National Flood Insurance Program: Background, Issues and Reauthorization

Name: National Flood Insurance Program: Background, Issues and Reauthorization
Brand: Nova Science Publishers Inc
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I. Newman Scott(Herausgeber*in)

Nova Science Publishers Inc

Erschienen am 10. Februar 2021

426 Seiten

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Inhalt

Intro
Contents
Preface
Chapter 1
Preparing for the Storm: Reauthorization of the National Flood Insurance Program(
Statement of the Honorable Sean P. Duffy, a Representative in Congress from the State of Wisconsin
Statement of the Honorable Garret Graves, a Representative in Congress from the State of Louisiana
Statement of the Honorable Frank Pallone, Jr., a Representative in Congress from the State of New Jersey
Statement of the Honorable Blaine Luetkemeyer, a Representative in Congress from the State of Missouri
Statement of the Honorable Bill Pascrell, Jr., a Representative in Congress from the State of New Jersey
Statement of the Honorable Steve Scalise, a Representative in Congress from the State of Louisiana
Statement of Maria Cox Lamm, South Carolina NFIP State Coordinator, and Chair, Association of State Floodplain Managers
Statement of Christopher Heidrick, Heidrick & Company Insurance and Risk Management Services, LLC, on Behalf of the Independent Insurance Agents and Brokers of America
Statement of Velma Smith, Senior Officer, the Pew Charitable Trusts
Statement of Mabel Guzman, Broker, @Properties, on Behalf of the National Association of Realtors
Statement of Collin O'Mara, President and CEO, National Wildlife Federation (NWF), on Behalf of NWF and the Smartersafer Coalition
Statement of Raymond J. Lehmann, Director of Finance, Insurance and Trade Policy, R Street Institute
Appendix
Hearing before the House Financial Services Committee, Entitled "Preparing for the Storm: Reauthorization of the National Flood Insurance Program," Testimony of Mabél Guzmán, on Behalf of the National Association of Realtors,® March 13, 2019
Introduction
America is Not Prepared for the Coming Storm
Most Americans Are Under-Insured
REALTORS® Support a Reformed NFIP and Robust Private Market
Conclusion
Written Statement for the Testimony of Christopher Heidrick, on Behalf of the Independent Insurance Agents & Brokers of America, before the United States House of Representatives, Financial Services Committee, Hearing Entitled: Preparing for the Storm...
Introduction
The Big "I" Supports Passage of a Long-Term Extension of the NFIP before the Program Expires on May 31, 2019
The Big "I" Supports Policies to Increase Take-up Rates for Flood Insurance, whether in the NFIP or the Private Market, Because an Insured Disaster Survivor Recovers More Quickly
The Big "I" Supports Efforts to Modernize and Simplify the NFIP to Make It More Transparent to the Approximately Five Million Property Owners That Rely on the Program
Conclusion
Testimony National Flood Insurance Program Reauthorization and Reform, before the House Financial Services Committee, by Maria Cox Lamm, CFM, South Carolina NFIP State Coordinator, Chair, Association of State Floodplain Managers, March 13, 2019
Introduction
The NFIP Is a National Comprehensive Flood Risk Reduction Program
A Pivotal Time for the NFIP - Current and Future Status
A Long-Term Sound Financial Framework is Progressing
Debt Still an Issue
Floodplain Mapping
Floodplain Management (Floodplain Regulations, Training, Public Education)
Flood Hazard Mitigation
Flood Insurance
The Push for Expansion of a Private Flood Insurance Market
Flood Insurance Affordability
Improving the NFIP Policy Offerings
Initial Observations on Draft Bills
Discussion Draft Primary (Affordability) Bill
Discussion Draft Mapping Bill
Discussion Draft Mitigation Bill
Discussion Draft Administrative Reforms Bill (Velazquez)
Conclusion
Testimony of R. J. Lehmann, Director of Finance, Insurance and Trade Policy, R Street Institute, U.S. House Committee on Financial Services, "Preparing for the Storm: Reauthorization of the National Flood Insurance Program," March 13, 2019
Affordability and Subsidies
Debt and Borrowing Authority
Private Flood and Higher Coverage Limits
Flood Mapping
Bringing the CBRS Model to NFIP
Testimony of Collin O'Mara, President and CEO of the National Wildlife Federation, United States House of Representatives, Financial Services Committee, "Preparing for the Storm: Reauthorization of the National Flood Insurance Program," March 13, 2019
Protecting Floodplains
Necessary Reforms to the NFIP
Increase Investment in Pre-Flood Mitigation, and Incentivize Natural Infrastructure Approaches
Ensure Accurate Mapping
Continued Movement toward Risk-Based Rates, with Support for Reducing Risk
Closing the Protection Gap
Increased Transparency
Committee on Financial Services, Preparing for the Storm: Reauthorization of the National Flood Insurance Program, Testimony of Congressman Bill Pascrell, Jr., March 13, 2019
Testimony for the Pew Charitable Trusts Presented by Velma Smith on Behalf of the Flood-Prepared Communities Initiative, House Committee on Financial Services
Flood Maps
Flood Risk Disclosure
Rates and Affordability
Repeatedly Flooded Properties
Investment in Mitigation
Looking Ahead
United States House of Representatives, House Financial Services Committee, "Preparing for the Storm: Reauthorization of the National Flood Insurance Program," March 13, 2019, Statement of the American Property Casualty Insurance Association
Introduction
Improve the NFIP for Policyholders, Taxpayers, and Industry Partners
Improve Flood Resilience
Expand and Enhance Consumer Options
Conclusion
House Committee on Financial Services, Preparing for the Storm: Reauthorization of the National Flood Insurance Program, March 13, 2019
2018 Natural Hazard Report
Executive Summary
Hurricane (Tropical Cyclone)
Atlantic Hurricanes
Pacific Hurricanes
International Events
Cyclone Mekunu
Typhoon Jebi (Maymay) and Typhoon Trami (Paeng)
Typhoon Mangkhut (Ompong)
Flood
1,000-Year Floods Again
Hurricanes: A Contributing Cause to Severe Inland Flooding
Factors Influencing Flood Severity
Wind
Thunderstorms
Wildfire
Major Fires in 2018
2018 Compared to the Previous 10 Years
Earthquake
Alaska Earthquake (M7.0)
Hokkaido Earthquake (M6.6)
Sulawesi/Palu Earthquake and Tsunami (M7.5)
Volcano
Mt. Kilauea Volcanic Eruption
Hail
2018 Compared with Previous Years
State/Metro Areas with the Most Activity and Damage Costs
Tornado
State/Metro Areas with the Most Activity and Damage Costs
The 2018 CoreLogic Storm Surge Report, The Impact of Storm Surge along America's Longest Coastline
Executive Summary
Addendum
Understanding the Data
Methodology
Sources
Chapter 2
Introduction to the National Flood Insurance Program (NFIP) (Updated)(
Summary
Introduction
Purpose of the NFIP
Reduction of Comprehensive Flood Risk
Risk Mapping, Assessment, and Planning (Risk MAP) and Flood Insurance Rate Maps (FIRMs)
Flood Zones
Updating Flood Maps
Map Corrections
State and Local Land Use Controls
Flood Mitigation Assistance Grants
Primary Flood Insurance Through the NFIP
Standard Flood Insurance Policies (SFIPs)
Mandatory Mortgage Purchase Requirement
Preferred Risk Policies (PRPs)
Increased Cost of Compliance (ICC) Coverage
Servicing of Policies and Claims Management
Pricing and Premium Rate Structure
Pre-FIRM Subsidy
Newly Mapped Subsidy
Grandfathering Cross-Subsidy
Community Rating System
Affordability Study and Framework
Nonparticipating Communities and Community Suspension
Funding
Premium Fees and Surcharges
Appropriations and Offsetting Receipts
Borrowing from the U.S. Treasury, NFIP Debt
NFIP Purchase of Reinsurance
Expiration of Certain NFIP Authorities
Chapter 3
The National Flood Insurance Program: Selected Issues and Legislation in the 116th Congress(
Summary
Introduction
Expiration of Certain NFIP Authorities
Legislative Action in the 116th Congress
Selected Issues for Consideration by the 116th Congress
NFIP Lapse in Authorization
Provisions Related to NFIP Reauthorization in H.R. 3167
Provisions Related to NFIP Reauthorization in S. 2187
NFIP Debt and Solvency of the Program
NFIP Premiums, Fees, and Surcharges
Premium Subsidies and Cross-Subsidies
Pre-FIRM Subsidy
Newly Mapped Subsidy
Grandfathering
Risk Rating 2.0
Replacement Cost Value
Premium Increases under Risk Rating 2.0
Summary
Provisions Related to NFIP Premiums, Fees, and Surcharges in H.R. 3167
Provisions Related to NFIP Premiums, Fees, and Surcharges in S. 2187
NFIP Borrowing from Treasury
Provisions Related to NFIP Debt in S. 2187
Increasing Participation in the NFIP
The Mandatory Purchase Requirement
Provisions Related to the Mandatory Purchase Requirement in H.R. 3167
Provisions Related to the Mandatory Purchase Requirement in S. 2187
NFIP Participation Rates
Provisions Related to Increasing Participation in H.R. 3167
Provisions Related to Increasing Participation in S. 2187
Affordability of Flood Insurance
Provisions Related to Affordability in H.R. 3167
Provisions Related to Affordability in S. 2187
The Role of Private Insurance in U.S. Flood Coverage
Barriers to Private Sector Involvement
Reinsurance
Provisions Related to Private Insurance in H.R. 3167
Provisions Related to Private Insurance in S. 2187
Flood Mapping
Funding for Floodplain Mapping
Provisions Related to Flood Mapping in H.R. 3167
Provisions Related to Flood Mapping in S. 2187
Flood Mitigation
Provisions Related to Flood Mitigation in H.R. 3167
Provisions Related to Flood Mitigation in S. 2187
Increased Cost of Compliance (ICC) Coverage
Provisions Related to Increased Cost of Compliance Coverage in H.R. 3167
Provisions Related to Increased Cost of Compliance Coverage in S. 2187
NFIP Modernization and Administrative Reform
Provisions Related to Disclosure in H.R. 3167
Provisions Related to Disclosure in S. 2187
Provisions Related to Studies of the NFIP in H.R. 3167
Provisions Related to Studies of the NFIP in S. 2187
Future Flood Losses
Flooding Outside the SFHA
Future Catastrophic Events
Concluding Comments
Chapter 4
Private Flood Insurance and the National Flood Insurance Program (Updated)(
Summary
Introduction
Background
Objectives of the NFIP
Primary Flood Insurance Through the NFIP
The Mandatory Purchase Requirement
Premium Subsidies and Cross-Subsidies
NFIP Reauthorization and Legislation
116th Congress
Prior Congresses
The Current Role of Private Insurers in the NFIP
Servicing of Policies and Claims Management
Reinsurance
Private Flood Insurance Outside the NFIP: Issues and Barriers
Flood Insurance Coverage "at Least as Broad as" the NFIP
Continuous Coverage
The "Non-Compete" Clause
NFIP Subsidized Rates
Regulatory Uncertainty
Ability to Assess Flood Risk Accurately
Adequate Consumer Participation
Potential Effects of Increased Private Sector Involvement in the Flood Market
Increased Consumer Choice
Cheaper Flood Insurance
Variable Consumer Protections
Adverse Selection
Issues for NFIP Flood Mapping and Floodplain Management
Concluding Comments
Appendix. Provisions Related to Private Flood Insurance in Legislation in the 116th Congress
H.R. 3167, National Flood Insurance Program Reauthorization Act of 2019
S. 2187, National Flood Insurance Program Reauthorization and Reform Act of 2019
Chapter 5
National Flood Insurance Program: The Current Rating Structure and Risk Rating 2.0(
Summary
Introduction
The NFIP's Current Rating Structure
How the NFIP Currently Determines Flood Insurance Premiums
Risk Modeling
Geographical and Structural Variables
Premium Subsidies and Cross-Subsidies
Pre-FIRM Subsidy
Newly Mapped Subsidy
Grandfathering
Premium, Fees, and Surcharges
Paid by All Policyholders
Paid by Most Policyholders
Paid by Some Policyholders
Proposed Rating Structure Under Risk Rating 2.0
How the NFIP Will Determine Flood Insurance Premiums
Risk Modeling
Geographic and Structural Variables
Replacement Cost Value
Mitigation Credits in Risk Rating 2.0
Risk Rating 2.0 and Flood Zones
Maximum Premium Increases under Current Statute
Risk Rating 2.0 and NFIP Cross-Subsidies
Concluding Observations
Chapter 6
National Flood Insurance Program Administrative Reform Act of 2019(
Section 1. Short Title
Table of Contents
Section 2. Pilot Program for Properties with Preexisting Conditions
Section 3. Penalties for Fraud and False Statements in the National Flood Insurance Program
'Sec. 1349. Penalties for Fraud and False Statements in the National Flood InSurance Program
Section 4. Enhanced Policyholder Appeals Process Rights
'Sec. 1350. Approval of Decisions Relating to Flood Insurance Coverage
Section 5. Deadline for Approval of Claims
Section 6. Litigation Process Oversight and Reform
"Sec. 1351. Oversight of Litigation
Section 7. Prohibition on Hiring Disbarred Attorneys
"Sec. 1352. Prohibition on Hiring Disbarred Attorneys
Section 8. Technical Assistance Reports
"Sec. 1312a. Disclosure of Technical Assistance Reports
Section 9. Improved Disclosure Requirement for Standard Flood Insurance Policies
Section 10. Reserve Fund Amounts
Section 11. Sufficient Staffing for Office of Flood Insurance Advocate
Section 12. Federal Flood Insurance Advisory Committee
Section 13. Interagency Guidance on Compliance
Section 14. GAO Study of Claims Adjustment Practices
Section 15. GAO Study of Flood Insurance Coverage Treatment of Earth Movement
Section 16. Definitions
Purpose and Summary
Background and Need for Legislation
Section-by-Section Analysis
Section 1. Short Title
Section 2. Pilot Program for Properties with Pre-Existing Conditions
Section 3. Penalties for Fraud and False Statements
Section 4. Enhanced Policyholder Appeals Process
Section 5. Deadline for Approval of Claims
Section 6. Litigation Process Oversight and Reform
Section 7. Prohibition on Hiring Disbarred Attorneys
Section 8. Technical Assistance Reports
Section 9. Improved Disclosure Requirement for Standard Flood InsurAnce Policies
Section 10. Reserve Fund Amounts
Section 11. Sufficient Staffing for Office of Flood Insurance Advocate
Section 12. Federal Flood Insurance Advisory Committee
Section 13. Interagency Guidance on Compliance
Section 14. GAO Study of Claims Adjustment Practices
Sec. 15. GAO Study of Flood Insurance Coverage Treatment
of Earth Movement
Section 16. Definitions
Hearings
Committee Consideration
Committee Votes and Roll Call Votes
Statement of Oversight Findings and Recommendations of the Committee
Statement of Performance Goals and Objectives
New Budget Authority and CBO Cost Estimate
U.S. Congress, Congressional Budget Office, Washington, DC, September 18, 2019
Committee Cost Estimate
Unfunded Mandate Statement
Advisory Committee
Application of Law to the Legislative Branch
Earmark Statement
Duplication of Federal Programs
Changes to Existing Law
Changes in Existing Law Made by the Bill, as Reported
National Flood Insurance Act of 1968, Title XIII-National Flood Insurance, Chapter I-The National Flood Insurance Program
National Flood Insurance Fund
Operating Costs and Allowances
Payment of Claims
Section 1312A. Disclosure of Technical Assistance Reports
ØAdvisory Committee
Section 1318. Federal Flood Insurance Advisory Committee
Chapter II-Organization and Administration of the Flood Insurance Program, Part B- Government Program with Industry Assistance
Adjustment and Payment of Claims and Judicial Review
Part C-Provisions of General Applicability
Section 1349. Penalties for Fraud and False Statements in the National Flood Insurance Program
Section 1350. Approval of Decisions Relating to Flood Insurance Coverage
Section 1351. Oversight of Litigation
Section 1352. Prohibition on Hiring Disbarred Attorneys
Chapter IV-Appropriations and Miscellaneous Provisions
Definitions
Bunning-Bereuter-Blumenauer Flood Insurance Reform Act of 2004, Title II-Miscellaneous Provisions
øSection 202. Supplemental Forms
øSection 203. Acknowledgement Form
ØSec. 205. Appeal of Decisions Relating to Flood Insurance Coverage
Biggert-Waters Flood Insurance Reform Act of 2012, Division F-Miscellaneous, Title II-Flood Insurance, Subtitle A-Flood Insurance Reform and Modernization
Section 100202. Definitions
Section 100234. Policy Disclosures
Homeowner Flood Insurance Affordability Act of 2014
Section 24. Designation of Flood Insurance Advocate
Chapter 7
A Brief Introduction to the National Flood Insurance Program (Updated)(
Structure of the NFIP
Flood Mapping
The Mandatory Purchase Requirement
Financial Standing of the NFIP
Reauthorization of the NFIP
Chapter 8
A Brief Introduction to the National Flood Insurance Program: Homeland Security Issues in the 116th Congress(
Structure of the NFIP
Financial Standing of the NFIP
NFIP Reauthorization
Chapter 9
The National Flood Insurance Program (NFIP), Reinsurance, and Catastrophe Bonds (Updated)(
Reinsurance
NFIP Reinsurance Purchases
Catastrophe Bonds
NFIP and Catastrophe Bonds
Chapter 10
Selected Issues for National Flood Insurance Program (NFIP) Reauthorization and Reform (Updated)(
NFIP Reauthorization
Premiums and Affordability
Properties with Multiple Losses
Private Flood Insurance
Chapter 11
Private Flood Insurance and the National Flood Insurance Program (NFIP) (Updated)(
The National Flood Insurance Program
Rulemaking on Accepting Private Flood Insurance
Congressional Legislation
Options for Privatizing Flood Insurance
Chapter 12
National Flood Insurance Program Borrowing Authority (Updated)(
NFIP Funding
NFIP Borrowing Authority
Hurricanes Harvey, Irma, and Maria
Chapter 13
What Happens If the National Flood Insurance Program (NFIP) Lapses? (Updated)(
Expiration of Certain NFIP Authorities
The Mandatory Purchase Requirement
Past Lapses of the NFIP
Index
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