Section 1 Short title
This Act may be cited as the “Flood Insurance Rate Increase Suspension Act of 2016”.
Flood Insurance Rate Increase Suspension Act of 2016
A BILL
To delay increases in flood insurance premium rates for certain properties for 12 months, and for other purposes.
Sec. 2 12-month delay in premium increases
Delay— Any increases in the chargeable risk premium rates for flood insurance coverage made available under the National Flood Insurance Act of 1968 that are required by sections 1307(a)(2) and 1308(e)(4) of such Act (42 U.S.C. 4014(a)(2), 4015(e)(4)) shall not take effect until the expiration of the 12-month period beginning on the date of the enactment of this Act.
Annual increases— Beginning upon the expiration of the period referred to in subsection (a), the increases in chargeable risk premium rates referred to in such subsection shall be made on a yearly basis as provided in such section 1308(e)(4).