To clarify that any private flood insurance policy accepted by a State shall satisfy the mandatory purchase requirement under the Flood Disaster Protection Act of 1973.

SA 2700. Mr. HELLER (for himself and Mr. Lee) submitted an amendment
intended to be proposed by him to the bill S. 1926, to delay the
implementation of certain provisions of the Biggert-Waters Flood
Insurance Reform Act of 2012 and to reform the National Association of
Registered Agents and Brokers, 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;
``(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; or
``(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); and
``(C) is issued by an insurance company that is not
otherwise disapproved as a surplus lines insurer by the
insurance regulator of the State or jurisdiction where the
property to be insured is located.''.
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