Flood Insurance Pricing Transparency Act

Senate Bill 3829 - Flood Insurance Pricing Transparency Act: Overview, Status, and Impact

Hozzl · 2022-12-29T22:33:31Z

Explore the details of Senate Bill 3829 Flood Insurance Pricing Transparency 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.

12/29/2022, 10:33 PM

Congressional Summary of S 3829

Flood Insurance Pricing Transparency Act

This bill directs the Federal Emergency Management Agency (FEMA) to publish all formulas used by FEMA to calculate mitigation credits available to properties insured under the National Flood Insurance Program (NFIP). (Under current NFIP rating methodology, individuals can receive premium credits for mitigation activity on their property such as installing flood openings, elevating the structure, and elevating machinery and equipment above the lowest floor.) FEMA must also develop a publicly available tool that estimates NFIP premium rates based on user inputs, including the change in rates as a result of mitigation activities.

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Current Status of Bill S 3829

Bill S 3829 is currently in the status of Bill Introduced since March 14, 2022. Bill S 3829 was introduced during Congress 117 and was introduced to the Senate on March 14, 2022. Bill S 3829's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of March 14, 2022

Bipartisan Support of Bill S 3829

Total Number of Sponsors

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Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 3829

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill S 3829

Flood Insurance Pricing Transparency Act

A bill to require the Administrator of the Federal Emergency Management Agency to make publicly available information regarding the calculation of premiums under the National Flood Insurance Program, and for other purposes.