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Bill115th CongressFiled Mar 8, 2017Finance and Financial Sector
H.R. 1422

Private Flood Insurance Market Development Act of 2017

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What it doesSummary reported to house with amendment(s) (Jul 14, 2017)

Private Flood Insurance Market Development Act of 2017

This bill amends the Flood Disaster Protection Act of 1973 to revise requirements for federal and private flood insurance.

The bill revises the financial requirements that apply to flood insurance for home loans or loan guarantees by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and other federal mortgage entities. Private flood insurance must meet any financial strength requirements set forth by the Federal Housing Finance Agency.

Private flood insurance may include nonadmitted insurers (including surplus lines insurance) as long as the insurer is eligible to provide insurance in the home state of the insured and complies with the laws and regulations of that state.

The National Flood Insurance Act of 1968 is amended to direct the Federal Emergency Management Agency (FEMA) to consider any period during which a property was continuously covered by private flood insurance to be a period of continuous insurance coverage, including for the purposes of National Flood Insurance Program subsidies.

What just happenedJul 14, 2017

Placed on the Union Calendar, Calendar No. 155.

Who’s behind it

Rep. Ross, Dennis A. [R-FL-15](R-FL)Sponsor
21 cosponsors5 D16 R
Read on Congress.gov
21cosponsors1committees8actions3related bills8subjects
  1. Jul 14, 2017CalendarsH12410

    Placed on the Union Calendar, Calendar No. 155.

  2. Jul 14, 2017CommitteeH12200

    Reported (Amended) by the Committee on Financial Services. H. Rept. 115-220.

    Financial Services Committee
  3. Jul 14, 2017Committee5000

    Reported (Amended) by the Committee on Financial Services. H. Rept. 115-220.

    Financial Services Committee
  4. Jun 21, 2017Committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 58 - 0.

    Financial Services Committee
  5. Jun 21, 2017Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  6. Mar 8, 2017IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  7. Mar 8, 2017IntroReferralIntro-H

    Introduced in House

  8. Mar 8, 2017IntroReferral1000

    Introduced in House

Reported to House with amendment(s)Jul 14, 201717

Private Flood Insurance Market Development Act of 2017

This bill amends the Flood Disaster Protection Act of 1973 to revise requirements for federal and private flood insurance.

The bill revises the financial requirements that apply to flood insurance for home loans or loan guarantees by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and other federal mortgage entities. Private flood insurance must meet any financial strength requirements set forth by the Federal Housing Finance Agency.

Private flood insurance may include nonadmitted insurers (including surplus lines insurance) as long as the insurer is eligible to provide insurance in the home state of the insured and complies with the laws and regulations of that state.

The National Flood Insurance Act of 1968 is amended to direct the Federal Emergency Management Agency (FEMA) to consider any period during which a property was continuously covered by private flood insurance to be a period of continuous insurance coverage, including for the purposes of National Flood Insurance Program subsidies.

Introduced in HouseMar 8, 2017

Flood Insurance Market Parity and Modernization Act

This bill amends the Flood Disaster Protection Act of 1973 to revise requirements for federal and private flood insurance.

This bill revises the financial requirements that apply to flood insurance for home loans or loan guarantees by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Private flood insurance must meet any financial strength requirements set forth by Fannie Mae and Freddie Mac.

Private flood insurance may include nonadmitted insurers (including surplus lines insurance) as long as the insurer is eligible to provide insurance in the home state of the insured and complies with the laws and regulations of that state.

The National Flood Insurance Act of 1968 is amended to direct the Federal Emergency Management Agency (FEMA) to consider any period during which a property was continuously covered by private flood insurance to be a period of continuous insurance coverage, including for the purposes of National Flood Insurance Program subsidies.

Private Flood Insurance Market Development Act of 2017 — Informed