Deadline for approval of claims

(a) In general Section 1312 of the National Flood Insurance Act of 1968 (42 U.S.C. 4019) is amended— (1) in subsection (a), by striking The Administrator and inserting Subject to other provisions of this section, the Administrator; and (2) by adding at the end the following new subsection: (d) Deadline for approval of claims (1) In general The Administrator shall provide that, in the case of any claim for damage to or loss of property under flood insurance coverage made available under this title, an initial determination regarding approval of a claim for payment or disapproval of the claim be made, and notification of such determination be provided to the insured making such claim, not later than the expiration of the 120-day period (as such period may be extended pursuant to paragraph (2)) beginning upon the day on which the policyholder submits a signed proof of loss detailing the damage and amount of the loss. Payment of approved claims shall be made as soon as possible after such approval. (2) Extension of deadline The Administrator shall— (A) provide that the period referred to in paragraph (1) may be extended by additional successive periods of 30 days in cases where extraordinary circumstances are demonstrated; and (B) establish, by regulation, criteria for demonstrating such extraordinary circumstances.. (b) Applicability The amendments made by subsection (a) shall apply to any claim under flood insurance coverage made available under the National Flood Insurance Act of 1968 (42 U.S.C. 4001 et seq.) pending on the date of the enactment of this Act and any claims made after such date of enactment.