Private Flood Insurance in the National Flood Insurance Program (NFIP) [April 25, 2016] [open pdf - 117KB]
"The National Flood Insurance Program (NFIP) The NFIP was first authorized by the National Flood Insurance Act of 1968 (42 U.S.C. §4001 et seq.), and was most recently reauthorized by the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12, Title II of P.L. 112-141). In statute, Congress has found that: (1) many factors have made it uneconomic for the private insurance industry alone to make flood insurance available to those in need of such protection on reasonable terms and conditions; but (2) a program of flood insurance with large-scale participation of the Federal Government and carried out to the maximum extent practicable by the private insurance industry is feasible and can be initiated. (42 U.S.C. §4001(b))"
CRS Insight, IN10450
Federation of American Scientists: http://www.fas.org/sgp/crs/index.html