Increased Cost of Compliance Modernization Act of 2023

Summary

Increased Cost of Compliance Modernization Act of 2023 This bill increases insurance coverage available to structures in high-risk flood areas under the National Flood Insurance Program (NFIP), commonly known as Increased Cost of Compliance (ICC) coverage. ICC coverage applies to costs related to flood mitigation requirements for repairs to, or the rebuilding of, flood-damaged structures with existing NFIP coverage. Currently, ICC coverage is capped at $30,000. The bill increases this amount to $50,000, or 20% of the maximum amount of flood insurance coverage, with additional coverage available of up to $100,000, or 40% of the maximum amount of coverage. The bill removes the cap on ICC premiums and requires the premium amount to be calculated pursuant to other NFIP rates. Additionally, ICC coverage does not count towards the cap on overall NFIP coverage. Finally, ICC policyholders are allowed to assign the rights or benefits of this coverage to a governmental agency to satisfy certain cost-sharing requirements applicable to mitigation assistance programs.

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Timeline

1. 8 November 2023

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 8 November 2023

   Introduced

   Introduced in House

   Source: IntroReferral

3. 8 November 2023

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 8 November 2023 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 8 November 2023

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 8 November 2023

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 8 November 2023

  Open at official source

Sponsors

• Rep. LaLota, Nick [R-NY-1] · R · Sponsor
• Rep. Gonzalez, Vicente [D-TX-34] · D · Sponsor
• · hsba00 · Standing

Related records

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