GovTrack’s Bill Summary
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S. 3814 (111th): National Flood Insurance Program Reextension Act of 2010
- Introduced:
- Sep 21, 2010 (111th Congress, 2009–2010)
- Sponsor:
- Sen. David Vitter [R-LA]
- Status:
- Signed by the President
- Slip Law:
- This bill became Pub.L. 111-250.
The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.
Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
9/30/2010. Amends the National Flood Insurance Act of 1968 to extend the National Flood Insurance Program from September 30, 2010, through September 30, 2011. Continues through FY2011 the authority of the Administrator of the Federal Emergency Management Agency (FEMA), with the President's approval, to issue up to $20.725 billion in notes and obligations to finance the Program.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
This summary can be found at http://www.gop.gov/bill/111/2/s3814.
Background
The NFIP, the largest single-line property insurer in the nation, provides coverage for more than five million properties. Homeowners, renters and other businesses across the country are required to purchase flood insurance coverage through participating insurance agents and companies. The companies receive an expense allowance for policies written and claims processed. The agents earn a commission for policies sold and serviced, and the federal government retains responsibility for underwriting losses and paying claims. The NFIP is currently operating on a shot-term extension through September 30, 2010.
When the NFIP’s losses exceed premiums, FEMA is authorized to borrow for the U.S. Treasury. The NFIP is currently facing financial challenges. The GAO has included the NFIP on its annual list of high-risk government programs since 2006 because of its ongoing potential to incur billions of dollars in losses. With an $18.75 billion debt to the Treasury and the persistence of subsidized premium rates for properties in high-risk areas, the NFIP continues to be underfunded and federal taxpayers remain at risk.
The Flood Insurance Reform Priorities Act of 2010, H.R. 5114, was approved by the House on July 15, 2010 by recorded vote of 329-90 and remains under consideration in the Senate.
Summary
S. 3814 would provide a temporary extension of the National Flood Insurance Program through September 30, 2011.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.
The bill contains the following citations to other parts of U.S. law:
United States Code
The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)
- Title 42: THE PUBLIC HEALTH AND WELFARE
- Chapter 50: NATIONAL FLOOD INSURANCE
- Subchapter I: THE NATIONAL FLOOD INSURANCE PROGRAM
- Section 4016: Financing provisions; issuance of notes or other obligations; limitation; report to Congressional committees; deposits in Fund
- Section 4026: Expiration of program