Bill
Bill > S1368
US S1368
Sustainable, Affordable, Fair, and Efficient (SAFE) National Flood Insurance Program Reauthorization Act of 2017
summary
Introduced
06/15/2017
06/15/2017
In Committee
06/15/2017
06/15/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Sustainable, Affordable, Fair, and Efficient (SAFE) National Flood Insurance Program Reauthorization Act of 2017 This bill amends the National Flood Insurance Act of 1968 to extend through FY2023 the National Flood Insurance Program (NFIP). NFIP policy coverage limits for residential and nonresidential buildings are increased. NFIP premiums, surcharges, and fees may not be increased by more than 10% each year. The Federal Emergency Management Agency (FEMA) must provide: (1) loans for mitigation projects, and (2) other financial assistance to qualified households for NFIP premium payments and mitigation projects. The limitation on Increased Cost of Compliance (ICC) coverage (offered by NFIP to cover the cost of flood mitigation measures on certain structures) is increased to $100,000 and ICC eligibility is expanded. This bill prevents the Department of the Treasury from charging interest to FEMA on amounts borrowed for NFIP through FY2023. This bill directs FEMA to revise: (1) directives related to the Write Your Own program, (2) specified elements of the claims process, (3) the appeals process for claims and flood map determinations, and (4) certain flood risk zones. FEMA must study business interruption coverage and participation rates in specified flood zones. This bill also makes changes to: (1) FEMA's mitigation assistance programs, (2) the usage and collection of specified surcharges and fees, (3) the scope of coverage available under NFIP, (4) requirements of NFIP engineers and adjusters, and (5) regulations relating to the disclosure of flood risks on rental property. This bill amends the Biggert-Waters Flood Insurance Reform Act of 2012 to reauthorize through FY2023 the National Flood Mapping Program.
AI Summary
This bill, the Sustainable, Affordable, Fair, and Efficient (SAFE) National Flood Insurance Program Reauthorization Act of 2017, extends the National Flood Insurance Program (NFIP) through September 2023 and makes several reforms to the program. The bill limits annual increases in NFIP premiums, surcharges, and fees to no more than 10%. It establishes an Affordability Assistance Fund to provide loans and other financial assistance to low-income households for flood mitigation projects and NFIP premium payments. The bill also increases NFIP coverage limits, provides business interruption coverage, expands the Increased Cost of Compliance program, authorizes additional flood mitigation assistance, improves the flood mapping program, and reforms the NFIP claims process. The bill also includes provisions related to cost savings, vendor transparency, and improved training for NFIP agents and adjusters.
Committee Categories
Housing and Urban Affairs
Sponsors (10)
Bob Menendez (D)*,
Cory Booker (D),
Bill Cassidy (R),
Thad Cochran (R),
John Neely Kennedy (R),
Bill Nelson (D),
Jack Reed (D),
Marco Rubio (R),
Chris Van Hollen (D),
Elizabeth Warren (D),
Last Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 06/15/2017)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/115th-congress/senate-bill/1368/all-info |
| BillText | https://www.congress.gov/115/bills/s1368/BILLS-115s1368is.pdf |
| Bill | https://www.congress.gov/115/bills/s1368/BILLS-115s1368is.pdf.pdf |
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