Optional monthly installment premium payment plans

Section 1308(g) of the National Flood Insurance Act of 1968 (42 U.S.C. 4015(g)) is amended— (1) by striking With respect to and inserting the following: (1) Annual or monthly option Subject to paragraph (2), with respect to; and (2) by adding at the end the following: (2) Monthly installment With respect to a policyholder that opts under paragraph (1) to pay premiums on a monthly basis, the Administrator may charge the policyholder an annual fee of not more than $15. (3) Exemption from rule making; pilot program During the period beginning on the date of enactment of this paragraph and ending on the date on which the Administrator promulgates regulations carrying out paragraph (1), the Administrator may, notwithstanding any other provision of law— (A) adopt policies and procedures to carry out that paragraph without— (i) undergoing notice and comment rule making under section 553 of title 5, United States Code; or (ii) conducting regulatory analyses otherwise required by statute, regulation, or Executive order; or (B) carry out that paragraph by establishing a pilot program that gradually implements the requirements of that paragraph..