United States 114th Congress Status: Died 1 R cosponsors

HR 141 — Flood Insurance Premium Parity Act of 2015

Last action — Referred to the House Committee on Financial Services.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Flood Insurance Premium Parity Act of 2015 Amends the National Flood Insurance Act of 1968 to prohibit the Administrator of the Federal Emergency Management Agency (FEMA) from estimating reduced (subsidized) risk premium rates for flood insurance for residential property that is neither the primary residence of an individual (as under current law) nor the secondary residence of the property owner. Directs FEMA to establish standards for a residential property to qualify as a secondary residence eligible for subsidized risk flood insurance premium rates that: (1) require the owner to occupy the property for an appropriate minimum period of time each year, and (2) limit subsidized risk premium rates to but a single property of the owner. Repeals the prohibition against estimating subsidized risk premium rates for business property (thus qualifying business property for such rates). Requires FEMA, when developing guidance and rate tables necessary to implement this Act, to consult with Write Your Own companies, which are participating property and casualty insurance companies that write and service standard flood insurance policies in cooperation with FEMA. Write Your Own companies shall have between six and eight months following issuance of final guidance and rate tables to implement the changes required by them. Directs FEMA to refund directly to insureds any flood insurance premiums collected in excess of the rates required under this Act.

Bill Text

We don't have the full text on file for this bill yet.

Read HR 141 on the official United States source →

Action History

  1. Referred to the House Committee on Financial Services.

  2. Introduced in House

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

finance
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Frequently asked questions

What does HR 141 do?
Flood Insurance Premium Parity Act of 2015 Amends the National Flood Insurance Act of 1968 to prohibit the Administrator of the Federal Emergency Management Agency (FEMA) from estimating reduced (subsidized) risk premium rates for flood insurance for residential property that is neither the primary residence of an individual (as under current law) nor the secondary residence of the property owner. Directs FEMA to establish standards for a residential property to qualify as a secondary residence eligible for subsidized risk flood insurance premium rates that: (1) require the owner to occupy the property for an appropriate minimum period of time each year, and (2) limit subsidized risk premium rates to but a single property of the owner. Repeals the prohibition against estimating subsidized risk premium rates for business property (thus qualifying business property for such rates). Requires FEMA, when developing guidance and rate tables necessary to implement this Act, to consult with Write Your Own companies, which are participating property and casualty insurance companies that write and service standard flood insurance policies in cooperation with FEMA. Write Your Own companies shall have between six and eight months following issuance of final guidance and rate tables to implement the changes required by them. Directs FEMA to refund directly to insureds any flood insurance premiums collected in excess of the rates required under this Act.
Who sponsors HR 141?
HR 141 is sponsored by David Jolly (R).
What is the current status of HR 141?
This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 141?
Track HR 141 free on One Click Politics — get push/email alerts when it moves.

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