Download or read book National Flood Insurance Program Continued Actions Needed to Address Financial and Operational Issues written by Orice Williams Brown and published by DIANE Publishing. This book was released on 2010-08 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Nat. Flood Insurance Program (NFIP), established in 1968, provides policyholders with insurance coverage for flood damage. FEMA is responsible for managing NFIP. Unprecedented losses from the 2005 hurricane season and NFIP¿s periodic need to borrow from the U.S. Treasury to pay flood insurance claims have raised concerns about the program¿s long-term financial solvency. Because of these concerns and NFIP¿s operational issues, NFIP has been on a high-risk list since March 2006. As of April 2010, NFIP¿s debt to Treasury stood at $18.8 billion. This testimony discusses: (1) NFIP¿s financial challenges; (2) FEMA¿s operational and management challenges; and (3) actions needed to address these challenges. Includes recommendations.
Download or read book National Flood Insurance Program written by U.s. Government Accountability Office and published by . This book was released on 2017-08-13 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The National Flood Insurance Program (NFIP), established in 1968, provides policyholders with insurance coverage for flood damage. The Federal Emergency Management Agency (FEMA) within the Department of Homeland Security is responsible for managing NFIP. Unprecedented losses from the 2005 hurricane season and NFIP's periodic need to borrow from the U.S. Treasury to pay flood insurance claims have raised concerns about the program's long-term financial solvency. Because of these concerns and NFIP's operational issues, NFIP has been on GAO's high-risk list since March 2006. As of April 2010, NFIP's debt to Treasury stood at $18.8 billion.The Subcommittee asked GAO to discuss (1) NFIP's financial challenges, (2) FEMA's operational and management challenges, and (3) actions needed to address these challenges. In preparing this statement, GAO relied on its past work on NFIP and GAO's ongoing review of FEMA's management of NFIP focused on information technology and contractor oversight issues."
Download or read book National Flood Insurance Program written by U.s. Government Accountability Office and published by . This book was released on 2017-08-13 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The National Flood Insurance Program (NFIP), established in 1968, provides policyholders with insurance coverage for flood damage. The Federal Emergency Management Agency (FEMA) within the Department of Homeland Security is responsible for managing NFIP. Unprecedented losses from the 2005 hurricane season and NFIP's periodic need to borrow from the U.S. Treasury to pay flood insurance claims have raised concerns about the program's long-term financial solvency. Because of these concerns and NFIP's operational issues, NFIP has been on GAO's high-risk list since March 2006. As of August 2010, NFIP's debt to Treasury stood at $18.8 billion. This testimony discusses (1) NFIP's financial challenges, (2) FEMA's operational and management challenges, and (3) actions needed to address these challenges. In preparing this statement, GAO relied on its past work on NFIP and GAO's ongoing review of FEMA's management of NFIP, particularly data management and contractor oversight issues."
Download or read book National Flood Insurance Program written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2018-01-14 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: National Flood Insurance Program: Continued Actions Needed to Address Financial and Operational Issues
Download or read book National Flood Insurance Program written by Orice Williams Brown and published by . This book was released on 2010 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book National Flood Insurance Program written by Orice Williams Brown and published by . This book was released on 2010 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book National Flood Insurance Program written by Orice Williams Brown and published by . This book was released on 2010 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial Management Improvements Needed in National Flood Insurance Program s Financial Controls and Oversight written by Susan Ragland and published by DIANE Publishing. This book was released on 2011 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a print on demand edition of a hard to find publication. Due to the federal government's role as guarantor, floods impose an enormous potential financial burden on the federal government. Consequently, decision makers at the Dept. of Homeland Security, FEMA, and the Congress need accurate and timely financial information to assess the effectiveness of the National Flood Insurance Program (NFIP). This report assesses whether controls in place during the 2005 to 2007 time frame were effective and whether actions to improve controls are likely to address identified weaknesses. The report reviewed and analyzed FEMA/NFIP guidance, data, and financial reports, and interviewed FEMA officials and contractors. Includes recommendations. Charts and tables.
Download or read book Overview of GAO s Past Work on the National Flood Insurance Program written by United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Insurance and published by . This book was released on 2014 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past 11 years, GAO has identified a variety of challenges facing the National Flood Insurance Program (NFIP) and has made numerous recommendations to the Federal Emergency Management Agency (FEMA) to improve its administration of the program. FEMA has generally agreed with GAO's recommendations and has taken steps to address them. However, FEMA has not fully addressed all of the issues we have reported on and will need to address provisions in both the Biggert-Waters Insurance Reform Act of 2012 (Biggert-Waters Act) and the Homeowner Flood Insurance Affordability Act of 2014 (2014 Act) that affect many aspects of NFIP, including its finances, rate setting, and participation. Among other things, GAO found the following: 1) Finances. As of December 31, 2013, FEMA owed the Department of the Treasury (Treasury) $24 billion--primarily to pay claims associated with Superstorm Sandy (2012) and Hurricane Katrina (2005)--and had not made a principal payment since 2010. The Biggert-Waters Act requires FEMA to issue a report to Congress by January 2013 on a repayment plan setting forth options to repay FEMA's total debt to Treasury within 10 years. However, as of January 2014, FEMA had not issued such a report. According to FEMA officials, preliminary analysis suggests that under FEMA's planned implementation of the act, the agency will not be able to repay its debt within the 10-year time frame. The officials said the report will contain options for retiring the debt within 10 years, but that most of the options would require congressional action. As required by the act, FEMA is establishing a reserve fund that could help reduce the need for future borrowing from Treasury. However, FEMA is unlikely to initially meet the act's annual targets for building up the reserve, due partly to statutory limitations on annual premium increases. 2) Premium rate setting. FEMA's methodology for determining full-risk premium rates may not fully reflect the actual risk of flood damage as intended. Consistent with recommendations GAO made in 2008, FEMA has initiated actions to improve the accuracy of full-risk rates, including updating data used in the model it uses to set rates. However, these actions are in the preliminary stages. FEMA had begun implementing Biggert-Waters Act provisions to reduce and eventually eliminate most subsidized rates on remaining policies. However, the 2014 Act reinstates some of these subsidies. Phasing out and eventually eliminating subsidies remaining after the 2014 Act poses challenges for FEMA. For example, to appropriately revise rates for policies that were previously subsidized (that is, had discounted insurance premiums), FEMA will need information on the relative risk of flooding and property elevations, which generally had not been required for subsidized policies prior to the Biggert-Waters Act. FEMA is evaluating approaches to obtain this information in response to a recommendation GAO made in a 2013 report. Premium rate increases arising from the act may also pose affordability challenges for some homeowners. The 2014 Act's repeal of certain rate increases in the Biggert-Waters Act will address affordability concerns, but may also reduce program revenues and weaken the financial soundness of the NFIP program. 3) Participation. Overall NFIP penetration rates--the proportion of all properties with flood insurance--are low, according to estimates based on available limited data. In addition, while some homeowners are required to purchase flood insurance for the life of their mortgage loans, information on the extent of compliance with this requirement is limited. As of September 31, 2013, there were more than 5.5 million NFIP policies in force, but several factors have negatively affected program participation. These include inaccurate perceptions about the risk of flooding and the cost of purchasing policies, as well as the inaccurate assumption that flood perils are included in homeowner's insurance policies. FEMA has taken a number of steps to broaden participation in NFIP, including development of a national outreach strategy. In addition, the Biggert-Waters Act includes several provisions to strengthen enforcement of the mandatory purchase requirement and to address some of the factors that limit participation.
Download or read book Flood Insurance Public Policy Goals Provide a Framework for Reform written by Orice Williams Brown and published by DIANE Publishing. This book was released on 2011-08 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: The National Flood Insur. Program (NFIP) had to borrow from the U.S. Treasury to cover losses from the 2005 hurricanes. The outstanding debt is $17.8 billion as of March 2011. This sizable debt, plus operational and mgmt. challenges at FEMA, which administers NFIP, have kept the program on the high-risk list. NFIP¿s need to borrow to cover claims in years of catastrophic flooding has raised concerns about the program¿s long-term financial solvency. This testimony: 1) discusses ways to place NFIP on a sounder financial footing in light of public policy goals for fed. involvement in natural catastrophe insur.; and 2) highlights operational and mgmt. challenges at FEMA that affect the program. This is a print on demand report.
Download or read book Gewerbliche Betriebsstatistik fuer das Reichsland Elsass Lothringen nach der Zaehlung vom 14 Juni 1895 written by and published by . This book was released on 1898* with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Affordability of National Flood Insurance Program Premiums written by National Research Council and published by National Academies Press. This book was released on 2015-08-06 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: The National Flood Insurance Program (NFIP) is housed within the Federal Emergency Management Agency (FEMA) and offers insurance policies that are marketed and sold through private insurers, but with the risks borne by the U.S. federal government. NFIP's primary goals are to ensure affordable insurance premiums, secure widespread community participation in the program, and earn premium and fee income that covers claims paid and program expenses over time. In July 2012, the U.S. Congress passed the Biggert-Waters Flood Insurance Reform and Modernization Act (Biggert-Waters 2012), designed to move toward an insurance program with NFIP risk-based premiums that better reflected expected losses from floods at insured properties. This eliminated policies priced at what the NFIP called "pre-FIRM subsidized" and "grandfathered." As Biggert-Waters 2012 went into effect, constituents from multiple communities expressed concerns about the elimination of lower rate classes, arguing that it created a financial burden on policy holders. In response to these concerns Congress passed The Homeowner Flood Insurance Affordability Act of 2014 (HFIAA 2014). The 2014 legislation changed the process by which pre-FIRM subsidized premiums for primary residences would be removed and reinstated grandfathering. As part of that legislation, FEMA must report back to Congress with a draft affordability framework. Affordability of National Flood Insurance Program Premiums: Report 1 is the first part of a two-part study to provide input as FEMA prepares their draft affordability framework. This report discusses the underlying definitions and methods for an affordability framework and the affordability concept and applications. Affordability of National Flood Insurance Program Premiums gives an overview of the demand for insurance and the history of the NFIP premium setting. The report then describes alternatives for determining when the premium increases resulting from Biggert-Waters 2012 would make flood insurance unaffordable.
Download or read book Guide for All Hazard Emergency Operations Planning written by Kay C. Goss and published by DIANE Publishing. This book was released on 1998-05 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: Meant to aid State & local emergency managers in their efforts to develop & maintain a viable all-hazard emergency operations plan. This guide clarifies the preparedness, response, & short-term recovery planning elements that warrant inclusion in emergency operations plans. It offers the best judgment & recommendations on how to deal with the entire planning process -- from forming a planning team to writing the plan. Specific topics of discussion include: preliminary considerations, the planning process, emergency operations plan format, basic plan content, functional annex content, hazard-unique planning, & linking Federal & State operations.
Download or read book Alluvial Fan Flooding written by National Research Council and published by National Academies Press. This book was released on 1996-10-07 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: Alluvial fans are gently sloping, fan-shaped landforms common at the base of mountain ranges in arid and semiarid regions such as the American West. Floods on alluvial fans, although characterized by relatively shallow depths, strike with little if any warning, can travel at extremely high velocities, and can carry a tremendous amount of sediment and debris. Such flooding presents unique problems to federal and state planners in terms of quantifying flood hazards, predicting the magnitude at which those hazards can be expected at a particular location, and devising reliable mitigation strategies. Alluvial Fan Flooding attempts to improve our capability to determine whether areas are subject to alluvial fan flooding and provides a practical perspective on how to make such a determination. The book presents criteria for determining whether an area is subject to flooding and provides examples of applying the definition and criteria to real situations in Arizona, California, New Mexico, Utah, and elsewhere. The volume also contains recommendations for the Federal Emergency Management Agency, which is primarily responsible for floodplain mapping, and for state and local decisionmakers involved in flood hazard reduction.
Download or read book National Flood Insurance Program written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2018-05-14 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: NATIONAL FLOOD INSURANCE PROGRAM: Continued Attention Needed to Address Challenges
Download or read book National Flood Insurance Program Answers to Questions About the NFIP written by and published by FEMA. This book was released on 1980 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book National Flood Insurance Program Answers to Questions about the NFIP written by and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
