National Flood Insurance Program
Author | : U.s. Government Accountability Office |
Publisher | : |
Total Pages | : 26 |
Release | : 2017-08-13 |
ISBN-10 | : 1974498999 |
ISBN-13 | : 9781974498994 |
Rating | : 4/5 (994 Downloads) |
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."