Fair Flood Protection Act of 2024

Finance and Financial Sector

senate

house

president

Introduced on September 25, 2024 by Robert P. Casey

Legislation Details

Reauthorizes the National Flood Insurance Program (NFIP) until September 30, 2034.
Establishes a 20-year forbearance on interest payments for amounts borrowed by the NFIP Administrator.
Eliminates the Community Rating System, which provided discounts to policyholders, due to its financial impact on the NFIP.
Reforms the Write Your Own Program by capping reimbursements to participating insurance companies and commissions for agents.
Mandates annual premium pricing reports for policyholders, detailing risk-based premiums and anticipated future premiums.
Establishes a Flood Protection Affordability Program to ensure flood insurance premiums are affordable based on household income.
Introduces a Flood Insurance Program Stability Fee to be collected on new or renewed policies, with specified allocations for the National Flood Insurance Fund and the Flood Insurance Affordability Trust Fund.
Creates a program for identifying and developing new levees and levee systems, with criteria for project selection based on community needs and risks.
Authorizes appropriations of $200 million annually from 2025 to 2034 for the STORM Act to support flood resilience initiatives.

Last updated 11/13/2024

Reauthorizes the National Flood Insurance Program (NFIP) until September 30, 2034.
Establishes a 20-year forbearance on interest payments for amounts borrowed by the NFIP Administrator.
Eliminates the Community Rating System, which provided discounts to policyholders, due to its financial impact on the NFIP.
Reforms the Write Your Own Program by capping reimbursements to participating insurance companies and commissions for agents.
Mandates annual premium pricing reports for policyholders, detailing risk-based premiums and anticipated future premiums.
Establishes a Flood Protection Affordability Program to ensure flood insurance premiums are affordable based on household income.
Introduces a Flood Insurance Program Stability Fee to be collected on new or renewed policies, with specified allocations for the National Flood Insurance Fund and the Flood Insurance Affordability Trust Fund.
Creates a program for identifying and developing new levees and levee systems, with criteria for project selection based on community needs and risks.
Authorizes appropriations of $200 million annually from 2025 to 2034 for the STORM Act to support flood resilience initiatives.