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.
Status:
Expired
Record your position for audit.
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens
(explained here).
Start recording it now.