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1 1 (January 14, 2019)

handle is hein.crs/govygc0001 and id is 1 raw text is: Congressional SResearch Service What Happens If the National Flood Insurance Program (NFIP) Lapses? Updated January 14, 2019 This Insight provides a short overview of what would happen if the National Flood Insurance Program (NFIP) were not to be reauthorized by May 31, 2019, and allowed to lapse. See CRS Report R45099, National Flood Insurance Program: Selected Issues and Legislation in the 115th Congress for the current status of NFIP reauthorization legislation. 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. 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 FEMAto 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- 28 1), a ninth until December 21, 2018 (P.L. 115-298), and a tenth reauthorization until May 31, 2019 (P.L. 115-396). The cancellation of $16 billion of NFIP debt (P.L. 115-72) has no effect on the impact of a lapse of NFIP authorization. The 21st Century Flood Reform Act (H.R. 2874), passed by the House in November 2017, would reauthorize the NFIP until September 30, 2022. Three bills have been introduced in the Senate to extend the NFIP authorization (S. 1313, S. 1368, and S. 1571) but the Senate Banking Committee has yet to take any formal action. Unless reauthorized or amended by Congress, the following will occur on May 31, 2019: Congressional Research Service https://crsreports.congress.gov IN10835 CRS INSIGHT Prepared for Members and Committees of Conaress

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