Flood Insurance Market Parity and Modernization Act
- Last Action
- 5/4/2017
Actions
- 2017-05-04Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-16.
- 2017-03-14Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-16.
- 2017-03-08Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2017-03-08Introduced in Senate
CRS Summary
As of 2017-03-08 (00)
Flood Insurance Market Parity and Modernization Act
This bill amends the Flood Disaster Protection Act of 1973 to revise requirements for federal and private flood insurance.
This bill revises the financial requirements that apply to flood insurance for home loans or loan guarantees by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Private flood insurance must meet any financial strength requirements set forth by Fannie Mae and Freddie Mac.
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 (10)
- Jon Tester (D-MT)
- Marco Rubio (R-FL)
- Joe Donnelly (D-IN)
- Rob Portman (R-OH)
- Tom Cotton (R-AR)
- Joni Ernst (R-IA)
- Thad Cochran (R-MS)
- David Perdue (R-GA)
- Tim Scott (R-SC)
- Cindy Hyde-Smith (R-MS)
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.