), (B), or (C) of paragraph (1) with respect to the covered property.