U.S. House Committee on Financial Services Marks Up National Flood Insurance Program Legislation
Jun 15, 2017
The full U.S. House Committee on Financial Services is meeting in an open session this morning, June 15, 2017, to mark up various legislation relating to the reauthorization of the National Flood Insurance Program.
The Committee will meet on subsequent days, if necessary.
To access the live Webcast, click here.
The following bills are being discussed:
H.R. 1422, introduced by Representative Ross and Representative Castor, amends the Flood Disaster Protection Act of 1973 to require that certain buildings and personal property be covered by flood insurance, and for other purposes.
H.R. 1558, introduced by Representative Royce and Representative Blumenauer, amends the National Flood Insurance Act of 1968 to ensure community accountability for areas repetitively damaged by floods, and for other purposes.
H.R. 2246, introduced by Representative Luetkemeyer, repeals the mandatory flood insurance coverage requirement for commercial properties located in flood hazard areas and to provide for greater transfer of risk under the National Flood Insurance Program to private capital and reinsurance markets, and for other purposes.
H.R. 2565, To require the use of replacement cost value in determining the premium rates for flood insurance coverage under the National Flood Insurance Act, and for other purposes. (Section-by-Section)
H.R. 2565, introduced by Representative Luetkemeyer, would require the Federal Emergency Management Agency (“FEMA”) to conduct a study on the feasibility of incorporating the actual replacement cost value for each National Flood Insurance Program covered property and amends the National Flood Insurance Act of 1968 to require FEMA to use actual replacement cost values as part of the determination of chargeable risk premiums.
H.R. 2868, introduced by Representative Zeldin, would require a maximum 1 to 4 residential premium at $10,000 and provide for mitigation credit for certain mitigation activities unique in urban areas.
H.R. 2874, to be introduced by Representative Duffy, would achieve reforms to improve the financial stability of the National Flood Insurance Program, to enhance the development of more accurate estimates of flood risk through new technology and better maps, to increase the role of private markets in the management of flood insurance risks, and to provide for alternative methods to insure against flood peril, and for other purposes.
H.R. 2875 would make administrative reforms to the National Flood Insurance Program to increase fairness and accuracy and protect the taxpayer from program fraud and abuse, and for other purposes.
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