3.0.0 1313 2023-01-11T13:37:38Z 2023-01-11T13:37:38Z Senate S 2017-06-07 115 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2017-06-07T22:26:32Z National Flood Insurance Program Further Extension Act of 2018 115 7187 HR 2018-12-01 Became Public Law No: 115-281. Related bill CRS National Flood Insurance Program Extension Act 115 3628 S 2018-12-31 Pursuant to the provisions of H. Con. Res. 148, enrollment corrections on S. 3628 have been made. 13:06:33 Related bill CRS National Flood Insurance Program Extension Act of 2018 115 3670 S 2018-11-28 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS NFIP Extension Act of 2018 115 3703 S 2018-12-04 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2017-06-07 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S3337-3338) IntroReferral 2017-06-07 Introduced in Senate IntroReferral 10000 9 Library of Congress C001075 Sen. Cassidy, Bill [R-LA] Bill Cassidy R LA N G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. 2017-06-07 True C001047 Sen. Capito, Shelley Moore [R-WV] Shelley Capito R WV Moore 2017-06-07 True K000393 Sen. Kennedy, John [R-LA] John Kennedy R LA Neely 2017-06-22 False Finance and Financial Sector Administrative law and regulatory procedures Banking and financial institutions regulation Civil actions and liability Congressional oversight Department of Homeland Security Disaster relief and insurance Federal Emergency Management Agency (FEMA) Floods and storm protection Fraud offenses and financial crimes Geography and mapping Government corporations and government-sponsored enterprises Government information and archives Government liability Government studies and investigations Government trust funds Housing finance and home ownership Insurance industry and regulation Judicial review and appeals Marine and coastal resources, fisheries Finance and Financial Sector 00 2017-06-07 Introduced in Senate 2018-08-28T18:53:09Z Flood Insurance Affordability and Sustainability Act of 2017

This bill amends the National Flood Insurance Act of 1968 to extend the National Flood Insurance Program (NFIP) through FY2027 (currently, certain provisions expire FY2017).

The Federal Emergency Management Agency (FEMA) is directed to base the coverage limit of flood insurance obtained through NFIP on the maximum confirmation loan limit determined by the Federal National Mortgage Association (Fannie Mae). Under current law, coverage is limited to $250,000 for residential dwellings and $500,000 for nonresidential buildings.

The Increased Cost of Compliance (ICC) coverage limitation is increased to $75,000 (currently $30,000). ICC coverage is offered by NFIP to cover the cost of flood mitigation measures on certain structures.

The bill also directs FEMA to:

  • annually transfer a portion of the risk from NFIP to private reinsurance or capital markets,
  • promulgate regulations for disclosure of flood risks on sale property,
  • offer a rate reduction if NFIP policyholders implement specified mitigation methods,
  • use the replacement cost of a structure when calculating risk premium rate, and
  • establish a risk sharing pilot program whereby “Write Your Own” companies (property and casualty companies that write and service standard flood insurance policies in their own name) insure properties up to at least $50,000 and NFIP issues policies in excess of that coverage limit.

Agreed Value Flood Protection Program Act of 2017

FEMA must establish an Agreed Value Flood Protection Pilot Program that bases policy payouts on flood height reached in participating covered structures.

“Write Your Own” companies are authorized to offer private flood insurance to specified properties under a two-year pilot program.

This bill amends the Biggert-Waters Flood Insurance Reform Act of 2012 to reauthorize the National Flood Mapping Program through 2027.

]]> Flood Insurance Affordability and Sustainability Act of 2017 Display Title Flood Insurance Affordability and Sustainability Act of 2017 Official Title as Introduced A bill to reauthorize the National Flood Insurance Program, and for other purposes. Introduced in Senate IS Short Titles as Introduced Flood Insurance Affordability and Sustainability Act of 2017 Short Titles as Introduced for portions of this bill Agreed Value Flood Protection Program Act of 2017 Introduced in Senate 2017-06-07T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s1313is/xml/BILLS-115s1313is.xml 2017-06-07 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S3337-3338) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.