National Flood Insurance Program Extension Act

Bill: 112-hr-5740
Sponsor: Rep. Biggert, Judy [R-IL-13]
Introduced: 2012-05-15 in the House
Policy area: Emergency Management
Subjects: Disaster relief and insurance
Floods and storm protection
Housing finance and home ownership
Insurance industry and regulation
Public contracts and procurement

Summary:
action_date: 2012-05-15
text: 
National Flood Insurance Program Extension Act - Amends the National Flood Insurance Act of 1968 (NFIA) to extend to June 30, 2012, the financing for National Flood Insurance Program.
 
 Amends the Flood Disaster Protection Act of 1973 (FDPA) to direct each federal agency lender, in connection with mortgage loans, to accept private flood insurance as satisfaction of the federal flood insurance coverage requirement if such insurance meets specified requirements. 
 
Directs the Administrator of the Federal Emergency Management Agency (FEMA) and the Comptroller General each to study methods for privatizing the Program.
 
Authorizes the Administrator to implement private risk-management initiatives under the Program to determine the capacity of private insurers, reinsurers, and financial markets to assist communities, on a voluntary basis only, in managing the full range of financial risks associated with flooding.
 
Directs the Administrator to assess the capacity of the private reinsurance, capital, and financial markets by seeking proposals to assume a portion of the Program's insurance risk.
 
Authorizes the Administrator to secure reinsurance coverage of coverage provided by the Program from private market insurance, reinsurance, and capital market sources in an amount sufficient to maintain the ability of the Program to pay claims and to minimize the likelihood that the Program will utilize certain statutory borrowing authority.
 
Directs the Administrator to assess the claims-paying ability of the Program, including its utilization of private sector reinsurance and reinsurance equivalents, with and without reliance on certain statutory borrowing authority. 
 
Directs the Administrator and the Comptroller each to study: (1) options, methods, and strategies for offering voluntary community-based flood insurance policy options and incorporating such options into the Program; and (2) an implementation strategy that would encourage communities to undertake flood mitigation activities. 
 

action_date: 2012-05-17
text: 

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

 
National Flood Insurance Program Extension Act - (Sec. 2) Amends the National Flood Insurance Act of 1968 (NFIA) to extend to June 30, 2012, the financing for the National Flood Insurance Program.
 
 (Sec. 3) Amends the Flood Disaster Protection Act of 1973 (FDPA) to direct each federal agency lender, in connection with mortgage loans, to accept private flood insurance as satisfaction of the federal flood insurance coverage requirement if such insurance meets specified requirements. 
 
(Sec. 4) Directs the Administrator of the Federal Emergency Management Agency (FEMA) and the Comptroller General each to study methods for privatizing the Program.
 
Authorizes the Administrator to implement private risk-management initiatives under the Program to determine the capacity of private insurers, reinsurers, and financial markets to assist communities, on a voluntary basis only, in managing the full range of financial risks associated with flooding.
 
Directs the Administrator to assess the capacity of the private reinsurance, capital, and financial markets by seeking proposals to assume a portion of the Program's insurance risk.
 
Authorizes the Administrator to secure reinsurance coverage of coverage provided by the Program from private market insurance, reinsurance, and capital market sources in an amount sufficient to maintain the ability of the Program to pay claims and to minimize the likelihood that the Program will utilize certain statutory borrowing authority.
 
Directs the Administrator to assess the claims-paying ability of the Program, including its utilization of private sector reinsurance and reinsurance equivalents, with and without reliance on certain statutory borrowing authority. 
 
(Sec. 5) Directs the Administrator and the Comptroller each to: (1) study options, methods, and strategies for offering voluntary community-based flood insurance policy options and incorporating them into the Program; and (2) recommend to certain congressional committees the best manner to incorporate voluntary community-based flood insurance options into the Program and a strategy to implement them that would encourage communities to undertake flood mitigation activities.

action_date: 2012-05-24
text: 
 Amends the National Flood Insurance Act of 1968 (NFIA) to extend the National Flood Insurance Program, including its funding, through July 31, 2012.
 
Prohibits the Administrator of the Federal Emergency Management Agency (FEMA) from estimating subsidized flood insurance premium rates for any residential property (such as a vacation home or second home) which is not the primary residence of an individual.
 
Increases by 25% each year the chargeable risk premium rate for flood insurance for residential property which is not the primary residence of an individual until the average risk premium rate for such property is equal to the average of the risk premium rates for any properties within any single risk classification.
 
Declares July 1, 2012, the effective date for the first such increase.

action_date: 2012-05-31
text: 

(This measure has not been amended since it was passed by the Senate on May 24, 2012. The summary of that version is repeated here.)
 
 
Amends the National Flood Insurance Act of 1968 (NFIA) to extend the National Flood Insurance Program, including its funding, through July 31, 2012.
 
Prohibits the Administrator of the Federal Emergency Management Agency (FEMA) from estimating subsidized flood insurance premium rates for any residential property which is not the primary residence of an individual (such as a vacation home or second home).
 
Increases by 25% each year the chargeable risk premium rate for flood insurance for residential property which is not the primary residence of an individual until the average risk premium rate for such property is equal to the average of the risk premium rates for any properties within any single risk classification.
 
Declares July 1, 2012, the effective date for the first such increase.


Legislative actions:
action_date: 2012-05-31
text: Became Public Law No: 112-123.
action_date: 2012-05-31
text: Became Public Law No: 112-123.
action_date: 2012-05-31
text: Signed by President.
action_date: 2012-05-31
text: Signed by President.
action_date: 2012-05-31
text: Presented to President.
action_date: 2012-05-31
text: Presented to President.
action_date: 2012-05-30
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2012-05-30
text: On motion that the House suspend the rules and agree to the Senate amendment Agreed to by voice vote. (text as House agreed to Senate amendment: CR H3250)
action_date: 2012-05-30
text: Resolving differences -- House actions: On motion that the House suspend the rules and agree to the Senate amendment Agreed to by voice vote.(text as House agreed to Senate amendment: CR H3250)
action_date: 2012-05-30
text: DEBATE - The House proceeded with forty minutes of debate on the motion to suspend the rules and agree to the Senate amendment to H.R. 5740.
action_date: 2012-05-30
text: Mrs. Biggert moved that the House suspend the rules and agree to the Senate amendment. (consideration: CR H3250-3252)
action_date: 2012-05-24
text: Message on Senate action sent to the House.
action_date: 2012-05-24
text: Passed Senate with an amendment by Unanimous Consent.
action_date: 2012-05-24
text: Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
action_date: 2012-05-24
text: Measure laid before Senate by unanimous consent. (consideration: CR S3611)
action_date: 2012-05-21
text: Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 407.
action_date: 2012-05-17
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2012-05-17
text: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 402 - 18 (Roll no. 262). (text: CR 5/16/2012 H2782-2783)
action_date: 2012-05-17
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 402 - 18 (Roll no. 262).(text: CR 5/16/2012 H2782-2783)
action_date: 2012-05-17
text: Considered as unfinished business. (consideration: CR H2846-2847)
action_date: 2012-05-16
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2012-05-16
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 5740.
action_date: 2012-05-16
text: Considered under suspension of the rules. (consideration: CR H2782-2787)
action_date: 2012-05-16
text: Mrs. Biggert moved to suspend the rules and pass the bill.
action_date: 2012-05-15
text: Referred to the House Committee on Financial Services.
action_date: 2012-05-15
text: Introduced in House
action_date: 2012-05-15
text: Introduced in House

Enacted as: number: 112-123