No NFIP Subsidies for Millionaires Act

Senate Bill 2832 - No NFIP Subsidies for Millionaires Act: Overview, Status, and Impact

Hozzl · 2022-12-30T07:04:01Z

Explore the details of Senate Bill 2832 No NFIP Subsidies for Millionaires Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

12/30/2022, 7:04 AM

Congressional Summary of S 2832

No NFIP Subsidies for Millionaires Act

This bill requires that the premium rate for flood insurance provided through the National Flood Insurance Program (NFIP) for single-family homes valued at more than $1 million be based on sound actuarial principles and not be subject to any rate caps. Under current law, certain types of property are not charged actuarial rates for NFIP coverage.

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Current Status of Bill S 2832

Bill S 2832 is currently in the status of Bill Introduced since September 23, 2021. Bill S 2832 was introduced during Congress 117 and was introduced to the Senate on September 23, 2021. Bill S 2832's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of September 23, 2021

Bipartisan Support of Bill S 2832

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 2832

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill S 2832

No NFIP Subsidies for Millionaires Act

A bill to prohibit the National Flood Insurance Program from providing flood insurance subsidies for single-family residences that are valued at more than $1,000,000, and for other purposes.

No NFIP Subsidies for Millionaires Act