S. 1313 · 115th Congress
Flood Insurance Affordability and Sustainability Act of 2017
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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
CassidySponsor3 cosponsors · 1 D, 2 R
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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).
What it does: CRS summary · Introduced in Senate · Jun 7, 2017
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Flood Insurance Affordability and Sustainability Act of 2017
Latest action (Jun 7, 2017): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S3337-3338)
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Jun 7, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.