To impose a civil penalty for noncompliance with certain reporting requirements.

SA 4727. Mrs. McCASKILL submitted an amendment intended to be
proposed to amendment SA 4707 proposed by Mr. Dodd (for himself and Mr.
Shelby) to the bill S. 2284, to amend the National Flood Insurance Act
of 1968, to restore the financial solvency of the flood insurance fund,
and for other purposes; which was ordered to lie on the table; as
follows:

On page 50, between lines 3 and 4, insert the following:
(4) Failure to comply.--A property and casualty insurance
company that is authorized by the Director to participate in
the Write Your Own program which fails to comply with the
reporting requirement under this subsection or the
requirement under section 62.23(j)(1) of title 44, Code of
Federal Regulations (relating to biennial audit of the flood
insurance financial statements) shall be subject to a civil
penalty in an amount equal to $1,000 per day for each day
that the company remains in noncompliance with either such
requirement.
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