S 721
118th Congress
Senate
Finance and Financial Sector
Homeowner Flood Insurance Transparency and Protection Act
Introduced: March 8, 2023
Introduced by:
Hyde-Smith, Cindy
Republican
· Mississippi
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 8, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mar 8, 2023
Introduced in Senate
Plain-English summary
Homeowner Flood Insurance Transparency and Protection 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. 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 and social impacts of Risk Rating 2.0.
What's happening now
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committees of jurisdiction
1