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1 1 (October 8, 2019)

handle is hein.crs/govbbie0001 and id is 1 raw text is: a ongressional ____ aResearch Service hiforming the teq~slatire debate since 1914 What Happens If the National Flood Insurance Program (NFIP) Lapses? Updated October 8, 2019 This Insight provides a short overview of what would happen if the National Flood Insurance Program (NFIP) were not to be reauthorized by November 21, 2019, and allowed to lapse. Expiration of Certain NFIP Authorities The National Flood Insurance Program (NFIP) is authorized by the National Flood Insurance Act of 1968 (Title XIII of P.L. 90-448, as amended, 42 U.S.C. §§4001 et seq.). The NFIP does not contain a single comprehensive expiration, termination, or sunset provision for the whole of the program. Rather, the NFIP has multiple different legal provisions that tie to the expiration of key components of the program. Since the end of FY2017, 13 short-term NFIP reauthorizations have been enacted. The NFIP is currently authorized until November 21, 2019. Authorization of the NFIP was extended from September 30 until December 8, 2017 (P.L. 115-56), extended until December 22, 2017 (P.L. 115-90), and again until January 19, 2018 (P.L. 115-96). The NFIP lapsed between January 20 and January 22, 2018, and received a fourth short-term reauthorization until February 8, 2018 (P.L. 115-120). This legislation also authorized FEMA to honor all policy-related transactions accepted during the NFIP lapse. The NFIP lapsed again for approximately eight hours during a brief government shutdown in the early morning of February 9, 2018, and was then reauthorized until March 23, 2018 (P.L. 115-123). The NFIP received a sixth reauthorization until July 31, 2018 (P.L. 115-141), a seventh until November 30, 2018 (P.L. 115-225), an eighth until December 7, 2018 (P.L. 115-281), a ninth until December 21, 2018 (P.L. 115-298), a tenth reauthorization until May 31, 2019 (P.L. 115-396), an eleventh reauthorization until June 14, 2019 (P.L. 116-19), a twelfth reauthorization until September 30, 2019 (P.L. 116-20), and a thirteenth reauthorization until November 21, 2019 (P.L. 116-59). The cancellation of $16 billion of NFIP debt (P.L. 115-72) has no effect on the impact of a lapse of NFIP authorization. Unless reauthorized or amended by Congress, the following will occur on November 21, 2019: The authority to provide new flood insurance contracts will expire. Flood insurance contracts entered into before the expiration would continue until the end of their policy term of one year. Congressional Research Service https://crsreports.congress.gov IN10835 CRS INSIGHT Prepared for Members and Committees of Conaress

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