HR 7364
117th Congress
House
Finance and Financial Sector
Stop Flood Insurance Rate Hikes Act
Introduced: April 1, 2022
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 1, 2022
Referred to the House Committee on Financial Services.
Apr 1, 2022
Introduced in House
Plain-English summary
Stop Flood Insurance Rate Hikes Act
This bill allows National Flood Insurance Program policyholders to elect to pay premiums at the rate in effect prior to the implementation of Risk Rating 2.0 and to receive refunds for previously paid premiums. Risk Rating 2.0 bases premium rates on an individual property's specific flood risk instead of the flood risk of a general location and property type.
Policyholders may elect to pay the previous rate until the Federal Emergency Management Agency performs several actions regarding Risk Rating 2.0, including
- publishing all data and methods used to calculate premium rates under Risk Rating 2.0,
- creating an online database where policyholders can see premium rates for their property using specified calculations, and
- publishing an assessment of the economic, social, and environmental impacts of Risk Rating 2.0.
What's happening now
Referred to the House Committee on Financial Services.
Committees of jurisdiction
1