ABSTRACT

What Happens If the National Flood Insurance Program (NFIP) Lapses? [Updated March 17, 2022]   [open pdf - 818KB]

From the Document: "This Insight provides a short overview of what would happen if the National Flood Insurance Program (NFIP) were not to be reauthorized by September 30, 2022, and allowed to lapse. [...] Unless reauthorized or amended by Congress, the following will occur on September 30, 2022: [1] The authority to provide 'new' flood insurance contracts will expire [hyperlink]. Flood insurance contracts entered into before the expiration would continue until the end of their policy term of one year. [2] The authority for NFIP to borrow funds from the Treasury will be reduced from $30.425 billion to $1 billion [hyperlink]. Other activities of the program would technically remain authorized, such as the issuance of Flood Mitigation Assistance Grants [hyperlink]. However, the expiration of the key authorities listed above would have potentially significant impacts on the remaining NFIP activities."

Report Number:
CRS Insight, IN10835
Author:
Publisher:
Date:
2022-03-17
Series:
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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