; and (iv) a statement explaining the reasons for any deferral or inaction described in clause (iii). (b) Use of replacement cost value in premium rates; implementation (1) Estimated rates Section 1307(a)(1) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4014(a)(1) ) is amended, in the matter preceding subparagraph (A), by inserting after flood insurance the following: , which shall incorporate replacement cost value, and . (2) Chargeable rates Section 1308(b) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4015(b) ) is amended, in the matter preceding paragraph (1), by inserting after Such rates the following: shall incorporate replacement cost value and . (3) Phase-in (A) In general During the 3-year period beginning on the date that is 1 year after the date of enactment of this Act, the Administrator may gradually phase in the amendments made by paragraphs (1) and (2) with respect to flood insurance coverage made available under the National Flood Insurance Act of 1968 ( 42 U.S.C. 4001 et seq.) for properties located in various geographic regions in the United States as sufficient information for the implementation of those amendments becomes available. (B) Deadline The Administrator shall ensure that, as of the effective date described in paragraph (4), the amendments made by paragraphs (1) and (2) are fully implemented to apply to all flood insurance coverage made available under the National Flood Insurance Act of 1968 ( 42 U.S.C. 4001 et seq.). (4) Effective date The amendments made by paragraphs (1) and (2) shall— (A) take effect on the date that is 4 years after the date of enactment of this Act; and (B) apply to the establishment of risk premium and chargeable premium rates by the Administrator on and after the date described in subparagraph (A). 302. Risk transfer options Section 1345(e) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4081(e) ) is amended— (1) by striking The Administrator and inserting the following: (1) In general The Administrator