Sec. 100231. STUDIES AND REPORTS
1,591 words·~7 min read·
/statute-compilations/comps-10008/sec-100231A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
## SEC. 100231 STUDIES AND REPORTS ###
(a)Report on Improving the National Flood Insurance Program Not later than 1 year after the date of enactment of this Act, the Comptroller General of the United States shall conduct a study and submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, on— ####
(1)the number of flood insurance policy holders currently insuring— #####
(A)a residential structure up to the maximum available coverage amount, as established in section 61.6 of title 44, Code of Federal Regulations, of— ######
(i)$250,000 for the structure; and ######
(ii)$100,000 for the contents of such structure; or #####
(B)a commercial structure up to the maximum available coverage amount, as established in section 61.6 of title 44, Code of Federal Regulations, of $500,000; ####
(2)the increased losses the National Flood Insurance Program would have sustained during the 2004 and 2005 hurricane season if the National Flood Insurance Program had insured all policyholders up to the maximum conforming loan limit for fiscal year 2006 of $417,000, as established under section 302(b)(2) of the Federal National Mortgage Association Charter Act (12 U.S.C. 1717(b)(2)); ####
(3)the availability in the private marketplace of flood insurance coverage in amounts that exceed the current limits of coverage amounts established in section 61.6 of title 44, Code of Federal Regulations; and ####
(4)what effect, if any— #####
(A)raising the current limits of coverage amounts established in section 61.6 of title 44, Code of Federal Regulations, would have on the ability of private insurers to continue providing flood insurance coverage; and #####
(B)reducing the current limits of coverage amounts established in section 61.6 of title 44, Code of Federal Regulations, would have on the ability of private insurers to provide sufficient flood insurance coverage to effectively replace the current level of flood insurance coverage being provided under the National Flood Insurance Program. ###
(b)Report of the Administrator on Activities Under the National Flood Insurance Program **[**[42 U.S.C. 4027a](/us/usc/t42/s4027a)**]** ####
(1)In general The Administrator shall, on an annual basis, submit a full report on the operations, activities, budget, receipts, and expenditures of the National Flood Insurance Program for the preceding 12-month period to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives. ####
(2)Timing Each report required under paragraph
(1)shall be submitted to the committees described in paragraph
(1)not later than 3 months following the end of each fiscal year. ####
(3)Contents Each report required under paragraph
(1)shall include— #####
(A)the current financial condition and income statement of the National Flood Insurance Fund established under section 1310 of the National Flood Insurance Act of 1968 (42 U.S.C. 4017), including— ######
(i)premiums paid into such Fund; ######
(ii)policy claims against such Fund; and ######
(iii)expenses in administering such Fund; #####
(B)the number and face value of all policies issued under the National Flood Insurance Program that are in force; #####
(C)a description and summary of the losses attributable to repetitive loss structures; #####
(D)a description and summary of all losses incurred by the National Flood Insurance Program due to— ######
(i)hurricane related damage; and ######
(ii)nonhurricane related damage; #####
(E)the amounts made available by the Administrator for mitigation assistance under section 1366(c)(4) of the National Flood Insurance Act of 1968 (42 U.S.C. 4104c(c)(4)), as so redesignated by this Act, for the purchase of properties substantially damaged by flood for that fiscal year, and the actual number of flood damaged properties purchased and the total cost expended to purchase such properties; #####
(F)the estimate of the Administrator as to the average historical loss year, and the basis for that estimate; #####
(G)the estimate of the Administrator as to the maximum amount of claims that the National Flood Insurance Program would have to expend in the event of a catastrophic year; #####
(H)the average— ######
(i)amount of insurance carried per flood insurance policy; ######
(ii)premium per flood insurance policy; and ######
(iii)loss per flood insurance policy; and #####
(I)the number of claims involving damages in excess of the maximum amount of flood insurance available under the National Flood Insurance Program and the sum of the amount of all damages in excess of such amount. ###
(c)GAO Study on Pre-FIRM Structures Not later than 1 year after the date of enactment of this Act, the Comptroller General of the United States shall conduct a study and submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, on the— ####
(1)composition of the remaining pre-FIRM structures that are explicitly receiving discounted premium rates under section 1307 of the National Flood Insurance Act of 1968 (42 U.S.C. 4014), including the historical basis for the receipt of such subsidy and the extent to which pre-FIRM structures are currently owned by the same owners of the property at the time of the original National Flood Insurance Program rate map; ####
(2)number and fair market value of such structures; ####
(3)respective income level of the owners of such structures; ####
(4)number of times each such structure has been sold since 1968, including specific dates, sales price, and any other information the Secretary determines appropriate; ####
(5)total losses incurred by such structures since the establishment of the National Flood Insurance Program compared to the total losses incurred by all structures that are charged a nondiscounted premium rate; ####
(6)total cost of foregone premiums since the establishment of the National Flood Insurance Program, as a result of the subsidies provided to such structures; ####
(7)annual cost as a result of the subsidies provided to such structures; ####
(8)the premium income collected and the losses incurred by the National Flood Insurance Program as a result of such explicitly subsidized structures compared to the premium income collected and the losses incurred by such Program as a result of structures that are charged a nondiscounted premium rate, on a State-by-State basis; and ####
(9)the options for eliminating the subsidy to such structures. ###
(d)GAO Review of FEMA Contractors The Comptroller General of the United States, in conjunction with the Office of the Inspector General of the Department of Homeland Security, shall— ####
(1)conduct a review of the 3 largest contractors the Administrator uses in administering the National Flood Insurance Program; and ####
(2)not later than 18 months after the date of enactment of this Act, submit a report on the findings of such review to the Administrator, the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Committee on Financial Services of the House of Representatives. ###
(e)Study and Report on Graduated Risk ####
(1)Study #####
(A)Study required The Administrator shall enter into a contract under which the National Academy of Sciences shall conduct a study exploring methods for understanding graduated risk behind levees and the associated land development, insurance, and risk communication dimensions. #####
(B)Contents of study The study under this paragraph shall— ######
(i)research, review, and recommend current best practices for estimating direct annualized flood losses behind levees for residential and commercial structures; ######
(ii)rank each best practice recommended under clause
(i)based on the best value, balancing cost, scientific integrity, and the inherent uncertainties associated with all aspects of the loss estimate, including geotechnical engineering, flood frequency estimates, economic value, and direct damages; ######
(iii)research, review, and identify current best floodplain management and land use practices behind levees that effectively balance social, economic, and environmental considerations as part of an overall flood risk management strategy; ######
(iv)identify areas in which the best floodplain management and land use practices described in clause
(iii)have proven effective and recommend methods and processes by which such practices could be applied more broadly across the United States, given the variety of different flood risks, State and local legal frameworks, and evolving judicial opinions; ######
(v)research, review, and identify a variety of flood insurance pricing options for flood hazards behind levees that are actuarially sound and based on the flood risk data developed using the 3 best practices recommended under clause
(i)that have the best value as determined under clause (ii); ######
(vi)evaluate and recommend methods to reduce insurance costs through creative arrangements between insureds and insurers while keeping a clear accounting of how much financial risk is being borne by various parties such that the entire risk is accounted for, including establishment of explicit limits on disaster aid or other assistance in the event of a flood; and ######
(vii)taking into consideration the recommendations under clauses
(i)through (iii), recommend approaches to communicate the associated risks to community officials, homeowners, and other residents of communities. ####
(2)Report The contract under paragraph (1)(A) shall provide that not later than 12 months after the date of enactment of this Act, the National Academy of Sciences shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services and the Committee on Science, Space, and Technology of the House of Representatives a report on the study under paragraph
(1)that includes the information and recommendations required under paragraph (1).
Connectionstraces to 5
Traces to 5 documents
Citation graph
cites case law
Cites 5Cited by 0 across 0 sources