“(a) In General.—Not later than 6 months after the date of enactment of this Act [June 30, 2004], the Director shall develop supplemental forms to be issued in conjunction with the issuance of a flood insurance policy that set forth, in simple terms—“(1) the exact coverages being purchased by a policyholder;
“(2) any exclusions from coverage that apply to the coverages purchased;
“(3) an explanation, including illustrations, of how lost items and damages will be valued under the policy at the time of loss;
“(4) the number and dollar value of claims filed under a flood insurance policy over the life of the property, and the effect, under the National Flood Insurance Act of 1968 (42 U.S.C. 4001 et seq.), of the filing of any further claims under a flood insurance policy with respect to that property; and
“(5) any other information that the Director determines will be helpful to policyholders in understanding flood insurance coverage.
“(b) Distribution.—The forms developed under subsection (a) shall be given to—“(1) all holders of a flood insurance policy at the time of purchase and renewal; and
“(2) insurance companies and agents that are authorized to sell flood insurance policies.
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