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DOCUMNT RESUME
0U289 - (&10517251
(Veaknesses in the Financial Controls of the National Flooo
Insurance Program]. B-114860; CSD-77-47. Marzh 21, 1977. 9 pp.
Report to Patricia Parris, Secretary, Department of Housing and
Urban Development; by Henry Eschwege, Director, Community and
Economic Development Div.
Issue Area: Accounting and Financial Reporting (100); Automatic
Data Processing (103);Automatic Data Processing: Using
Results of ADP Systems (2600).
Contact: Commanity and Rconomic Development Div.
Budget Function: Miscellaneous: Financial flanagement and
Information Systems (1002).
Organization Concerned: National Flood Insurers Association.
Congressional Relevance: House Committee on Banking, Currency
and Housing; Senate Committee on Banking, Boasing and Urban
Affairp.
Authority. National Flood Insurance Act of 1968 (42 U.S.C. 4011;
42 U.S.C. 4071). Flood Disaster ProtecticL Act of 1973.
Government Corporation Ccntroi Act.
There are numerous weaknesses in the ability of the
National Flood Insurers Association (NFIA) to generate accurate
financial data on its operations relating to the National F1ood
Insurance Program. Findings/Conclusions: These weaknesses could
adversely affect the Government's ability to determine
reasonable imounts payable to YFIA under the program; determine
flood insurance pr-3mium rates; prepare financial statements of
the program's condition and results of its operations; and make
management decisions. Both accuracy of financial data and
timeliness of such data ava seriously lacking in the National
Flood Insurance Progras. J:ecommendations: Every effort should
be made tc assure that adequate financial control over the flood
insurance program is established as quickly as possible. The
Secretar7 of Housing and Urban Development should: 1) direct the
Federal Insurance Administration (FIA) to review financial
control problems with NFI with the objective of establishing a
plan that will result in the receipt fzom MFIA of reliable
financial and statistical data necessary to manage the program;
2) direct the Inspector General to review the Elan developed to
make sure such data will meet FIA's needs; and 3) give
consideration to a partial or full assumption by the Government
of necessary fanctions as permitted under Part B of the National
Flood Insurance Act of 1968. if adequate financial control
cannot be established through arrangements uith FIA. (SC)](ViewImageLocal?handle=hein.gao/gaobaabve0001&div=1&collection=&method=preview&ext=.png&size=3)