Bill > HR5500

This bill aims to implement administrative reforms to the National Flood Insurance Program (NFIP) to improve fairness, accuracy, and prevent fraud. The bill introduces several key provisions, including a pilot program for investigating pre-existing structural conditions of insured properties, where Write Your Own (WYO) insurance companies can voluntarily conduct investigations to determine potential claim denial reasons. It establishes stricter penalties for fraud and false statements in flood insurance claims, creates an enhanced appeals process for policyholders with specific timelines for claim resolution, and mandates a 120-day deadline for initial claim determinations. The bill also introduces oversight mechanisms for litigation conducted by WYO companies, prohibits hiring disbarred attorneys, improves disclosure requirements for flood insurance policies, and establishes a Federal Flood Insurance Advisory Committee to review and make recommendations on various aspects of the NFIP. Additionally, the bill requires technical assistance reports to be fully disclosed to policyholders, mandates sufficient staffing for the Office of Flood Insurance Advocate, and includes provisions for interagency guidance and Government Accountability Office (GAO) studies on claims adjustment practices and insurance coverage treatment of earth movement. The overall goal is to enhance transparency, accountability, and effectiveness of the National Flood Insurance Program.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/5500/all-info