Flood Insurance Reform and Modernization Act of 2006

Summary

Flood Insurance Reform and Modernization Act of 2006 - Amends the National Flood Insurance Act of 1968 (Act) to require the Director of the Federal Emergency Management Agency (FEMA) to estimate the exclusion of prospective insureds from purchasing flood insurance at rates for specified properties less than specified risk premium rates. Prohibits the Director from providing flood insurance to prospective insureds for new or lapsed policies at rates less than estimated risk premium rates. Instructs the Director to issue final regulations establishing a revised definition of areas of special flood hazards. Subjects certain residual risk areas to the mandatory purchase requirements of the Flood Disaster Protection Act of 1973. Permits adjustment of the risk premium rate to reflect the flood risk of property located in an area participating in the national flood insurance program. Instructs the Director to make flood insurance available only in states or areas determined to have given satisfactory assurance that by December 31, 2008, state-charted lending institutions not insured by the Federal Deposit Insurance Corporation (FDIC) shall be subject to state regulations consistent with the Flood Disaster Protection Act of 1973. Includes catastrophic loss years within the calculation of an average historical loss year. Instructs the Director to establish in the Treasury a National Flood Insurance Reserve Fund. Establishes the Technical Mapping Advisory Council to recommend mapping standards and guidelines for flood insurance rate maps. States that any area located within the 500-year flood plain is not subject to certain mandatory purchase requirements of the Flood Disaster Protection Act of 1973. Prescribes guidelines for mandatory participation of representatives of the Director in state disaster claims mediation programs. Instructs the Director to establish an appeals process for flood insurance policyholders regarding claims, proofs of loss, and loss estimates.

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Documents

4 official files

• Reported to Senate (text)

  Reported to Senate · EN · 28 June 2006

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• Reported to Senate (PDF)

  Reported to Senate · EN · 28 June 2006

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• Reported to Senate without amendment

  summary · EN · 28 June 2006

  Open at official source

• Introduced in Senate

  summary · EN · 28 June 2006

  Open at official source

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