Private Flood Insurance Market Development Act of 2017

Bill: 115-hr-1422
Sponsor: Rep. Ross, Dennis A. [R-FL-15]
Introduced: 2017-03-08 in the House
Policy area: Finance and Financial Sector
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

Summary:
action_date: 2017-03-08
text: 

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.

action_date: 2017-07-14
text: 

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.


Legislative actions:
action_date: 2017-07-14
text: Placed on the Union Calendar, Calendar No. 155.
action_date: 2017-07-14
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 115-220.
action_date: 2017-07-14
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 115-220.
action_date: 2017-06-21
text: Ordered to be Reported (Amended) by the Yeas and Nays: 58 - 0.
action_date: 2017-06-21
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-03-08
text: Referred to the House Committee on Financial Services.
action_date: 2017-03-08
text: Introduced in House
action_date: 2017-03-08
text: Introduced in House