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HR 6304 118th Congress House Finance and Financial Sector

Increased Cost of Compliance Modernization Act of 2023

Introduced: November 8, 2023 Introduced by: LaLota, Nick Republican · New York See on congress.gov
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 8, 2023
Referred to the House Committee on Financial Services.
Nov 8, 2023
Introduced in House
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 Plain-English summary Congressional Research Service

Increased Cost of Compliance Modernization Act of 2023

This bill increases insurance coverage available to structures in high-risk flood areas under the National Flood Insurance Program (NFIP), commonly known as Increased Cost of Compliance (ICC) coverage. ICC coverage applies to costs related to flood mitigation requirements for repairs to, or the rebuilding of, flood-damaged structures with existing NFIP coverage.

Currently, ICC coverage is capped at $30,000. The bill increases this amount to $50,000, or 20% of the maximum amount of flood insurance coverage, with additional coverage available of up to $100,000, or 40% of the maximum amount of coverage.

The bill removes the cap on ICC premiums and requires the premium amount to be calculated pursuant to other NFIP rates. Additionally, ICC coverage does not count towards the cap on overall NFIP coverage.

Finally, ICC policyholders are allowed to assign the rights or benefits of this coverage to a governmental agency to satisfy certain cost-sharing requirements applicable to mitigation assistance programs.

What's happening now November 8, 2023

Referred to the House Committee on Financial Services.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Gonzalez, Vicente
Texas · Nov 8, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 6304: Increased Cost of Compliance Modernization Act of 2023. 118th Congress. Open America. https://openamerica.io/bill/118-HR-6304/
MLA
"H.R. 6304: Increased Cost of Compliance Modernization Act of 2023." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-6304/.
Bluebook (legal)
H.R. 6304, 118th Cong. (2026), https://openamerica.io/bill/118-HR-6304/.
Markdown link
[H.R. 6304: Increased Cost of Compliance Modernization Act of 2023](https://openamerica.io/bill/118-HR-6304/)
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