Risk Rating 2.0 Transparency Act

S 602, the Risk Rating 2.0 Transparency Act, requires the Federal Emergency Management Agency (FEMA) to increase transparency around flood insurance premium calculations under the National Flood Insurance Program (NFIP). It mandates FEMA to publicly release all data and methods used for Risk Rating 2.0 rates, create an online tool for policyholders to compare current rates with hypothetical scenarios (including without rate limitations), and publish impact assessments on affordability, property values, and government revenues. The bill directly affects NFIP policyholders by providing clearer information about how their flood insurance premiums are determined. Key provisions include publishing county-level rate distributions and submitting a report to Congress on compliance, all without altering the underlying rate methodology.