Number: RL34052
Title: The Flood Insurance Reform and Modernization Act of 2007: A Summary of Key Provisions
Authors: Rawle O. King, Government and Finance Division 
Abstract: Legislative efforts are now underway in Congress to reform the NFIP. On March 26, 2007, Representative Barney Frank introduced H.R. 1682, the Flood Insurance Reform and Modernization Act of 2007, in order to "restore the financial solvency of the national flood insurance program" and other purposes. On July 19, 2007, Representative Maxine Waters introduced H.R. 3121 - a bill that is substantially similar to H.R. 1682. H.R. 3121 added two new sections to allow for the purchase of optional insurance that would cover flood and windstorm losses (Section 7), and to extend the NFIP five years through September 30, 2013 (Section 27). Section 4 of the bill was modified to reflect minor changes of the phase-in of actuarial rates beginning on January 1, 2011. On November 1, 2007, Senator Dodd introduced S. 2284, a flood insurance reform bill designed to increase the amount of premiums collected and reduce the cost of expected claims. S. 2284 would also forgive the program's outstanding debt to the Treasury.
Pages: 12
Date: January 30, 2008