"The NFIP [National Flood Insurance Program] was established by the National Flood Insurance Act of 1968 (NFIA, 42 U.S.C. §4001 et seq.), and was recently reauthorized from October 1, 2017 to December 8, 2017. Prior to that, the NFIP was reauthorized by the Biggert-Waters Flood Insurance Reform Act of 2012 (Title II of P.L. 112-141). The general purpose of the NFIP is both to offer primary flood insurance to properties with significant flood risk, and to reduce flood risk through the adoption of floodplain management standards. Communities volunteer to participate in the NFIP in order to have access to federal flood insurance, and in return are required to adopt minimum standards. [...] After December 8, 2017, key authorities of the NFIP, such as the authority to issue new insurance contracts, will expire if they are not reauthorized by Congress."
CRS Report for Congress, R44593
Federation of American Scientists: http://www.fas.org/sgp/crs/index.html