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1 1 (December 5, 2019)

handle is hein.crs/govebep0001 and id is 1 raw text is: Congressional *.Research Service National Flood Insurance Program Borrowing Authority Updated December 5, 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 Fund (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, 14 short-term NFIP reauthorizations have been enacted. Key provisions of the NFIP were extended from September 30 until December 8, 2017 (P.L. 115-56), extended again 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). 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 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 until May 31, 2019 (P.L. 115-396), an eleventh until June 14, 2019 (P.L. 116-19), a twelfth until September 30, 2019 (P.L. 116-20), a thirteenth reauthorization until November 21, 2019 (P.L. 116-59), and a fourteenth reauthorization until December 20, 2019 (P.L. 116- 69). These extensions did not increase the NFIP's borrowing limit or provide additional funds to the NFIP. 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 generally been able to cover its costs, borrowing relatively small amounts from the Treasury to pay claims, and then repaying the loans with interest. Table Congressional Research Service https://crsreports.congress.gov IN10784 CRS INSIGHT Prepared for Members and Committees of Congress

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