PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Financial Services.
Congressional Research Service
Version 00 · Introduced in House · Mar 24, 2022
Increased Cost of Compliance Modernization Act of 2022
This bill increases insurance coverage available to structures in high-risk flood areas under the National Flood Insurance Program (NFIP), commonly known as Increased Cost of Compliance (ICC) coverage. ICC coverage applies to costs related to flood mitigation requirements for repairs to, or the rebuilding of, flood-damaged structures with existing NFIP coverage.
Currently, ICC coverage is capped at $30,000. The bill increases this amount to 20% of the maximum amount of flood insurance coverage (currently $50,000) with additional coverage available of up to 40% of the maximum amount of coverage (currently $100,000).
The bill removes the cap on ICC premiums and requires the premium amount to be calculated pursuant to other NFIP rates. Additionally, ICC coverage does not count towards the cap on overall NFIP coverage.
Finally, ICC policyholders are allowed to assign the rights or benefits of this coverage to a governmental agency to satisfy certain cost-sharing requirements applicable to mitigation assistance programs.
People & committees
Rep. Rice, Tom [R-SC-7] · R–SC
Legislative record
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Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
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Source last updated: Jan 3, 2025. Consult Congress.gov for the current record.
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