National Flood Insurance Program Reauthorization and Reform Act of 2023

Bill: 118-s-2142
Sponsor: Sen. Menendez, Robert [D-NJ]
Introduced: 2023-06-22 in the Senate
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing
Administrative law and regulatory procedures
Administrative remedies
Advisory bodies
Alternative dispute resolution, mediation, arbitration
Building construction
Business records
Congressional oversight
Digital media
Disaster relief and insurance
Emergency planning and evacuation
Executive agency funding and structure
Federal Emergency Management Agency (FEMA)
Federal-Indian relations
Floods and storm protection
Geography and mapping
Government employee pay, benefits, personnel management
Government ethics and transparency, public corruption
Government information and archives
Government lending and loan guarantees
Government studies and investigations
Government trust funds
Housing and community development funding
Housing finance and home ownership
Inflation and prices
Insurance industry and regulation
Intergovernmental relations
Judicial review and appeals
Legal fees and court costs
Licensing and registrations
Life, casualty, property insurance
Low- and moderate-income housing
Performance measurement
Poverty and welfare assistance
Public contracts and procurement
Public-private cooperation
Residential rehabilitation and home repair
Securities
State and local finance
State and local government operations
Urban and suburban affairs and development
User charges and fees

Summary:
action_date: 2023-06-22
text: 

National Flood Insurance Program Reauthorization and Reform Act of 2023

 
This bill generally revises the National Flood Insurance Program (NFIP) and reauthorizes the program through FY2026.
 
The bill addresses NFIP coverage, cost, and availability, including by 
 
 
generally prohibiting the Federal Emergency Management Agency (FEMA) from raising certain premiums, surcharges, and fees more than 9% a year for five years; 
 
revising flood insurance coverage limits;
 
establishing a means-tested program to provide financial assistance to low-income households through policy discounts; and
 
revising standards and certification requirements for flood insurance rate maps.
 
 
The bill also revises administrative provisions of the NFIP, including by 
 
 
allowing for the continuous operation of the NFIP during a lapse in appropriations, and
 
prohibiting the Department of the Treasury from charging FEMA interest for NFIP debt for five years. 
 
 
The bill sets forth requirements for Write Your Own companies related to reimbursements, agent commissions, and penalties for underpayment of claims. (A Write Your Own company writes and services federal standard flood insurance policies in its own name.) 
 
The bill establishes state or tribal government revolving funds for flood mitigation activities and also provides for loans, grants, and other incentives regarding mitigation.
 
The bill also requires the creation of an appeals process for disputing NFIP premium rates. 


Legislative actions:
action_date: 2024-03-12
text: Committee on Banking, Housing, and Urban Affairs. Hearings held.
action_date: 2023-06-22
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2023-06-22
text: Introduced in Senate