To ensure that the purchase price of flood insurance policies required to be purchased in areas of residual risk accurately reflects the level of flood protection provided by any levee, dam, or other man-made structure in such area.

SA 4736. Mr. DODD (for himself and Mr. Shelby) 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; as follows:

On page 10, between lines 16 and 17, insert the following:
(3) Accurate pricing.--In carrying out the mandatory
purchase requirement under paragraph (1), the Director shall
ensure that the price of flood insurance policies in areas of
residual risk accurately reflects the level of flood
protection provided by any levee, dam, or other the man-made
structure in such area.
On page 31, after line 14 add:
``(v) The level of protection provided by man-made
structures.''
On page 10, after line 16, insert:
(d)--upon decertification of any levee, dam, or man-made
structure under the jurisdiction of the Army Corps of
Engineers, the Corps shall immediately provide notice to the
Director of the National Flood Insurance program.
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