ABSTRACT

Serial No. 114-28: National Flood Insurance Program: Oversight of Superstorm Sandy Claims: Hearing Before the Committee on Financial Services, Subcommittee on Housing and Insurance, One Hundred Fourteenth Congress, First Session, June 2, 2015   [open pdf - 1MB]

From the opening statement of the Committee: "In October 2012, Superstorm Sandy made landfall, damaging or destroying 650,000 residences and resulting in $65 billion in losses. Years later, the media reported initial causes of fraudulent engineering reports that facilitated lower flood insurance claims. FEMA acted, but only after public prodding, and today is in the midst of a significant legal battle, attempting to settle as many cases as possible. Still, no one has been able to tell Congress or the public why these engineering firms operated in the fraudulent manner in which they are believed to have done. One question we must examine is whether or not perverse incentives exist within the National Flood Insurance Program (NFIP). […] Time and again, we have seen Americans suffer because of government's failures, particularly when it comes to the National Flood Insurance Program. At this moment, what we know is that there was negligence and alleged fraud on the part of FEMA and certain engineering firms and that policyholders were mistreated. Today, we aim to garner more information on this situation, examine whether or not such significant issues presented themselves in the wake of similar disasters, and begin to discuss ways to fix a broken system in an effort to ensure it does more to benefit not only policyholders, but also taxpayers who foot much of the bill."

Report Number:
Serial No. 114-28
Publisher:
Date:
2015-06-02
Copyright:
Public Domain
Retrieved From:
United States. House of Representatives. Committee on Financial Services: http://www.financialservices.house.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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