H.R. 1422 · 115th Congress
Flood Insurance Market Parity and Modernization Act
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
RossSponsor21 cosponsors · 5 D, 16 R
D
Castor
TH
R
Hollingsworth
AM
R
Mooney
BP
R
Posey
BL
R
Loudermilk
SP
R
Palazzo
RK
D
Kind
TR
R
Rooney
AH
D
Hastings
MD
R
Diaz-Balart
TR
R
Rokita
GB
R
Bilirakis
TB
R
Budd
BF
R
Fitzpatrick
MC
R
Coffman
VD
D
Demings
BL
R
Luetkemeyer
JS
R
Smith
JH
D
Himes
RW
R
Williams
JR
R
Renacci1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Flood Disaster Protection Act of 1973 to revise requirements for federal and private flood insurance.
What it does: CRS summary · Reported to House with amendment(s) · Jul 14, 2017
Private Flood Insurance Market Development Act of 2017
This bill amends the Flood Disaster Protection Act of 1973 to revise requirements for federal and private flood insurance.
The bill revises the financial requirements that apply to flood insurance for home loans or loan guarantees by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and other federal mortgage entities. Private flood insurance must meet any financial strength requirements set forth by the Federal Housing Finance Agency.
Private flood insurance may include nonadmitted insurers (including surplus lines insurance) as long as the insurer is eligible to provide insurance in the home state of the insured and complies with the laws and regulations of that state.
The National Flood Insurance Act of 1968 is amended to direct the Federal Emergency Management Agency (FEMA) to consider any period during which a property was continuously covered by private flood insurance to be a period of continuous insurance coverage, including for the purposes of National Flood Insurance Program subsidies.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Private Flood Insurance Market Development Act of 2017
Latest action (Jul 14, 2017): Placed on the Union Calendar, Calendar No. 155.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Mar 8, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.