House Republicans have re-introduced their NFIP rate-hike delaylegislation, but while it shares a bill number with legislationthey introduced last week, it contains a number of keydifferences.

The bill was introduced late Friday and its number, H.R. 3370,is the same as the bill introduced by Republicans the prior Friday night.

The legislation prevents FEMA from increasing premiums within asingle property class beyond a 15% average a year, with anindividual cap of 18% a year.

The bill also permanently repeals Sec. 207 of the Biggert-WatersAct, meaning that “grandfathering” is reinstated, according to oneanalysis. Essentially, all post-FIRM properties built to code atthe time of construction will have protection from rate spikes dueto new mapping since the time of construction.

The bill applies an annual surcharge of $25 for primaryresidences and $250 for second homes and businesses, untilsubsidized policies reach full risk rates. All revenue from theseassessments would be placed in the NFIP reserve fund, which wasestablished to ensure funds are available for meeting the expectedfuture obligations of the NFIP.

It also says FEMA shall strive to minimize the number ofpolicies with premium increases that exceed 1% of the totalcoverage of the policy (e.g., 1% of $250,000 = $2,500).

Furthermore, Write-Your-Own companies could effectively beallowed until next July to readjust paperwork dealing with therate-structure overhaul.

Another key provision mandates that policyholders who purchasedgrandfathered properties after the 2012 law went into effect onJuly 6, 2012 will get refunds. However, FEMA, and not WYOcompanies, will be tasked with dealing with the refundissue.

The bill was filed late Friday in order to set up a Wednesdayvote under accelerated rules that require a two-thirds vote insupport, or 287 votes.

Since congressional analysts and staffers estimate that up to 80conservative Republicans would oppose the bill, strong Democraticsupport would be required.

It was written this time with the cooperation of HouseDemocrats, with the direct involvement of House Majority LeaderEric Cantor, R-Va., and Minority Leader Nancy Pelosi, D-Calif.

However, Rep. Cedric Richmond, D-Louisiana, voiced caution. Anaide confirmed a statement in which Richmond, who represents NewOrleans, said Democrats still want further modifications in thebill. Richmond's staffer said Democrats also want to determine ifthe bill is acceptable to Sen. Mary Landrieu, D-La., and otherSenate sponsors of the legislation the Senate passed Jan. 30.

The Senate bill would delay premium increases for four years togive FEMA a chance to complete an affordability study and forCongress to modify the 2012 Biggert-Waters law that led to theinsurance rate increases.

An industry lobbyist who asked not to be named said he thoughtthe Senate would accept the House bill. He said the Senate billmerely delayed implementation of legislation that now has nopolitical support.

Most industry officials were not available for comment becauseWashington was officially closed due to heavy snow. However, theIndependent Insurance Agents and Brokers of America did voicestrong support.

The bill also picked up support from the GNO (Greater NewOrleans Organization), and a coalition of bankers, mortgageservicers, Realtors' organizations, homebuilders and communityorganizations in Louisiana the GNO has created to build support formodifying the 2012 law. The IIABA is also a member of thatcoalition.

However, StopFemaNow, a coalition of 300,000 groups andindividuals in 22 states, opposed the legislation. George Kasimos,a New Jersey Realtor who heads the group, said the House bill waswritten to be “budget-neutral,” that is, to ultimately yield thesame revenue as the 2012 bill. But, he said, FEMA is“grossly-mismanaged,” and that if “the mismanagement issues wererectified our increases would be minimal, if at all.”