Sec. 512. GAO study of simplification of National Flood Insurance Program
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The Comptroller General of the United States shall conduct a study of options for simplifying flood insurance coverage made available under the National Flood Insurance Act, which shall include the following: An analysis of how the administration of the National Flood Insurance Program can be simplified—statutorily, regulatorily, and administratively—for private flood insurance policyholders, companies, agents, mortgage lenders, and flood insurance vendors. An assessment of ways in which flood insurance coverage made available under the National Flood Insurance Act and the program for providing and administrating such coverage may be harmonized with private insurance industry standards.
Identification and analysis of ways in which the structure of the National Flood Insurance Program may be simplified, including analysis of the efficacy and effects each of the following actions: Eliminating the use of two deductibles under the Program. Including in claims for flood-damages full replacement cost for property not damaged, but rendered unusable, by the flooding. Using umbrella policies that allow multiple structures on a property to be insured under the same policy.
Not later than the expiration of the 18-month period beginning on the date of the enactment of this Act, the Comptroller General shall submit a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate regarding the findings and conclusions of the study conducted pursuant to this section.