S. 563 · 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
HellerSponsor10 cosponsors · 2 D, 8 R
D
Tester
MR
R
Rubio
JD
D
Donnelly
RP
R
Portman
TC
R
Cotton
JE
R
Ernst
TC
R
Cochran
DP
R
Perdue
TS
R
Scott
CH
R
Hyde-Smith1 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 · Introduced in Senate · Mar 8, 2017
Flood Insurance Market Parity and Modernization Act
This bill amends the Flood Disaster Protection Act of 1973 to revise requirements for federal and private flood insurance.
This bill revises the financial requirements that apply to flood insurance for home loans or loan guarantees by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Private flood insurance must meet any financial strength requirements set forth by Fannie Mae and Freddie Mac.
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: Flood Insurance Market Parity and Modernization Act
Latest action (May 4, 2017): Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-16.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Mar 8, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.