S. 602 · 118th Congress
Risk Rating 2.0 Transparency Act
- Stage
- In committee
- Sponsor
- John Kennedy
- Introduced
- 2023-03-01
- Latest action
- 2023-03-01 · Introduced in Senate
Summary
Risk Rating 2.0 Transparency Act
This bill requires the Federal Emergency Management Agency (FEMA) to release specified information regarding the National Flood Insurance Program's new Risk Rating 2.0. Risk Rating 2.0 went into effect on October 1, 2021, for new policies and on April 1, 2022, for existing policies. It bases premium rates on an individual property's specific flood risk instead of the flood risk of a general location and property type.
Under the bill, FEMA must
publish all data and methods used to calculate premium rates under Risk Rating 2.0, create an online database where policyholders can see premium rates for their property using specified calculations, and publish an assessment of the economic and social impacts of Risk Rating 2.0.