National Flood Insurance Reform Act of 1994.

RIEGLE COMMUNITY DEVELOPMENT ACT

Subtitle F - Miscellaneous Provisions

572. Limitation on Premium Increases

(a) PROPERTY-SPECIFIC LIMITATION.-- Section 1308 of the National Flood Insurance Act of 1968 (42 U.S.C. 4013(b)) is amended-

(1) in subsection (c), by striking “Notwithstanding any other provision of this title” and inserting “Subject only to the limitation under subsection (e)”; and

(2) by inserting after subsection (d) the following new subsection: “(e) ANNUAL LIMITATION ON PREMIUM INCREASES.-- Notwithstanding any other provision of this title, the chargeable risk premium rates for flood insurance under this title for any properties within any single risk classification may not be increased by an amount that would result in the average of such rate increases for properties within the risk classification during any 12-month period exceeding 10 percent of the average of the risk premium rates for properties within the risk classification upon the commencement of such 12-month period.”.

(b) REPEAL OF PROGRAM-WIDE LIMITATION.-- Subsection (d) of section 541 of the Housing and Community Development Act of 1987 (42 U.S.C. 4015 note) is hereby repealed.