H.R. 141 · 114th Congress
Flood Insurance Premium Parity Act of 2015
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
JollySponsor6 cosponsors · 4 D, 2 R
5 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Amends the National Flood Insurance Act of 1968 to prohibit the Administrator of the Federal Emergency Management Agency (FEMA) from estimating reduced (subsidized) risk premium rates for flood insurance for residential property that is neither the primary residence of an individual (as under current law) nor the secondary residence of the property owner.
What it does: CRS summary · Introduced in House · Jan 6, 2015
Flood Insurance Premium Parity Act of 2015
Amends the National Flood Insurance Act of 1968 to prohibit the Administrator of the Federal Emergency Management Agency (FEMA) from estimating reduced (subsidized) risk premium rates for flood insurance for residential property that is neither the primary residence of an individual (as under current law) nor the secondary residence of the property owner.
Directs FEMA to establish standards for a residential property to qualify as a secondary residence eligible for subsidized risk flood insurance premium rates that: (1) require the owner to occupy the property for an appropriate minimum period of time each year, and (2) limit subsidized risk premium rates to but a single property of the owner.
Repeals the prohibition against estimating subsidized risk premium rates for business property (thus qualifying business property for such rates).
Requires FEMA, when developing guidance and rate tables necessary to implement this Act, to consult with Write Your Own companies, which are participating property and casualty insurance companies that write and service standard flood insurance policies in cooperation with FEMA. Write Your Own companies shall have between six and eight months following issuance of final guidance and rate tables to implement the changes required by them.
Directs FEMA to refund directly to insureds any flood insurance premiums collected in excess of the rates required under this Act.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Flood Insurance Premium Parity Act of 2015
Latest action (Jan 6, 2015): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jan 6, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.