Flood Insurance Integrity Act of 2014

Flood Insurance Integrity Act of 2014 - Directs the Comptroller General (GAO) to review every four years the rate tables established by the Federal Emergency Management Agency (FEMA) for implementing the national flood insurance program under the National Flood Insurance Act of 1968 (NFIA), and determine whether: (1) the chargeable premium rates for flood insurance coverage determined by those tables are actuarially sound, based on standard actuarial practices used in the private sector; and (2) such chargeable premium rates are sufficient to ensure the long-term financial sustainability of the national flood insurance program.

Directs GAO to review annually the process for establishing and updating flood insurance rate maps and determine the degree of accuracy of the mapping process.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4352 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4352

  To require the Government Accountability Office to conduct periodic 
  reviews of the flood insurance rates and flood insurance rate maps 
  under the national flood insurance program, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 1, 2014

   Mr. Bilirakis (for himself, Mr. Jolly, Ms. Castor of Florida, Mr. 
  Palazzo, Mr. Marino, and Mr. Rooney) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To require the Government Accountability Office to conduct periodic 
  reviews of the flood insurance rates and flood insurance rate maps 
  under the national flood insurance program, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Flood Insurance Integrity Act of 
2014''.

SEC. 2. GAO REVIEWS REGARDING FLOOD INSURANCE RATES AND RATE MAPS.

    (a) Periodic Review of Rate Tables.--During the 6-month period that 
begins 12 months after the date of the enactment of this Act and every 
4 years thereafter, the Comptroller General of the United States shall 
conduct a review of the rate tables established by the Federal 
Emergency Management Agency for carrying out the national flood 
insurance program under the National Flood Insurance Act of 1968 (42 
U.S.C. 4011 et seq.) and in effect at the time of such review, and 
shall make a determination of whether--
            (1) the chargeable premium rates for flood insurance 
        coverage determined by such tables are actuarially sound, based 
        on standard actuarial practices used in the private sector; and
            (2) such chargeable premium rates are sufficient to ensure 
        the long-term financial sustainability of the national flood 
        insurance program.
    (b) Annual Review of Mapping Process and Rate Maps.--During the 6-
month period referred to in subsection (a) and annually thereafter, the 
Comptroller General, in consultation with the United States Geological 
Survey of the Department of the Interior, shall conduct a review of the 
process in effect at the time of such review for establishing and 
updating flood insurance rate maps under the national flood insurance 
program and shall make a determination of the degree of accuracy of 
such mapping process.
    (c) Reports.--For each review conducted pursuant to subsection (a) 
or (b), the Comptroller General shall submit to the Congress a report 
describing the results of the review and the determinations made 
pursuant to the review.
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