Page:United States Statutes at Large Volume 108 Part 3.djvu/526

 108 STAT. 2278 PUBLIC LAW 103-325—SEPT. 23, 1994 "(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(d) of section 541 of the Housing and Community Development Act of 1987 (42 U.S.C. 4015 note) is hereby repealed. SEC. 573. MAXIMUM FLOOD INSURANCE COVERAGE AMOUNTS. (a) IN GENERAL. — Section 1306(b) of the National Flood Insurance Act of 1968 (42 U.S.C. 4013(b)) is amended as follows: (1) RESIDENTIAL PROPERTY.— In paragraph (2), by striking "an amount of $150,000 under the provisions of this clause" and inserting the following: "a total amount (including such Hmits specified in paragraph (l)(A)(i)) of $250,000 ". (2) RESIDENTIAL PROPERTY CONTENTS.—In paragraph (3), by striking "an amount of $50,000 under the provisions of this clause" and inserting the following: "a total amount (including such limits specified in paragraph (l)(A)(ii)) of $100,000 ". (3) NONRESIDENTIAL PROPERTY AND CONTENTS. —By striking paragraph (4) and inserting the following new paragraph: "(4) in the case of any nonresidential property, including churches, for which the risk premium rate is determined in accordance with the provisions of section 1307(a)(1), additional flood insurance in excess of the limits specified in subparagraphs (B) and (C) of paragraph (1) shall be made available to every insured upon renewal and every applicant for insurance, in respect to any single structure, up to a total amount (including such limit specified in subparagraph (B) or (C) of paragraph (1), as applicable) of $500,000 for each structure and $500,000 for any contents related to each structure; and". (b) REMOVAL OF CEILING ON COVERAGE REQUIRED. — Section 1306(b) of the National Flood Insurance Act of 1968 (42 U.S.C. 4013(b)) is amended— (1) in paragraph (5), by striking "; and" at the end and inserting a period; and (2) by striking paragraph (6). SEC. 574. FLOOD INSURANCE PROGRAM ARRANGEMENTS WITH PRI- VATE INSURANCE ENTITIES. Section 1345(b) of the National Flood Insurance Act of 1968 (42 U.S.C. 4081(b)) is amended by striking the period at the end and inserting the following: "and without regard to the provisions of the Federal Advisory Committee Act (5 U.S.C. App.).". SEC. 575. UPDATING OF FLOOD MAPS. Section 1360 of the National Flood Insurance Act of 1968 (42 U.S.C. 4101) is amended by adding at the end the following new subsections: "(e) REVIEW OF FLOOD MAPS. —Once during each 5-year period (the 1st such period beginning on the date of enactment of the Riegle Community Development and Regulatory Improvement Act of 1994) or more often as the Director determines necessary, the

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