To revise the national flood insurance program to provide for mitigation insurance coverage and claims payments to reduce damages to structures suffering severe or repetitive flooding or subject to shoreline erosion, to promote compliance with requirements for mandatory purchase of flood insurance, and for other purposes.
TABLE OF CONTENTS:
Title I: Definitions
Title II: Compliance and Increased Participation
Title III: Ratings and Incentives for Community Floodplain
Management Programs
Title IV: Mitigation of Flood and Erosion Risks
Title V: Flood Insurance Task Force
Title VI: Miscellaneous Provisions
National Flood Insurance, Compliance, Mitigation, and Erosion Management Act of 1993 - Title I: Definitions - Defines specified terms under the Flood Disaster Protection Act of 1973 and the National Flood Insurance Act of 1968.
Title II: Compliance and Increased Participation - Amends the Flood Disaster Protection Act of 1973 to expand flood insurance purchase requirements.
Requires residential real estate lenders to establish flood insurance premium escrow accounts.
Imposes a fine for lenders failing to require flood insurance.
Requires the seller-transferor of a residential-secured loan in a flood hazard area to so notify the purchaser-transferee unless a flood hazard determination has been made within the previous five years.
Revises flood insurance notice requirements.
Amends the National Flood Insurance Act of 1968 to require the development of a standard hazard determination form.
Title III: Ratings and Incentives for Community Floodplain Management Programs - Amends the National Flood Insurance Act of 1968 to provide for a community rating system and incentives for community floodplain management. Provides program funding.
Title IV: Mitigation of Flood and Erosion Risks - Amends the National Flood Insurance Act of 1968 to repeal (subject to specified transition periods): (1) the flooded property purchase and loan program; and (2) the erosion-threatened structures program.
Establishes a program of flood and erosion damage mitigation insurance.
Prohibits flood insurance from being made available for new or substantially improved construction within the ten-year erosion setback.
Modifies the floodplain management requirement for participation for areas not adopting erosion management measures.
Requires a riverine erosion study.
Title V: Flood Insurance Task Force - Establishes a two-year interagency Flood Insurance Task Force which shall: (1) develop standardized flood insurance enforcement procedures and guidelines; and (2) study the extent to which the secondary mortgage market can assist enforcement.
Title VI: Miscellaneous Provisions - Amends the National Flood Insurance Act of 1968 to: (1) increase flood insurance coverage amounts for nonresidential, single family, and multifamily structures; (2) permit flood insurance private sector participation; and (3) require at least every five years an assessment (and revision if necessary) of flood insurance maps.
Introduced in House
Introduced in House
Referred to the House Committee on Banking, Finance + Urban Affrs.
Referred to the Subcommittee on Consumer Credit and Insurance.
Sponsor introductory remarks on measure. (CR H3347)
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