Flood Insurance Market Parity and Modernization Act
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HR 2901 — Flood Insurance Market Parity and Modernization Act
Last action — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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✓In Committee
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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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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 Market Parity and Modernization Act (Sec. 2) This bill amends the Flood Disaster Protection Act of 1973 to make technical amendments without substantive change to requirements for flood insurance under either the federal program or private flood insurance. (Under current law, any building, mobile home or personal property that would be financed by a federally-backed mortgage must have flood insurance if the property is located in an area designated as a special flood hazard.) As under current law, the amount of mandatory flood insurance shall be, for either federal or private flood insurance, equal to the development or project cost of the building, mobile home, or personal property (less estimated land cost), the outstanding principal balance of the loan, or the maximum limit of federal flood insurance coverage available for the particular type of property, whichever is less. The bill revises without substantive change the flood insurance requirements that apply to home loans or loan guarantees by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). This revision does specify, however, that any requirements established by Fannie Mae or Freddie Mac relating to the financial strength of private insurance companies from which they will accept private flood insurance must not affect or conflict with any state law, regulation, or procedure concerning the regulation of the business of insurance. Private flood insurance shall include, in addition to a policy issued by a company licensed, admitted, or otherwise approved by the state (as in current law), any policy issued by an insurance company eligible as a nonadmitted insurer to provide flood insurance in the state or jurisdiction where the property to be insured is located. The bill specifies that the federal flood insurance program, with respect to both private and federal flood insurance, extends to Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa. FEMA must consider any period during which a property was continuously covered by private flood insurance to be a period of continuous insurance coverage.
Bill Text
We don't have the full text on file for this bill yet.
Read HR 2901 on the official United States source →Action History
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Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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Motion to reconsider laid on the table Agreed to without objection.
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On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 419 - 0 (Roll no. 177). (text: CR 4/26/2016 H1952-1953)
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Considered as unfinished business. (consideration: CR H2993-2094)
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At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
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DEBATE - The House proceeded with forty minutes of debate on H.R. 2901.
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Considered under suspension of the rules. (consideration: CR H1952-1954)
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Mr. Ross moved to suspend the rules and pass the bill, as amended.
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Placed on the Union Calendar, Calendar No. 404.
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Reported (Amended) by the Committee on Financial Services. H. Rept. 114-524.
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Ordered to be Reported (Amended) by the Yeas and Nays: 53 - 0.
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Committee Consideration and Mark-up Session Held.
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Hearings Held by the Subcommittee on Housing and Insurance Prior to Referral.
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Referred to the House Committee on Financial Services.
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Introduced in House
Sponsors
- Dennis Ross · Primary
Sponsorship breakdown
Export CSV (upgrade) →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.
Show all 546 →"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.
Subjects
Frequently asked questions
- What does HR 2901 do?
- Flood Insurance Market Parity and Modernization Act (Sec. 2) This bill amends the Flood Disaster Protection Act of 1973 to make technical amendments without substantive change to requirements for flood insurance under either the federal program or private flood insurance. (Under current law, any building, mobile home or personal property that would be financed by a federally-backed mortgage must have flood insurance if the property is located in an area designated as a special flood hazard.) As under current law, the amount of mandatory flood insurance shall be, for either federal or private flood insurance, equal to the development or project cost of the building, mobile home, or personal property (less estimated land cost), the outstanding principal balance of the loan, or the maximum limit of federal flood insurance coverage available for the particular type of property, whichever is less. The bill revises without substantive change the flood insurance requirements that apply to home loans or loan guarantees by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). This revision does specify, however, that any requirements established by Fannie Mae or Freddie Mac relating to the financial strength of private insurance companies from which they will accept private flood insurance must not affect or conflict with any state law, regulation, or procedure concerning the regulation of the business of insurance. Private flood insurance shall include, in addition to a policy issued by a company licensed, admitted, or otherwise approved by the state (as in current law), any policy issued by an insurance company eligible as a nonadmitted insurer to provide flood insurance in the state or jurisdiction where the property to be insured is located. The bill specifies that the federal flood insurance program, with respect to both private and federal flood insurance, extends to Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa. FEMA must consider any period during which a property was continuously covered by private flood insurance to be a period of continuous insurance coverage.
- Who sponsors HR 2901?
- HR 2901 is sponsored by Dennis Ross (R).
- What is the current status of HR 2901?
- 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 2901?
- Track HR 2901 free on One Click Politics — get push/email alerts when it moves.
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