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Risk Rating 2.0 Transparency Act
2/16/2024, 3:28 PM
Congressional Summary of S 602
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.
Read the Full Bill
Current Status of Bill S 602
Bill S 602 is currently in the status of Bill Introduced since March 1, 2023. Bill S 602 was introduced during Congress 118 and was introduced to the Senate on March 1, 2023. Bill S 602's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of March 1, 2023
Bipartisan Support of Bill S 602
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
1Democrat Cosponsors
0Republican Cosponsors
1Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 602
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill S 602
Risk Rating 2.0 Transparency Act
Risk Rating 2.0 Transparency Act
A 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.
Comments
Sponsors and Cosponsors of S 602
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