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S.2238
Bunning-Bereuter-Blumenauer Flood Insurance Reform Act of 2004
(Enrolled as Agreed to or Passed by Both House and Senate)
SEC. 208. GAO STUDY AND REPORT.
(a) STUDY- The Comptroller General of the United States shall conduct a
study of--
(1) the adequacy of the scope of coverage provided under flood insurance
policies in meeting the intended goal of Congress that flood victims be
restored to their pre-flood conditions, and any recommendations to ensure
that goal is being met;
(2) the adequacy of payments to flood victims under flood insurance
policies; and
(3) the practices of the Federal Emergency Management Agency and
insurance adjusters in estimating losses incurred during a flood, and how
such practices affect the adequacy of payments to flood victims.
(b) REPORT- Not later than 1 year after the date of enactment of this Act,
the Comptroller General shall submit to Congress a report regarding the
results of the study under subsection (a).
SEC. 209. PROSPECTIVE PAYMENT OF FLOOD INSURANCE PREMIUMS.
Section 1308 of the National Flood Insurance Act of 1968 (42 U.S.C. 4015)
is amended by adding at the end the following:
`(f) ADJUSTMENT OF PREMIUM- Notwithstanding any other provision of law, if
the Director determines that the holder of a flood insurance policy issued
under this Act is paying a lower premium than is required under this section
due to an error in the flood plain determination, the Director may only
prospectively charge the higher premium rate.'.
SEC. 210. REPORT ON CHANGES TO FEE SCHEDULE OR FEE PAYMENT
ARRANGEMENTS.
Not later than 3 months after the date of enactment of this Act, the
Director shall submit a report on any changes or modifications made to the fee
schedule or fee payment arrangements between the Federal Emergency Management
Agency and insurance adjusters who provide services with respect to flood
insurance policies to--
(1) the Committee on Banking, Housing, and Urban Affairs of the Senate;
and
(2) the Committee on Financial Services of the House of
Representatives.
Speaker of the House of Representatives.
Vice President of the United States and
President of the Senate.
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