A bill to amend the Flood Disaster Protection Act of 1973 to require that certain buildings and personal property be covered by flood insurance, and for other purposes.
Flood Insurance Market Parity and Modernization Act
This bill amends the Flood Disaster Protection Act of 1973 to make technical amendments to requirements for flood insurance under either the federal program or private flood insurance.
"Private flood insurance" shall include any policy issued by an insurance company eligible as a nonadmitted insurer to provide flood insurance in the state or jurisdiction where the property to be insured is located.
The flood insurance program under the Act, including both private and federal flood insurance, shall extend to Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa.
The National Flood Insurance Act of 1968 is amended to direct the Federal Emergency Management Agency to consider any period during which a property was continuously covered by private flood insurance to be a period of continuous insurance coverage.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committee on Small Business and Entrepreneurship. Hearings held.
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 114-451.
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