See How Your Politicians Voted
Title: Delays the Implementation of Certain Provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 and Amends the National Association of Registered Agents and Brokers
Vote Smart's Synopsis:
Vote to pass a bill that requires a subsidy for a property under the National Flood Insurance Program to be restored to the amount prior to changes made from the Biggert-Waters Flood Insurance Reform Act of 2012.
Highlights:
- Requires the Administrator of the Federal Emergency Management Agency (FEMA) to restore a property’s subsidy for flood insurance under the National Flood Insurance Program prior to any changes made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Sec. 103).
- Prohibits the Administrator from implementing certain provisions from the the Biggert-Waters Flood Insurance Reform Act of 2012 that would have ended flood insurance subsidies under the following circumstances (Sec. 103):
- A property not insured by the National Flood Insurance Program on July 6, 2012;
- A property purchased after July 6, 2012; or
- A policy holder who decided to permit a lapse in flood insurance because the property no longer required flood insurance coverage.
- Amends the funds appropriated to the Administrator from $750,000 to “amounts as may be necessary” to conduct an affordability study that includes the following information (Secs. 102 & 105):
- Methods to encourage and maintain participation in the National Flood Insurance Program;
- Methods to educate consumers about the National Flood Insurance Program and the flood risk associated with their property;
- Methods for establishing an affordability framework for the program, including methods to aid individuals to afford risk-based premiums through targeted assistance rather than general subsidies including, means-tested vouchers; and
- The implications on the National Flood Insurance Program and the federal budget for using each method.
- Requires the Administrator to submit the affordability study that is required by this bill no later than 2 years after the enactment of this bill to the following committees (Sec. 104):
- The full Committee of Banking, Housing, and Urban Affairs;
- The full Committee of Appropriations of the Senate;
- The full Committee on Financial Services; and
- The full Committee of Appropriations of the House of Representatives.
- Requires the Administrator to submit a draft affordability framework that addresses issues including, but not limited to, the issues found in the affordability study required by this bill (Secs. 102 & 103).
- Requires the Administrator to submit the draft affordability framework no later than 18 months after the submission of the affordability study to the following committees (Sec. 103):
- The full Committee of Banking, Housing, and Urban Affairs;
- The full Committee of Appropriations of the Senate;
- The full Committee on Financial Services; and
- The full Committee of Appropriations of the House of Representatives.
- Specifies that all flood insurance subsidies extended by this bill expire 6 months after the later of the following dates (Sec. 103):
- The date on which the Administrator proposes the draft affordability framework; or
- The date on which the Administrator certifies in writing to Congress that FEMA has implemented a flood mapping approach that results in credible flood hazard data in all areas where Flood Insurance Rate Maps are prepared or updated.
- Requires the Administrator to make a table of changes in subsidies for flood insurance coverage under the National Flood Insurance Program available to the public at least 6 months prior to the change in subsidies (Sec. 103).
- Exempts an individual from the fee required to request a flood insurance rate map change based on a habitat restoration project that utilizes any federal or state funds (Sec. 115).
- Expands the circumstances the Administrator is required to reimburse an individual to include an appeal that is resolved by the Scientific Resolution Panel if the individual is successful in appealing a proposed flood elevation determination (Sec. 106).
- Amends the funds appropriated to the Administrator from $250,000 to “amounts as may be necessary” to reimburse an individual who successfully appeals the proposed flood elevation determinations (Sec. 106).