[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1267 Introduced in House (IH)]
113th CONGRESS
1st Session
H. R. 1267
To delay and phase-in increases in flood insurance premium rates under
the national flood insurance program for certain properties, and for
other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 19, 2013
Mr. Palazzo introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To delay and phase-in increases in flood insurance premium rates under
the national flood insurance program for certain properties, 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 Relief Act
of 2013''.
SEC. 2. TEMPORARY DELAY OF IMPLEMENTATION AND PHASE-IN OF PREMIUM RATE
INCREASES FOR CERTAIN PROPERTIES.
(a) Newly Purchased Properties.--
(1) Delay of implementation.--For any property that is
purchased after July 6, 2012, and before January 1, 2015, the
risk premium rate charged for flood insurance under the
national flood insurance program under the National Flood
Insurance Act of 1968 (42 U.S.C. 4001 et seq.) shall--
(A) during the 12-month period beginning upon such
purchase, be the amount of such risk premium rate
chargeable for such property immediately before such
purchase; and
(B) thereafter, be a rate that is not less than
those estimated under section 1307(a)(1) of such Act
(42 U.S.C. 4014(a)(1)), as required by paragraph (2) of
that section, subject to paragraph (2) of this
subsection.
(2) Phase-in of increased rates.--Upon the expiration of
any 12-month period referred to in paragraph (1)(A) with
respect to any property, any increase in the risk premium rate
charged for flood insurance for such property that is a result
of paragraph (1)(B) shall be phased in over a 10-year period,
at the rate of 10 percent for each year following the
expiration of such 12-month period.
(b) Properties With New Flood Insurance Rate Maps.--
(1) Delay of implementation.--For any property that is
located in an area that is participating in the national flood
insurance program under the National Flood Insurance Act of
1968, that is covered by a flood insurance policy on the date
of a covered flood insurance rate map update, and for which the
risk premium rate charged for flood insurance for such property
has increased, or will increase, as a result of such update,
the risk premium rate charged for flood insurance under the
national flood insurance program shall, during the 12-month
period beginning upon the effective date of such covered flood
insurance rate map update, be the amount of such risk premium
rate chargeable for such property immediately before the
effective date of such update.
(2) Phase-in of increased rates.--Upon the expiration of
any 12-month period referred to in paragraph (1) with respect
to any property, any increase in the risk premium rate charged
for flood insurance for such property that is a result of such
covered flood insurance rate map update shall be phased in over
a 10-year period, at the rate of 10 percent for each year
following the expiration of such 12-month period.
(3) Covered flood insurance rate map update.--For purposes
of this subsection, the term ``covered flood insurance rate map
update'' means any revision or updating of flood insurance rate
maps under the National Flood Insurance Act of 1968, the Flood
Disaster Protection Act of 1973 (42 U.S.C. 4002 et seq.), or
the Biggert-Waters Flood Insurance Reform Act of 2012 (subtitle
A of title II of division F of Public Law 112-141), that takes
effect after July 6, 2012, and before January 1, 2015.
SEC. 3. PERMANENT PHASE-IN OF PREMIUM RATE INCREASES FOR CERTAIN
PROPERTIES.
(a) Properties Purchased in 2015 or After.--Paragraph (2) of
section 1307(g) of the National Flood Insurance Act of 1968 (42 U.S.C.
4014(g)(2)) is amended by striking ``after the date of enactment of the
Biggert-Waters Flood Insurance Reform Act of 2012'' and inserting the
following: ``on or after January 1, 2015, except that any increase in
the risk premium rate charged for flood insurance resulting from this
paragraph for any such property shall be phased in over a 10-year
period, at the rate of 10 percent for each year following such
purchase''.
(b) Properties With New Flood Insurance Rate Maps Effective in 2015
or After.--Subsection (h) of section 1308 of the National Flood
Insurance Act of 1968 (42 U.S.C. 4015(h)) is amended--
(1) in the first sentence, by inserting before the period
at the end the following: ``and to section 2(b) of the Flood
Insurance Premium Relief Act of 2013''; and
(2) in the second sentence--
(A) by striking ``Any increase'' and inserting ``In
the case of any such update that takes effect on or
after January 1, 2015, any increase''; and
(B) by striking ``5-year period, at the rate of 20
percent'' and inserting ``10-year period, at the rate
of 10 percent''.
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