Cooperative coverage fairness

(a) In general Section 1306 of the National Flood Insurance Act of 1968 (42 U.S.C. 4013) is amended by adding at the end the following: (e) Cooperatives (1) Definition In this subsection, the term cooperative building has the meaning given the term in section 1312(d). (2) Equal treatment with condominiums Notwithstanding any other provision of law, an owner of a share of a cooperative building shall be eligible to purchase flood insurance coverage under the national flood insurance program on the same terms as a condominium owner.. (b) Payment of claims Section 1312 of the National Flood Insurance Act of 1968 (42 U.S.C. 4019) is amended— (1) in subsection (c)— (A) in the subsection heading, by inserting and cooperative after condominium; (B) by inserting, or owners of a share of a cooperative building, after condominium owners; and (C) by inserting or cooperative association after condominium association each place that term appears; and (2) by adding at the end the following: (k) Definitions In this section, the terms cooperative association and cooperative building have the meanings given the terms by the Administrator..