Section 1 Short title
This Act may be cited as the “Flood Insurance Pricing Transparency Act”.
Flood Insurance Pricing Transparency Act
A BILL
To require the Administrator of the Federal Emergency Management Agency to make publicly available information regarding the calculation of premiums under the National Flood Insurance Program, and for other purposes.
Sec. 2 Premium calculator
Definitions— In this section—
the term Administrator means the Administrator of the Federal Emergency Management Agency;
the term covered property means a property for which insurance is provided under the National Flood Insurance Program;
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.); and
the term premium rates means chargeable premium rates prescribed under section 1308 of the National Flood Insurance Act of 1968 (42 U.S.C. 4015).
Requirements— The Administrator shall—
not later than 60 days after the date of enactment of this Act, make public all formulas used by the Administrator to calculate the value of mitigation credits provided with respect to covered properties, including, at a minimum, credits for—
installing a flood opening;
elevating such a property onto a post, pile, or pier; and
elevating machinery and equipment above the lowest floor of such a property; and
not later than 90 days after the date of enactment of this Act, establish a tool that allows members of the public to estimate premium rates for covered properties under the Risk Rating 2.0 program (or any similar methodology) within a reasonable margin of error based on user inputs, which shall include a mechanism for determining how the premium rates for a covered property would change based on taking a particular mitigation action, including an action described in subparagraph (A), (B), or (C) of paragraph (1) with respect to the covered property.