summary
Introduced
04/28/2017
04/28/2017
In Committee
06/21/2017
06/21/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Taxpayer Exposure Mitigation Act of 2017 This bill amends the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973 to limit the required purchase of flood insurance in certain circumstances to only residential properties (currently, the requirement applies to all types of property). It also requires the Federal Emergency Management Agency (FEMA) to annually transfer a portion of the risk from the National Flood Insurance Program (NFIP) to private reinsurance or capital markets. The amount of transferred risk must be based on a probable maximum loss target for NFIP established by FEMA each fiscal year. The bill amends the Biggert-Waters Flood Insurance Reform Act of 2012 to require FEMA to establish standards for the development of alternative flood insurance rate maps by local and state governments. FEMA must consider recommendations made by the Technical Mapping Advisory Council when establishing these standards. FEMA must approve the use of these alternative maps under NFIP.
AI Summary
This bill amends the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973 to limit the required purchase of flood insurance to only residential properties, remove the requirement for commercial properties. It also requires the Federal Emergency Management Agency (FEMA) to annually transfer a portion of the risk from the National Flood Insurance Program (NFIP) to private reinsurance or capital markets, based on a probable maximum loss target established by FEMA. Additionally, the bill requires FEMA to establish standards for the development of alternative flood insurance rate maps by state and local governments, and to approve the use of these alternative maps under the NFIP.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Placed on the Union Calendar, Calendar No. 185. (on 07/25/2017)
Official Document
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bill summary
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bill summary
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