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Flood Insurance Protection: Halting Premium Hikes Until FEMA Ensures Full Transparency.

This Act allows homeowners in the National Flood Insurance Program (NFIP) to keep their lower premium rate from April 2020. This rate remains in effect until the Federal Emergency Management Agency (FEMA) fully discloses and justifies its new rate calculation methodology (Risk Rating 2.0). Citizens gain temporary protection against potential premium increases until FEMA provides complete transparency regarding the data, methods, and economic analysis behind the new rates.
Key points
Policyholders can elect to keep their flood insurance premium rate (as of April 1, 2020) until FEMA satisfies specific transparency requirements regarding the new Risk Rating 2.0 system.
FEMA must publicly release all data and methods used for new rate calculations and create an online database showing policyholders their projected rates under Risk Rating 2.0.
Requirement for FEMA to complete and publish a comprehensive assessment of the economic and social impacts of implementing Risk Rating 2.0 over a 20-year period.
FEMA must conduct public notice and comment rulemaking and establish a transparent process for managing disputes over new premium rates.
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Expired
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Additional Information
Print number: 118_S_721
Sponsor: Sen. Hyde-Smith, Cindy [R-MS]
Process start date: 2023-03-08
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Homeowner Flood Insurance Transparency and Protection Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_721.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-03-08.

What are the main provisions?

Key points include:

  • Policyholders can elect to keep their flood insurance premium rate (as of April 1, 2020) until FEMA satisfies specific transparency requirements regarding the new Risk Rating 2.0 system.
  • FEMA must publicly release all data and methods used for new rate calculations and create an online database showing policyholders their projected rates under Risk Rating 2.0.
  • Requirement for FEMA to complete and publish a comprehensive assessment of the economic and social impacts of implementing Risk Rating 2.0 over a 20-year period.
  • FEMA must conduct public notice and comment rulemaking and establish a transparent process for managing disputes over new 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. Hyde-Smith, Cindy [R-MS].

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 Environment Economy