ABSTRACT

What Happens If the National Flood Insurance Program (NFIP) Lapses? [December 14, 2017]   [open pdf - 127KB]

"This Insight provides a short overview of what would happen if the NFIP were not to be reauthorized by December 22, 2017, and allowed to lapse. [...] The National Flood Insurance Program (NFIP) is authorized by the National Flood Insurance Act of 1986 (Title XIII of P.L. 90-448, as amended, 42 U.S.C. §§4001 et seq.). The NFIP does not contain a single comprehensive expiration, termination, or sunset provision for the whole of the program. Rather, the NFIP has multiple different legal provisions that generally tie to the expiration of key components of the program. Authorization of the NFIP was extended from September 30, 2017, until December 8, 2017 (Section 130 of P.L. 115-56), and extended again until December 22, 2017 (P.L. 115-90). The recent cancellation of $16 billion of NFIP debt (P.L. 115-72) has essentially no effect on the impact of a lapse of NFIP authorization. The 21st Century Flood Reform Act (H.R. 2874), recently passed by the House, would reauthorize the NFIP until September 30, 2022. Three bills have been introduced in the Senate to extend the NFIP authorization (S. 1313, S. 1368, and S. 1571), but the Senate Committee on Banking, Housing, and Urban Affairs has yet to take any formal action."

Report Number:CRS Insight, IN10835
Author:Horn, Diane P.
Publisher:Library of Congress. Congressional Research Service
Date:2017-12-14
Copyright:Public Domain
Retrieved From:Federation of American Scientists: http://www.fas.org/sgp/crs/index.html
Format:pdf
Media Type:application/pdf
URL:https://www.hsdl.org/?view&did=806621
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