S. 2832 · 117th Congress
No NFIP Subsidies for Millionaires Act
- Stage
- In committee
- Sponsor
- Mike Lee
- Introduced
- 2021-09-23
- Latest action
- 2021-09-23 · Introduced in Senate
Summary
No NFIP Subsidies for Millionaires Act
This bill requires that the premium rate for flood insurance provided through the National Flood Insurance Program (NFIP) for single-family homes valued at more than $1 million be based on sound actuarial principles and not be subject to any rate caps. Under current law, certain types of property are not charged actuarial rates for NFIP coverage.