118th Congress Finance and Financial Sector
H.R. 6304: Increased Cost of Compliance Modernization Act of 2023
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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.
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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.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Vicente Gonzalez D-TXOriginal
Who scored on this bill
- 1Nicolas LaLota SponsorDrew cross-party cosponsors, introduced2 events+6
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Other bills by Nicolas LaLota
History
- Introduced in the House by Nicolas LaLota.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Financial Services.