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Homeowner Flood Insurance Transparency and Protection Act

2/8/2024, 1:40 PM

Congressional Summary of S 721

Homeowner Flood Insurance Transparency and Protection Act

This bill allows National Flood Insurance Program policyholders to elect to pay premiums at the rate in effect prior to the implementation of Risk Rating 2.0. Risk Rating 2.0 bases premium rates on an individual property's specific flood risk instead of the flood risk of a general location and property type.

Policyholders may elect to pay the previous rate until the Federal Emergency Management Agency performs several actions regarding Risk Rating 2.0, including

  • publishing all data and methods used to calculate premium rates under Risk Rating 2.0,
  • creating an online database where policyholders can see premium rates for their property using specified calculations, and
  • publishing an assessment of the economic and social impacts of Risk Rating 2.0.

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Current Status of Bill S 721

Bill S 721 is currently in the status of Bill Introduced since March 8, 2023. Bill S 721 was introduced during Congress 118 and was introduced to the Senate on March 8, 2023.  Bill S 721's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of March 8, 2023

Bipartisan Support of Bill S 721

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
3
Democrat Cosponsors
0
Republican Cosponsors
3
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 721

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill S 721

Homeowner Flood Insurance Transparency and Protection Act
Homeowner Flood Insurance Transparency and Protection Act
A bill to permit policyholders under the National Flood Insurance Program to elect to have previous premium rates remain in effect until the Administrator of the Federal Emergency Management Agency satisfies certain conditions, and for other purposes.

Comments

Sponsors and Cosponsors of S 721

Cindy Hyde-Smith
Cindy Hyde-Smith
MississippiRepublican
John Kennedy
John Kennedy
LouisianaRepublican
Ted Cruz
Ted Cruz
TexasRepublican
Bill Cassidy
Bill Cassidy
LouisianaRepublican

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