Flood Insurance Reform and Modernization Act of 2006
Latest action. Received in the Senate. Read twice. Placed on Senate legislative calendarThe list of measures reported out of committee and eligible for floor action. Being on the calendar is not a promise of a vote.Read the full definition (opens a new tab) under General Orders. Calendar No. 501.
Flood Insurance Reform and Modernization Act of 2006 - (Sec. 3) Instructs the Comptroller General to study and report to Congress on the status of the national flood insurance program for certain pre-FIRM properties (properties not constructed or improved after specified dates).
Prescribes study contents, including extension of mandatory flood insurance coverage purchase requirements to: (1) properties located in any area that would be designated as having special flood hazards but for the existence of a structural flood protection system; and (2) property located in any area having special flood hazards which secures the repayment of specified loans.
(Sec. 4) Amends the National Flood Insurance Act of 1968, with respect to the chargeable premium rate for actuarial rate properties in an area (or area subdivision), to include: (1) nonresidential properties; (2) non-primary residences; and (3) certain pre-FIRM properties constructed or substantially improved before December 31, 1974, (or before the effective date of the initial rate map for the area) and purchased after the enactment of this Act. Sets forth a phase-in period for increased actuarial rates for premiums for such properties and residences covered under the national flood insurance program.
(Sec. 5) Reduces from 30 days to 15 days the waiting period before the effective date of flood insurance policies.
Excepts from the waiting period requirement the initial purchase of flood insurance coverage in connection with the purchase or other transfer of the property for which the coverage is provided (regardless of whether a loan is involved in the purchase or transfer transaction).
(Sec. 6) Amends the Flood Disaster Protection Act of 1973 to increase civil monetary penalties: (1) from $350 to $2,000 for each regulated lender violation; and (2) from $100,000 to $1 million the total amount of penalties that may be assessed against any single regulated lending institution or enterprise during any calendar year.
(Sec. 7) Amends the National Flood Insurance Act of 1968 to increase maximum flood insurance coverage for residential property: (1) from $250,000 to $335,000 for any single-family dwelling; (2) from $100,000 to $135,000 for contents per dwelling unit; and (3) from $500,000 to $670,000 the structure and related contents of a nonresidential property, including churches.
The summary continues for 24 more paragraphs. Read it in full on Congress.gov
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Passed House amended" stage on June 27, 2006. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on June 28, 2006: Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 501.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 109th Congress (2005-06), 482 of the 10,701 bills and joint resolutions introduced became law, about 4.5 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
RICHARD BAKER (R-LA) introduced it on March 16, 2006, and 1 member has since signed on as a cosponsor.
They are 1 Democrat.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on March 16, 2006, 7531 days ago. The most recent recorded action was 7427 days ago, on June 28, 2006.
Measures do not carry over. Anything the 109th Congress has not finished by January 3, 2007 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers