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1 1 (December 30, 2019)

handle is hein.crs/govbhvz0001 and id is 1 raw text is: Researh Sevice National Flood Insurance Program Borrowing Authority Updated December 30, 2019 This Insight evaluates the National Flood Insurance Program (NFIP) borrowing authority to receive loans from the Treasury and the current financial situation of the NFIP. NFIP Funding Funding for the NFIP is primarily maintained in an authorized account called the National Flood Insurance Ftnd (NFIF). The NFIP is funded from receipts from the premiums of flood insurance policies, including fees and surcharges; direct annual appropriations for specific costs of the NFIP (only for flood mapping); and borrowing from the Treasury when the NFIF's balance has been insufficient to pay the NFIP's obligations (e.g., insurance claims). Since the end of FY2017, 15 short-term NFIP reauthorizations have been enacted. Key prov isions of the NFIP were extended from September 30 until December 8, 2017 (P.L. 115-56), extended again until December 22, 2017 (RL. 115-90), and again until January 19, 2018 (PL. 115-96). The NFIP lapsed between January 20 and January 22, 2018, and received a fourth short-term reauthorization until February 8, 2018 (RL. 115-120). The NFIP lapsed again for eight hours during a brief government shutdown on February 9, 2018, and was then reauthorized until March 23, 2018 (P.L. 115-123). The NFIP received a 6th reauthorization until July 31, 2018 (P.L. 115-141), a 7th until November 30, 2018 (P.L. 115-225), an 8th until December 7, 2018 (P.L. 115-281), a 9th until December 21, 2018 (P.L. 115-298), a 10th until May 31, 2019 (P.L. 115-396), an 11th until June 14, 2019 (P.L. 116-19), a 12th until September 30, 2019 (P.L. 116-20), a 13th until November 21, 2019 (P.L. 116- 59), a 14th until December 20, 2019 (P.L. 116-69), and a 15th reauthorization until September 30, 2020 (P.L. 116-93). These extensions did not increase the NFIP's borrowing limit or provide additional funds to the NFIR NFIP Borrowing Authority The NFIP was not designed to retain funding to cover claims for truly extreme events; instead, the National Flood Insurance Act of 1968 allows the program to borrow money from the Treasury for such events. For most of the NFIP's history, the program has been able to cover its costs, borrowing relatively small amounts from the Treasury to pay claims and to repay the loans with interest. Table 1 and Table 2 Congressional Research Service https://crsreports.congress.gov IN10784 CRS NStGHT Prepaimed for Mernbei-s and Committees 4 o. C- --q .. . . . . . . . ...-----------------------------------------------------------------------------------------------------------------------------------------------------------------------

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