Flood Insurance Integrity Act of 2015

Bill: 114-hr-3317
Sponsor: full_name: Rep. Bilirakis, Gus M. [R-FL-12]
Introduced: 2015-07-29
Policy area: Finance and Financial Sector
Subjects: Congressional oversight

Disaster relief and insurance

Floods and storm protection

Government information and archives

Government studies and investigations
Latest action: action_date: 2015-07-29
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2015-07-29
action_desc: Introduced in House
text: <p><b>Flood Insurance Integrity Act of 2015</b></p> <p> Directs the Government Accountability Office (GAO) to review every four years the rate tables established by the Federal Emergency Management Agency for implementing the national flood insurance program under the National Flood Insurance Act of 1968, and determine whether: (1) the chargeable premium rates for flood insurance coverage determined by those tables are actuarially sound, based on standard actuarial practices used in the private sector; and (2) such chargeable premium rates are sufficient to ensure the long-term financial sustainability of the national flood insurance program.</p> <p>Directs GAO to review annually the process for establishing and updating flood insurance rate maps and determine the degree of accuracy of the mapping process.</p>

tv_txt: I 114th CONGRESS 1st Session H. R. 3317 IN THE HOUSE OF REPRESENTATIVES July 29, 2015 Mr. Bilirakis (for himself, Ms. Esty , and Mr. Jolly ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Government Accountability Office to conduct periodic reviews of the flood insurance rates and flood insurance rate maps under the national flood insurance program, and for other purposes.

1. Short title This Act may be cited as the Flood Insurance Integrity Act of 2015 . 2. GAO reviews regarding flood insurance rates and rate maps (a) Periodic review of rate tables During the 6-month period that begins 12 months after the date of the enactment of this Act and every 4 years thereafter, the Comptroller General of the United States shall conduct a review of the rate tables established by the Federal Emergency Management Agency for carrying out the national flood insurance program under the National Flood Insurance Act of 1968 ( 42 U.S.C. 4011 et seq. ) and in effect at the time of such review, and shall make a determination of whether— (1) the chargeable premium rates for flood insurance coverage determined by such tables are actuarially sound, based on standard actuarial practices used in the private sector; and (2) such chargeable premium rates are sufficient to ensure the long-term financial sustainability of the national flood insurance program. (b) Annual review of mapping process and rate maps During the 6-month period referred to in subsection (a) and annually thereafter, the Comptroller General, in consultation with the United States Geological Survey of the Department of the Interior, shall conduct a review of the process in effect at the time of such review for establishing and updating flood insurance rate maps under the national flood insurance program and shall make a determination of the degree of accuracy of such mapping process. (c) Reports For each review conducted pursuant to subsection (a) or (b), the Comptroller General shall submit to the Congress a report describing the results of the review and the determinations made pursuant to the review.