1. Use of replacement cost in determining premium rates (a) Study of risk rating redesign flood insurance premium rating options (1) Study The Administrator of the Federal Emergency Management Agency shall conduct a study to— (A) evaluate insurance industry best practices for risk rating and classification, including practices related to replacement cost value in premium rate estimations; (B) assess options, methods, and strategies for including replacement cost value in the Administrator’s estimates under section 1307(a)(1) of the National Flood Insurance Act of 1968 ( 42 U.S.C. 4014(a)(1) ); (C) provide recommendations for including replacement cost value in the estimate of the risk premium rates for flood insurance under such section 1307(a)(1); (D) identify an appropriate methodology to incorporate replacement cost value into the Administrator’s estimates under such section 1307(a)(1); (E) develop a feasible implementation plan and projected timeline for including replacement cost value in the estimates of risk premium rates for flood insurance made available under the National Flood Insurance Program. (2) Report (A) Requirement Not later than the expiration of the 12-month period beginning on the date of the enactment of this Act, the Administrator shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report that contains the results and conclusions of the study required under paragraph (1). (B) Contents The report submitted under subparagraph (A) shall include— (i) an analysis of the recommendations resulting from the study under paragraph (1) and any potential impacts on the National Flood Insurance Program, including cost considerations; (ii) a description of any actions taken by the Administrator to implement the study recommendations