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1 1 (November 27, 2023)

handle is hein.crs/govenog0001 and id is 1 raw text is: SCongressional ~.Research S rvf e What Happens If the National Flood Insurance Program (NFIP) Lapses? Updated November 27, 2023 This Insight provides a short overview of what would happen if the National Flood Insurance Program (NFIP) were not to be reauthorized by February 2, 2024, and allowed to lapse. Expiration of Certain NFIP Authorities The 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, 27 short-term NFIP reauthorizations have been enacted (Table 1). The NFIP is currently authorized until February 2, 2024. Unless reauthorized or amended by Congress, the following will occur on February 2, 2024: 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. The authority for NFIP to borrow funds from the Treasury will be reduced from $30.425 billion to $1 billion. Other activities of the program would technically remain authorized, such as the issuance of Flood Mitigation Assistance Grants. However, the expiration of the key authorities listed above would have potentially significant impacts on the remaining NFIP activities. Congressional Research Service https://crsreports.congress.gov IN10835 CRS INSIGHT Prepared for Members and Committees of Congress - m

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