Section 1 Short title
This Act may be cited as the “Flood Insurance Affordability and Sustainability Act of 2017”.
Flood Insurance Affordability and Sustainability Act of 2017
A BILL
To reauthorize the National Flood Insurance Program, and for other purposes.
Sec. 2 Table of contents
The table of contents for this Act is as follows:
Sec. 3 Definitions
Freestanding definitions— In this Act—
the term Administrator means the Administrator of the Federal Emergency Management Agency;
the terms Federal flood insurance and private flood insurance have the meanings given those terms in section 102(b)(7) of the Flood Disaster Protection Act of 1973 (42 U.S.C. 4012a(b)(7)), as amended by section 401(a)(1) of this Act;
the term mandatory purchase requirement means the requirement under subsections (a) and (b) of section 102 of the Flood Disaster Protection Act of 1973 (42 U.S.C. 4012a), as amended by section 401 of this Act, to have flood insurance coverage;
the term National Flood Insurance Program means the program established under the National Flood Insurance Act of 1968 (42 U.S.C. 4001 et seq.);
the term repetitive loss structure has the meaning given the term in section 1370(a) of the National Flood Insurance Act of 1968 (42 U.S.C. 4121(a));
the term severe repetitive loss structure has the meaning given the term in section 1366(h) of the National Flood Insurance Act of 1968 (42 U.S.C. 4104c(h));
the term Standard Flood Insurance Policy means the Standard Flood Insurance Policy set forth in appendix A to part 61 of title 44, Code of Federal Regulations (or any successor regulation);
the term target housing means a house structure that—
is in an area that has been identified by the Administrator as an area having special flood hazards; or
has incurred flood damage;
the term Write Your Own company means a private property insurance company that participates in the Write Your Own Program; and
the term Write Your Own Program means the program under which the Federal Emergency Management Agency enters into a standard arrangement with private property insurance companies to—
sell contracts for Federal flood insurance under their own business lines of insurance; and
adjust and pay claims arising under the contracts described in subparagraph (A).
National Flood Insurance Act— Section 1370(a) of the National Flood Insurance Act of 1968 (42 U.S.C. 4121(a)) is amended—
in paragraph (14), by striking “and” at the end;
in paragraph (15), by striking the period at the end and inserting a semicolon; and
by adding at the end the following:
“(16) the term claim report means a report created for the purpose of investigating, adjusting, or processing a claim under the national flood insurance program, including such reports produced by adjusters, engineers, surveyors, salvors, architects, and certified public accountants;
“(17) the term private flood insurance has the meaning given the term in section 102(b) of the Flood Disaster Protection Act of 1973 (42 U.S.C. 4012a(b));
“(18) the term Write Your Own company means a private property insurance company that participates in the Write Your Own Program; and
“(19) the term Write Your Own Program means the program under which the Federal Emergency Management Agency enters into a standard arrangement with private property insurance companies to—
“(A) sell contracts for Federal flood insurance under their own business lines of insurance; and
“(B) adjust and pay claims arising under the contracts described in subparagraph (A).”
Technical and conforming amendment— Section 100202(a) of the Biggert-Waters Flood Insurance Reform Act of 2012 (42 U.S.C. 4004(a)) is amended by striking paragraph (5) and inserting the following:
“(5) Write Your Own Program—The term Write Your Own Program means the program under which the Federal Emergency Management Agency enters into a standard arrangement with private property insurance companies to—
“(A) sell contracts for Federal flood insurance under their own business lines of insurance; and
“(B) adjust and pay claims arising under the contracts described in subparagraph (A).”
Sec. 4 Extension of national flood insurance program
Financing— Section 1309(a) of the National Flood Insurance Act of 1968 (42 U.S.C. 4016(a)) is amended, in the first sentence, by striking “September 30, 2017” and inserting “September 30, 2027”.
Program expiration— Section 1319 of the National Flood Insurance Act of 1968 (42 U.S.C. 4026) is amended by striking “September 30, 2017” and inserting “September 30, 2027”.