Deadline for claim processing

(a) In general Section 1312 of the National Flood Insurance Act of 1968 (42 U.S.C. 4019), as amended by section 406(a), is amended by inserting after subsection (g) the following: (h) Deadline for approval of claims (1) In general The Administrator shall provide that, in the case of a claim for damage to or loss of property that is covered by a policy for flood insurance made available under this title— (A) except as provided in paragraph (2), not later than 60 days after the date on which a proof of loss or comparable submission is provided to the Administrator— (i) an initial determination regarding approval of the claim for payment or disapproval of the claim shall be made; and (ii) notification of the determination described in clause (i) shall be provided to the policyholder making the claim; and (B) payment of an approved claim shall be made as soon as possible after that approval. (2) Extension of deadline The Administrator shall— (A) provide that the period described in paragraph (1)(A) may be extended by an additional period of 30 days under extraordinary circumstances; and (B) by regulation— (i) establish criteria for— (I) demonstrating the extraordinary circumstances described in subparagraph (A); and (II) determining to which claims the extraordinary circumstances described in subparagraph (A) apply; and (ii) provide that, if the deadline imposed under paragraph (1)(A), as extended under subparagraph (A), if applicable, is not satisfied the amount of the claim to which the deadline relates shall be increased with interest, which shall begin accruing on the date on which the initial claim is filed. (3) Deadline tolled during certain communication with policyholder The deadline under paragraph (1) shall be tolled during any period during which the Administrator or a Write Your Own Company is trying to obtain more information from a policyholder regarding a claim made by the policyholder, or is otherwise working with a policyholder to develop such a claim.. (b) Applicability The amendment made by subsection (a) shall apply to any claim for damage to or loss of property that is covered by a policy for flood insurance made available under the National Flood Insurance Program that is made after the date of enactment of this Act.