Bill Sponsor
Senate Bill 563
115th Congress(2017-2018)
Flood Insurance Market Parity and Modernization Act
Introduced
Introduced
Introduced in Senate on Mar 8, 2017
Overview
Text
Introduced
Mar 8, 2017
Latest Action
May 4, 2017
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
563
Congress
115
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Republican
Nevada
Republican
Arkansas
Republican
Mississippi
Republican
Mississippi
Democrat
Montana
Republican
South Carolina
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
Summary

Flood Insurance Market Parity and Modernization Act

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

This bill revises the financial requirements that apply to flood insurance for home loans or loan guarantees by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Private flood insurance must meet any financial strength requirements set forth by Fannie Mae and Freddie Mac.

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.

Text (1)
Actions (4)
05/04/2017
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-16.
03/14/2017
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-16.
03/08/2017
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
03/08/2017
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:36:18 PM