Flood Insurance Reform and Modernization Act of 2006
Latest action. 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. 498.
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Flood Insurance Reform and Modernization Act of 2006 - (Sec. 4) Amends the National Flood Insurance Act of 1968 (Act) to require the Director of the Federal Emergency Management Agency (FEMA) to estimate the exclusion of prospective insureds from purchasing flood insurance at rates less than specified risk premium rates for certain properties, including: (1) property which is not the primary residence of an individual; (2) severe repetitive loss property; (3) property that has incurred flood-related damage in which the cumulative amounts of payments equaled or exceeded its fair market value; (4) any business property; and (5) any property which on or after enactment of this Act has experienced or sustained substantial damage exceeding 50% of its fair market value, or substantial improvement exceeding 30% of its fair market value.
Prohibits the Director from providing flood insurance to prospective insureds for new or deliberately lapsed policies at rates less than estimated risk premium rates.
(Sec. 5) Instructs the Director to issue final regulations establishing a revised definition of areas of special flood hazards for purposes of the National Flood Insurance Program not later than 90 days after enactment of this Act.
Subjects certain residual risk areas to the mandatory purchase requirements of the Flood Disaster Protection Act of 1973.
(Sec. 6) Permits adjustment of the risk premium rate in order to reflect the flood risk of property located in an area participating in the national flood insurance program.
(Sec. 7) Instructs the Director to make flood insurance available only in states or areas determined to have given satisfactory assurance that by December 31, 2008, state-charted lending institutions not insured by the Federal Deposit Insurance Corporation (FDIC) shall be subject to state regulations consistent with the Flood Disaster Protection Act of 1973.
(Sec. 9) Modifies requirements governing escrow of flood insurance payments.
The summary continues for 18 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 "Reported to Senate without amendment" stage on June 28, 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: Placed on Senate Legislative Calendar under General Orders. Calendar No. 498.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- 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 Shelby (R-AL) introduced it on June 28, 2006. No cosponsors are recorded.
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 June 28, 2006, 7427 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
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers