To require the Government Accountability Office to conduct periodic reviews of the flood insurance rates and flood insurance rate maps under the national flood insurance program, and for other purposes.
Flood Insurance Integrity Act of 2017
This bill directs the Government Accountability Office (GAO) to review every four years the rate tables established by the Federal Emergency Management Agency (FEMA) for implementing the National Flood Insurance Program (NFIP) under the National Flood Insurance Act of 1968 and determine whether: (1) the chargeable premium rates for flood insurance coverage are actuarially sound, based on standard actuarial practices used in the private sector; and (2) such chargeable premium rates are sufficient to ensure the long-term financial sustainability of NFIP.
The bill also directs the GAO to review annually the process for establishing and updating flood insurance rate maps and determine the degree of accuracy of the mapping process.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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