Management and Oversight of the National Flood Insurance Program: Hearing Before the Subcommittee on Housing and Community Opportunity of the Committee on Financial Services, U.S. House of Representatives, One Hundred Ninth Congress, First Session, October 20, 2005, Volume 4 |
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100-year flood actual cash value additional payment amount areas billion BLUMENAUER building claims adjustments claims files claims settlements Committee communities Congress covered Department of Homeland establish Federal Emergency Management Federal Insurance Administrator FEMA officials FEMA's program contractor Financial Control Plan flood damage flood events flood insurance claims flood insurance policies Flood Insurance Program Flood Insurance Reform flood maps flood plain funds Government Accountability Office Gulf Coast Homeland Security homeowners Hurricane Katrina Hurricane Rita IIABA insurance agents insurance claims handbook insurance companies insurance coverage Insurance Reform Act internal control issue Katrina and Rita limitations MAURSTAD monitoring and oversight National Flood Insurance NFIP claims NFIP policies NFIP program NFIP's nonprobability sampling October 20 operational reviews participate PEARCE percent personal property PIA National policyholders premiums quality assurance reinspections regulations repetitive loss properties requirements responsible sample of claims SFIP section SFTP Standard Flood Insurance underwriting WATERS write-your-own companies
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Page 67 - To the extent possible, the NFIP is designed to pay operating expenses and flood insurance claims with premiums collected on flood insurance policies rather than with tax dollars. However, as we have reported, the program, by design, is not actuarially sound because Congress authorized subsidized insurance rates to be made available for policies covering some properties to encourage communitjes to join the program. As a result, the program does not collect sufficient premium income to build reserves...
Page 129 - The fastest and easiest way to obtain copies of GAO documents at no cost is through GAO's Web site (www.gao.gov). Each weekday, GAO posts newly released reports, testimony, and correspondence on its Web site. To have GAO e-mail you a Hat of newly posted products every afternoon, go to www.gao.gov and select "Subscribe to Updates.
Page 58 - Congress also finds that (1) many factors have made it uneconomic for the private insurance industry alone to make flood insurance available to those in need of such protection on reasonable terms and conditions; but (2) a program of flood insurance with large-scale participation of the Federal Government and carried out to the maximum extent practicable by the private insurance industry is feasible and can be initiated.
Page 90 - ... which can complement and encourage preventive and protective measures ; and (4) if such a program is initiated and carried out gradually, it can be expanded as knowledge is gained and experience is appraised, thus eventually making flood insurance coverage available on reasonable terms and conditions to persons who have need for such protection.
Page 71 - System; the Office of the Comptroller of the Currency; the Office of Thrift Supervision; the Federal Deposit Insurance Corporation...
Page 90 - However, as we have reported, the program, by design, is not actuarially sound because Congress authorized subsidized insurance rates to be made available for policies covering certain structures to encourage communities to join the program. As a result, the program does not collect sufficient premium income to build reserves to meet the long-term future expected flood losses.
Page 150 - ... damage such as building new homes above the flood elevation on pilings. Second, the regulations require that any substantial improvements made to existing buildings in the floodplain incorporate safeguards similar to those required for new construction. Experience with the Program demonstrates that the building regulations work. The majority of flood losses are caused by damage to older homes. In fact, only four percent of repetitive loss properties were built after 1974. In 1999, the Federal...
Page 132 - Recovery in the Federal Emergency Management Agency (FEMA), within the Department of Homeland Security (DHS).
Page 74 - Mr. Chairman and Members of the Committee, this concludes my prepared statement. I will be happy to answer any questions you may have.