U.S. House Financial Services Committee Reviews National Flood Insurance Program Bills

Jun 8, 2017


Five witnesses appeared before the full U.S. House of Representatives Committee on Financial Services yesterday, June 7, 2017, to comment on six proposed bills intended to reform the National Flood Insurance Program (“NFIP”).   They were (written testimony provided via hyperlink below):

The hearing, entitled “Flood Insurance Reform: A Taxpayer’s Perspective,” delved into how the proposals might strengthen taxpayer protections; provide greater private market access, competition, and consumer choice; enhance mitigation efforts; encourage flood mapping fairness; address consumer costs and affordability; and incorporate NFIP claims processing reforms.

To view the specifics of each proposal, click here for a Congressional summary, or on the bill hyperlinks below:

H.R. ___, “National Flood Insurance Program Policyholder Protection and Information Act of 2017” Discussion Draft

H.R. ___, “Private Flood Insurance Market Development Act of 2017” Discussion Draft

H.R. ___, “National Flood Insurance Program Mapping Fairness Act of 2017” Discussion Draft

H.R. ___, “Flood Risk Mitigation Act of 2017” Discussion Draft

H.R. ___, “National Flood Insurance Program Integrity Improvement Act of 2017” Discussion Draft

H.R. ___, “National Flood Insurance Program Administrative Reform Act of 2017” Discussion Draft

Notably in her testimony, New York City Deputy Director and General Counsel of Federal Affairs Rebecca Kagan Sternhell related that New York City recently won its “very expensive” appeal of its 2013 flood insurance rate map after a Scientific Review panel determined that the Federal Emergency Management Agency (“FEMA”) had not properly validated its model and therefore was not accurate.  She added that, following the appeal, FEMA agreed to work with New York City to develop two mapping products: (1) a map that reflects current risk for insurance purposes; and (2) a new “climate-smart” map that will be adopted for building code and land use decisions.  The maps will reflect the impact of sea level rise and help strategically direct future city planning.

To read her complete testimony, click here.

To go directly to the hearing Web page, which contains an archived webcast of the proceedings, click here.


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