Coverage limits

(a) In general Section 1306 of the National Flood Insurance Act of 1968 (42 U.S.C. 4013), as amended by section 106(a), is amended— (1) in subsection (b)— (A) in the matter preceding paragraph (1), by striking In addition to any other terms and conditions under subsection (a), such regulations and inserting The Administrator; (B) in paragraph (2)— (i) by striking shall be made and inserting may be made; and (ii) by striking $250,000 and inserting the baseline amount; (C) in paragraph (3)— (i) by striking shall be made and inserting may be made; and (ii) by striking $100,000 and inserting 50 percent of the baseline amount; and (D) in paragraph (4)— (i) by striking shall be made each place that term appears and inserting may be made; and (ii) by striking $500,000 each place that term appears and inserting 200 percent of the baseline amount; and (2) by adding at the end the following: (f) Definition Subject to paragraph (2), in this section, the term baseline amount means an amount determined by the Administrator that is equal to the maximum original principal obligation of a conventional mortgage secured by a single-family residence that may be purchased by the Federal National Mortgage Association, as established under the seventh sentence of section 302(b)(2) of the Federal National Mortgage Association Charter Act (12 U.S.C. 1717(b)(2)), which the Administrator may not— (1) increase more than once every 5 years; (2) increase with respect to any particular property pursuant to the 11th or 12th sentence of such section 302(b)(2); or (3) decrease.. (b) Authority of Administrator To sell policies The Administrator may sell a policy for flood insurance under the National Flood Insurance Program that meets the requirements of paragraphs (2), (3), and (4) of section 1306(b) of the National Flood Insurance Act of 1968 (42 U.S.C. 4013(b)), as amended by subsection (a), without regard to— (1) section 61.6 of title 44, Code of Federal Regulations, as in effect on the day before the date of enactment of this Act; or (2) any other provision of law.