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From Banking and Finance Law Daily, July 18, 2017

Crapo/Brown bill would stop flood insurance from drying up

By Katalina M. Bianco, J.D.

Senators Mike Crapo (R-Idaho), Chairman of the Senate Banking Committee, and Ranking Member Sherrod Brown (D-Ohio) have introduced a bill to reauthorize and reform the National Flood Insurance Program, which is set to expire on Sept. 30, 2017. The legislation, the National Flood Insurance Program Reauthorization Act of 2017, would extend the existing national flood insurance program for six years, through Sept. 30, 2023.

"This bill represents the many areas where we have found agreement" after multiple hearings, the legislators said. In addition to extending the NFIP, the legislation would put into place "many important reforms," according to Crapo and Brown.

Bill specifics. A section-by-section analysis of the legislation provides details on the proposed reforms, which include provisions that would:

  • prepare communities in areas with repeated flooding;
  • handle wildfires on federal lands;
  • increase property coverage;
  • promote flood risk disclosures by sellers or leasers of real estate;
  • mitigate damage to multifamily buildings in urban areas;
  • appoint regional coordinators to provide technical assistance to staff;
  • continue existing authorization of $400 million for flood mapping; and
  • require the federal banking regulators to annually study compliance with the mandatory purchase requirement in special flood hazard areas.

The legislation also would require a study on the feasibility and soundness of offering business interruption coverage under the program.

MainStory: TopStory CommunityDevelopment FloodInsurance

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