Senate Bill 601 - Flood Insurance Affordability Act

Purpose and Summary

Chamber: Senate

Introduced date: 2023-03-01

Recent Activity

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Alternative Names

Flood Insurance Affordability Act

Flood Insurance Affordability Act

A bill to amend the National Flood Insurance Act of 1968 to modify the amount by which the chargeable risk premium rate for flood insurance under that Act may be increased in any year.

Associated Legislation

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Policy Areas

Finance and Financial Sector

Potential Impact

Sponsors and Supporters

Sen. Kennedy, John [R-LA]

Cosponsors and Supporters

Sen. Rubio, Marco [R-FL]

Committees and Subcommittees

Banking, Housing, and Urban Affairs Committee

Variations and Revisions

Flood Insurance Affordability Act

2/16/2024, 3:28 PM

Flood Insurance Affordability Act

This bill lowers the annual limit on National Flood Insurance Program (NFIP) premium increases applicable to primary residences from 18% to 9%.

Congress
118
Number
S - 601
Introduced on
2023-03-01
# Amendments
0
Sponsors
+5
Cosponsors
+5

Variations and Revisions

3/1/2023
Text
PDF
XML

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

Flood Insurance Affordability Act

This bill lowers the annual limit on National Flood Insurance Program (NFIP) premium increases applicable to primary residences from 18% to 9%.

Alternative Names
Official Title as IntroducedA bill to amend the National Flood Insurance Act of 1968 to modify the amount by which the chargeable risk premium rate for flood insurance under that Act may be increased in any year.
Policy Areas
Finance and Financial Sector

Comments

Recent Activity

Latest Summary6/7/2023

Flood Insurance Affordability Act

This bill lowers the annual limit on National Flood Insurance Program (NFIP) premium increases applicable to primary residences from 18% to 9%.

Latest Action3/1/2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.