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1 1 (October 05, 2020)

handle is hein.crs/govdccw0001 and id is 1 raw text is: Researh Sevice Selected Issues for National Flood Insurance Program (NFIP) Reauthorization and Reform: Homeland Security Issues in the 116th Congress Updated October 5, 2020 Homneland Security Issues in the I f6> Congress : gs ~'En,:_,:bed 'r, sto~ F~t~ycm Lefore C~5 2,L CRS s di entn. p H 4&n 6' C'-,-,--, CRS E ei ~n r s t o iLs tI ,e-ht j NFIP Reauthorization The National Flood Insurance Program (NFIP) is the primary source of flood insurance for residential properties in the United States. The NFIP has more than 5 million flood insurance policies providing over $1.3 trillion in coverage, with 22,493 communities in 56 states and jurisdictions participating. Since the end of FY2017, 16 short-term NFIP reauthorizations have been enacted, and the NFIP is currently authorized until September 30, 2021. Unless reauthorized or amended by Congress, on September 31, 2021, (1) the authority to provide new flood insurance contracts will expire and (2) the authority for the NFIP to borrow funds from the Treasury will be reduced from $30.425 billion to $1 billion. A number of bills were introduced in the 116th Congress to provide longer-term reauthorization of the NFIP and other changes to the program. The National Flood Insurance Program Reauthorization Act of 2019 (H.R. 3167) was reported (H.Rept. 116-262) by the House Financial Services Committee. The National Flood Insurance Program Reauthorization and Reform Act of 2019 (S. 2187), with a companion bill, H.R. 3872, introduced on July 22, 2019. Historically, Congress has asked the Federal Emergency Management Agency (FEMA) to set NFIP premiums that are simultaneously risk-based and reasonable. Except for certain subsidies, statute Congressional Research Service https://crsreports.congress.gov IN11050 CRS NS GHT Prpred For Meumbers and Comrm itees of Co, ress ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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