S.Amdt. 2690

SA 2690. Mr. HELLER (for himself and Mr. Lee) submitted an amendment intended to be proposed by him to the bill S. 1846, to delay the implementation of certain provisions of the Biggert-Waters Flood Insurance Reform Act of 2012, and for other purposes; which was ordered to lie on the table; as follows:

At the end of title I, add the following:

SEC. 1__. AUTHORITY OF STATES TO REGULATE PRIVATE FLOOD INSURANCE.

Section 102(b)(7) of the Flood Disaster Protection Act of 1973 (42 U.S.C. 4012a(b)(7)) is amended to read as follows:

“(7) Private flood insurance defined.--In this subsection, the term ‘private flood insurance' means an insurance policy that--

“(A) provides flood insurance coverage; and

“(B) is issued by an insurance company that is--

“(i) licensed, admitted, or otherwise approved to engage in the business of insurance in the State or jurisdiction in which the insured building is located, by the insurance regulator of that State or jurisdiction;

“(ii) eligible as a nonadmitted insurer to provide insurance in the State or jurisdiction where the property to be insured is located, in accordance with section 524 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (15 U.S.C. 8204); or

“(iii) not disapproved as a surplus lines insurer by the insurance regulator of the State or jurisdiction where the property to be insured is located.”.