arrow_back Back to App

Flood Insurance Transparency Act: Revealing Risk Rating 2.0 Calculations

This Act mandates FEMA to disclose all data and methods used to calculate new flood insurance premiums under the Risk Rating 2.0 system. Policyholders will gain access to an online database showing exactly how their premium was determined and what the long-term economic and social impacts of the system are expected to be. The goal is to provide citizens with full transparency regarding costs and risks, and establish a clear dispute resolution process.
Key points
FEMA must make public all data and formulas used to set new flood insurance premium rates (Risk Rating 2.0).
Policyholders will access an online database to see how their specific premium was calculated, including scenarios without statutory rate limits.
A comprehensive 20-year assessment of the system's impact on insurance affordability, property values, and finances must be published.
FEMA is required to establish a fair and transparent process for managing disputes over premium rates.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_S_602
Sponsor: Sen. Kennedy, John [R-LA]
Process start date: 2023-03-01
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Risk Rating 2.0 Transparency Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_602.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-03-01.

What are the main provisions?

Key points include:

  • FEMA must make public all data and formulas used to set new flood insurance premium rates (Risk Rating 2.0).
  • Policyholders will access an online database to see how their specific premium was calculated, including scenarios without statutory rate limits.
  • A comprehensive 20-year assessment of the system's impact on insurance affordability, property values, and finances must be published.
  • FEMA is required to establish a fair and transparent process for managing disputes over premium rates.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Kennedy, John [R-LA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Real Estate Economy