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U.S. GOVERNMENT
INFORMATION
Gp
115TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 115-221
TO REQUIRE THE USE OF REPLACEMENT COST VALUE IN DETERMINING
THE PREMIUM RATES FOR FLOOD INSURANCE COVERAGE UNDER THE
NATIONAL FLOOD INSURANCE ACT, AND FOR OTHER PURPOSES
JULY 14, 2017.-Committed to the Committee of the Whole House on the State of
the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
together with
MINORITY VIEWS
[To accompany H.R. 2565]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 2565) to require the use of replacement cost value in de-
termining the premium rates for flood insurance coverage under
the National Flood Insurance Act, and for other purposes, having
considered the same, report favorably thereon with an amendment
and recommend that the bill as amended do pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. USE OF REPLACEMENT COST IN DETERMINING PREMIUM RATES.
(a) STUDY OF RISK RATING REDESIGN FLOOD INSURANCE PREMIUM RATING OP-
TIONS.-
(1) STUDY.-The Administrator of the Federal Emergency Management Agen-
cy shall conduct a study to-
(A) evaluate insurance industry best practices for risk rating and classi-
fication, including practices related to replacement cost value in premium
rate estimations;
(B) assess options, methods, and strategies for including replacement cost
value in the Administrator's estimates under section 1307(a)(1) of the Na-
tional Flood Insurance Act of 1968 (42 U.S.C. 4014(a)(1));
(C) provide recommendations for including replacement cost value in the
estimate of the risk premium rates for flood insurance under such section
1307(a)(1);
(D) identify an appropriate methodology to incorporate replacement cost
value into the Administrator's estimates under such section 1307(a)(1);
(E) develop a feasible implementation plan and projected timeline for in-
cluding replacement cost value in the estimates of risk premium rates for
69-006](ViewImageLocal?handle=hein.congrecreports/crptxaaeb0001&div=1&collection=&method=preview&ext=.png&size=3)