Risk Rating 2.0 Transparency Act

2/16/2024, 3:28 PM

Risk Rating 2.0 Transparency Act

This bill requires the Federal Emergency Management Agency (FEMA) to release specified information regarding the National Flood Insurance Program's new Risk Rating 2.0. Risk Rating 2.0 went into effect on October 1, 2021, for new policies and on April 1, 2022, for existing policies. It bases premium rates on an individual property's specific flood risk instead of the flood risk of a general location and property type.

Under the bill, FEMA must

  • publish all data and methods used to calculate premium rates under Risk Rating 2.0,
  • create an online database where policyholders can see premium rates for their property using specified calculations, and
  • publish an assessment of the economic and social impacts of Risk Rating 2.0.
Congress
118
Number
S - 602
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

Risk Rating 2.0 Transparency Act

This bill requires the Federal Emergency Management Agency (FEMA) to release specified information regarding the National Flood Insurance Program's new Risk Rating 2.0. Risk Rating 2.0 went into effect on October 1, 2021, for new policies and on April 1, 2022, for existing policies. It bases premium rates on an individual property's specific flood risk instead of the flood risk of a general location and property type.

Under the bill, FEMA must

  • publish all data and methods used to calculate premium rates under Risk Rating 2.0,
  • create an online database where policyholders can see premium rates for their property using specified calculations, and
  • publish an assessment of the economic and social impacts of Risk Rating 2.0.
Alternative Names
Official Title as IntroducedA bill to require the Administrator of the Federal Emergency Management Agency to take certain actions relating to the National Flood Insurance Program, and for other purposes.
Policy Areas
Finance and Financial Sector

Comments

Recent Activity

Latest Summary6/20/2023

Risk Rating 2.0 Transparency Act

This bill requires the Federal Emergency Management Agency (FEMA) to release specified information regarding the National Flood Insurance Program's new Risk Rating 2.0. Risk Ratin...

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