Flood Insurance Reform and Modernization Act of 2006

[AI summary unavailable — showing source text] Flood Insurance Reform and Modernization Act of 2006 - Amends the National Flood Insurance Act of 1968 (Act) to require the Director of the Federal Emergency Management Agency (FEMA) to estimate the exclusion of prospective insureds from purchasing flood insurance at rates for specified properties less than specified risk premium rates. Prohibits the Director from providing flood insurance to prospective insureds for new or lapsed policies at rates less than estimated risk premium rates. Instructs the Director to issue final regulations establishing a revised definition of areas of special flood hazards. Subjects certain residual risk areas to the mandatory purchase requirements of the Flood Disaster Protection Act of 1973. Permits adjustment of the risk premium rate to reflect the flood risk of property located in an area participating in the national flood insurance program. Instructs the Director to make flood insurance available only in states or areas determined to have given satisfactory assurance that by December 31, 2008, state-charted lending institutions not insured by the Federal Deposit Insurance Corporation (FDIC) shall be subject to state regulations consistent with t…