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.
Status:
Expired
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