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H.R. 1422 (115th): Private Flood Insurance Market Development Act of 2017

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jul 14, 2017.

Private Flood Insurance Market Development Act of 2017

This bill amends the Flood Disaster Protection Act of 1973 to revise requirements for federal and private flood insurance.

The bill revises the financial requirements that apply to flood insurance for home loans or loan guarantees by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and other federal mortgage entities. Private flood insurance must meet any financial strength requirements set forth by the Federal Housing Finance Agency.

Private flood insurance may include nonadmitted insurers (including surplus lines insurance) as long as the insurer is eligible to provide insurance in the home state of the insured and complies with the laws and regulations of that state.

The National Flood Insurance Act of 1968 is amended to direct the Federal Emergency Management Agency (FEMA) to consider any period during which a property was continuously covered by private flood insurance to be a period of continuous insurance coverage, including for the purposes of National Flood Insurance Program subsidies.