Bill
Bill > HR2565
US HR2565
To require the use of replacement cost value in determining the premium rates for flood insurance coverage under the National Flood Insurance Act, and for other purposes.
summary
Introduced
05/19/2017
05/19/2017
In Committee
06/21/2017
06/21/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
To require the use of replacement cost value in determining the premium rates for flood insurance coverage under the National Flood Insurance Act, and for other purposes. (Sec. 1) This bill directs the Federal Emergency Management Agency (FEMA) to incorporate the replacement cost value of a structure insured under the National Flood Insurance Program of 1968 in its consideration of chargeable premium rates. FEMA must conduct a study regarding risk rating redesign utilizing replacement cost and report the findings to Congress.
AI Summary
This bill directs the Federal Emergency Management Agency (FEMA) to incorporate the replacement cost value of a structure insured under the National Flood Insurance Program when determining premium rates. The bill requires FEMA to conduct a study on risk rating redesign, including the use of replacement cost value, and report the findings to Congress. It also mandates that FEMA implement the use of replacement cost value in estimating and charging premium rates for flood insurance, with a phased-in approach over a 12-month period after the bill's enactment.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Placed on the Union Calendar, Calendar No. 156. (on 07/14/2017)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...