H.R.4313 - Flood Insurance Premium Parity Act of 2014113th Congress (2013-2014)
|Sponsor:||Rep. Jolly, David [R-FL-13] (Introduced 03/26/2014)|
|Committees:||House - Financial Services|
|Latest Action:||House - 03/26/2014 Referred to the House Committee on Financial Services. (All Actions)|
This bill has the status Introduced
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Summary: H.R.4313 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in House (03/26/2014)
Flood Insurance Premium Parity Act of 2014 - Amends the National Flood Insurance Act of 1968 (NFIA) to prohibit the Administrator of the Federal Emergency Management Administration (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).
Directs FEMA to refund directly to insureds any flood insurance premiums collected in excess of the rates required under this Act.