Efforts to Delay the Gradual Elimination of Flood Insurance Premium Subsidies

Author / Creator

Library of Congress. Government Division

Available as

Online

Summary

Examines legislative efforts in Congress to delay the gradual phase-out of subsidized flood insurance premiums, which is required under P.L. 112-141, the Biggert-Waters Flood Insurance Reform Act o...

Examines legislative efforts in Congress to delay the gradual phase-out of subsidized flood insurance premiums, which is required under P.L. 112-141, the Biggert-Waters Flood Insurance Reform Act of 2012. Discusses circumstances surrounding increasing exposure to flood risk that led to reform of national flood insurance program (NFIP) premium rate structure. Examines NFIP rate-making process, including elevation rating components required to rate policies; and summarizes key relevant rate structure reform and solvency provisions required by the Biggert-Waters law. Covers key rate structure reform provisions of enacted legislation, and considers effects of removing premium subsidies and grandfathered rates enacted prior to the community's initial Flood Insurance Rate Map. Addresses responses to affordability issues and concerns, and summarizes major legislation that would address affordability.

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