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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Flood Insurance Market Parity and Modernization Act

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend the Flood Disaster Protection Act of 1973 to require that certain buildings and personal property be covered by flood insurance, and for other purposes.


Actions Overview (1)

Date
03/08/2017Introduced in Senate

All Actions (3)

Date
05/04/2017Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-16.
Action By: Committee on Banking, Housing, and Urban Affairs
03/14/2017Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-16.
Action By: Committee on Banking, Housing, and Urban Affairs
03/08/2017Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Action By: Senate

Cosponsors (10)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Tester, Jon [D-MT]* 03/08/2017
Sen. Rubio, Marco [R-FL] 03/13/2017
Sen. Donnelly, Joe [D-IN] 04/04/2017
Sen. Portman, Rob [R-OH] 05/02/2017
Sen. Cotton, Tom [R-AR] 05/08/2017
Sen. Ernst, Joni [R-IA] 05/10/2017
Sen. Cochran, Thad [R-MS] 06/08/2017
Sen. Perdue, David [R-GA] 07/20/2017
Sen. Scott, Tim [R-SC] 11/06/2017
Sen. Hyde-Smith, Cindy [R-MS] 06/28/2018

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Banking, Housing, and Urban Affairs03/08/2017 Referred to
05/04/2017 Hearings by

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Subjects (9)


Latest Summary (1)

There is one summary for S.563. View summaries

Shown Here:
Introduced in Senate (03/08/2017)

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.