About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

101955 1 (1977-04-11)

handle is hein.gao/gaobadxtv0001 and id is 1 raw text is: DCCUNENT ENSUE 01955 - [A1092082) Loss of Financial Ccntrol over the National Flcod Insurance Program. April 11, 1S77, 14 pp. Testimony before the Senate Committee on Governmental Affairs: Efficiency and the !istrict of Columbia Subcommittee; by Henry Eschvege, Director, Community and Economic Development Div. Issue Area: Domestic Housing and Comuanity Development: Effects oD Communities from Natural Catastrophes (2106). Contact: Community and Economic Development Div. Budget Functioa: Community and Regional Development: Disaster Relief and insurance (453). Organizaticn Concerned: Department of Housing and Urban Development; National Flood Insurers Association. Congressional Relevance: Senate Committee on Governmental Affairs: EfficieDcy and the District of Columbia Subcommittee. Authority: National Flood Insurance Act of 1968 (P.L. 90-4480 sec. 1301; 42 U.S.C. 4071). Flood Disaster Protection Act (P.L. 93-234). The National flood Insurance Program, which helps owners of real or personal property to purchase flood insurance, is admini.tered by the Federal Insurance Administration (FIX) of HUD. Authorized insurance coverage is provided by the member companies of the National Floo4 Insurers Assoqiation. Weaknesses were noted in the association's ability to generate accurate data, which cait doutt on the Goveznment's ability to determine reasonable amounts ayable to the association under the Flood Insurance Program. Since October 1975, the asscciation has been unable to prepare financial statements on the results of its operations or to prepare proper billings to HUD for its share of prouriA costs and flcod losses. A CPA review revealed that the computer system used did nct meet cirteria established by FIR and by the association. Because of inadequate financial controls, the Government was unable to properly calculate the association's share cf expenses reinbprsable under the program, and the amount of the operating alloyance to be retaired under the progran could not be properly Petermined. (ERS)

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most