No NFIP Subsidies for Millionaires Act
This bill requires that the premium rate for flood insurance provided through the National Flood Insurance Program (NFIP) for single-family homes valued at more than $1 million be based on sound actuarial principles and not be subject to any rate caps. Under current law, certain types of property are not charged actuarial rates for NFIP coverage.
To prohibit the National Flood Insurance Program from providing flood 
  insurance subsidies for single-family residences that are valued at 
             more than $1,000,000, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``No NFIP Subsidies for Millionaires 
Act''.

SEC. 2. PROHIBITION ON FLOOD INSURANCE SUBSIDIES FOR SINGLE-FAMILY 
              HOMES VALUED AT OVER $1,000,000.

    Section 1307 of the National Flood Insurance Act of 1968 (42 U.S.C. 
4014) is amended--
            (1) by redesignating subsection (h) as subsection (i); and
            (2) by inserting after subsection (g) the following:
    ``(h) Prohibition on Subsidies for Single-Family Homes Valued at 
Over $1,000,000.--The premium rate for flood insurance under this title 
for a property consisting of 1 residence with an assessed value, at the 
time of acquiring or renewing the flood insurance policy, of more than 
$1,000,000--
            ``(1) shall be based on sound actuarial principles; and
            ``(2) shall not be subject to any cap on the increase in 
        the premium rate for flood insurance.''.
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No NFIP Subsidies for Millionaires Act
A bill to prohibit the National Flood Insurance Program from providing flood insurance subsidies for single-family residences that are valued at more than $1,000,000, and for other purposes.
No NFIP Subsidies for Millionaires Act
Sen. Lee, Mike