Private Flood Insurance Market Development Act of 2017
- Last Action
- 7/14/2017
Actions
- 2017-07-14Placed on the Union Calendar, Calendar No. 155.
- 2017-07-14Reported (Amended) by the Committee on Financial Services. H. Rept. 115-220.
- 2017-07-14Reported (Amended) by the Committee on Financial Services. H. Rept. 115-220.
- 2017-06-21Ordered to be Reported (Amended) by the Yeas and Nays: 58 - 0.
- 2017-06-21Committee Consideration and Mark-up Session Held.
- 2017-03-08Referred to the House Committee on Financial Services.
- 2017-03-08Introduced in House
- 2017-03-08Introduced in House
CRS Summary
As of 2017-07-14 (17)
Private Flood Insurance Market Development Act of 2017
This bill amends the Flood Disaster Protection Act of 1973 to revise requirements for federal and private flood insurance.
The bill revises the financial requirements that apply to flood insurance for home loans or loan guarantees by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and other federal mortgage entities. Private flood insurance must meet any financial strength requirements set forth by the Federal Housing Finance Agency.
Private flood insurance may include nonadmitted insurers (including surplus lines insurance) as long as the insurer is eligible to provide insurance in the home state of the insured and complies with the laws and regulations of that state.
The National Flood Insurance Act of 1968 is amended to direct the Federal Emergency Management Agency (FEMA) to consider any period during which a property was continuously covered by private flood insurance to be a period of continuous insurance coverage, including for the purposes of National Flood Insurance Program subsidies.
Cosponsors (20)
- Kathy Castor (D-FL)
- Trey Hollingsworth (R-IN)
- Alexander Mooney (R-WV)
- Bill Posey (R-FL)
- Barry Loudermilk (R-GA)
- Steven Palazzo (R-MS)
- RON KIND (D-WI)
- Thomas Rooney (R-FL)
- ALCEE HASTINGS (D-FL)
- Todd Rokita (R-IN)
- Mario Diaz-Balart (R-FL)
- Gus Bilirakis (R-FL)
- Ted Budd (R-NC)
- Brian Fitzpatrick (R-PA)
- Mike Coffman (R-CO)
- Val Demings (D-FL)
- Blaine Luetkemeyer (R-MO)
- Jason Smith (R-MO)
- James Himes (D-CT)
- Roger Williams (R-TX)
Subjects
- American Samoa
- Caribbean area
- Disaster relief and insurance
- Floods and storm protection
- Housing finance and home ownership
- Northern Mariana Islands
- Puerto Rico
- Virgin Islands
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.