; or (ii) at least 2 separate claims payments have been made under flood insurance coverage under this title, with the cumulative amount of such claims payments exceeding the value of the structure. (D) Extreme repetitive-loss property The term extreme repetitive-loss property means a structure that has incurred flood damage for which at least 2 separate claims have been made under flood insurance coverage under this title, with the cumulative amount of such claims payments exceeding 150 percent of the maximum coverage amount available for the structure. (2) Treatment of claims before compliance with State and local requirements The Administrator shall not consider claims that occurred before a structure was made compliant with State and local floodplain management requirements for purposes of determining a structure’s status as a multiple-loss property. . (b) Premium adjustment To reflect current flood risk (1) In general Section 1308 of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4015 ), as amended by the preceding provisions of this Act, is further amended by adding at the end the following new subsection: (o) Premium adjustment To reflect current flood risk (1) In general Except as provided in paragraph (2), the Administrator shall rate a multiple-loss property that is charged a risk premium rate estimated under section 1307(a)(1) ( 42 U.S.C. 4014(a)(1) ) based on the current risk of flood reflected in the flood insurance rate map in effect at the time of rating. (2) Adjustment for existing policies For policies for flood insurance under this title in force on the date of the enactment of this Act for properties described in paragraph (1)— (A) notwithstanding subsection (e) of this section, the Administrator shall increase risk premium rates by not less than 15 percent each year until such rates comply with paragraph (1) of this subsection