ABSTRACT

Private Flood Insurance and the National Flood Insurance Program (NFIP) [ June 2, 2017]   [open pdf - 133KB]

"The NFIP [The National Flood Insurance Program] was first authorized by the National Flood Insurance Act of 1968 (42 U.S.C. §§4001 et seq), and was reauthorized until the end of FY2017 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))"

Report Number:
CRS Insight, IN10450
Author:
Publisher:
Date:
2017-06-02
Copyright:
Public Domain
Retrieved From:
Federation of American Scientists: http://www.fas.org/sgp/crs/index.html
Format:
pdf
Media Type:
application/pdf
URL:
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