118 STAT. 727 PUBLIC LAW 108–264—JUNE 30, 2004 decisions, with respect to claims, proofs of loss, and loss estimates relating to such flood insurance policy, of— (1) any insurance agent or adjuster, or insurance company; or (2) any employee or contractor of the Federal Emergency Management Agency. SEC. 206. STUDY AND REPORT ON USE OF COST COMPLIANCE COV ERAGE. Not later than 1 year after the date of enactment of this Act, the Director of the Federal Emergency Management Agency shall submit to Congress a report that sets forth— (1) the use of cost of compliance coverage under section 1304(b) of the National Flood Insurance Act of 1968 (42 U.S.C. 4011(b)) in connection with flood insurance policies; (2) any barriers to policyholders using the funds provided by cost of compliance coverage under that section 1304(b) under a flood insurance policy, and recommendations to address those barriers; and (3) the steps that the Federal Emergency Management Agency has taken to ensure that funds paid for cost of compli ance coverage under that section 1304(b) are being used to lessen the burdens on all homeowners and the Program. SEC. 207. MINIMUM TRAINING AND EDUCATION REQUIREMENTS. The Director of the Federal Emergency Management Agency shall, in cooperation with the insurance industry, State insurance regulators, and other interested parties— (1) establish minimum training and education requirements for all insurance agents who sell flood insurance policies; and (2) not later than 6 months after the date of enactment of this Act, publish these requirements in the Federal Register, and inform insurance companies and agents of the require ments. SEC. 208. GAO STUDY AND REPORT. (a) STUDY.—The Comptroller General of the United States shall conduct a study of— (1) the adequacy of the scope of coverage provided under flood insurance policies in meeting the intended goal of Con gress that flood victims be restored to their pre flood conditions, and any recommendations to ensure that goal is being met; (2) the adequacy of payments to flood victims under flood insurance policies; and (3) the practices of the Federal Emergency Management Agency and insurance adjusters in estimating losses incurred during a flood, and how such practices affect the adequacy of payments to flood victims. (b) REPORT.—Not later than 1 year after the date of enactment of this Act, the Comptroller General shall submit to Congress a report regarding the results of the study under subsection (a). SEC. 209. PROSPECTIVE PAYMENT OF FLOOD INSURANCE PREMIUMS. Section 1308 of the National Flood Insurance Act of 1968 (42 U.S.C. 4015) is amended by adding at the end the following: ‘‘(f) ADJUSTMENT OF PREMIUM.—Notwithstanding any other provision of law, if the Director determines that the holder of a flood insurance policy issued under this Act is paying a lower Deadline. Deadline. Federal Register, publication. Deadline.
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