Flood Insurance Reform Act of 2004

The Bunning-Bereuter-Blumenauer Flood Insurance Reform Act of 2004 (USPL|108|264) reformed the National Flood Insurance Program (NFIP) and the terms of the National Flood Insurance Act of 1968. It was designed to "reduce losses to properties for which repetitive flood insurance claim payments have been made." The Act's main sponsors were Sen. Jim Bunning, Rep. Doug Bereuter, and Rep. Earl Blumenauer.

The Act's preamble included the following Congressional findings that quantify the motivation for the new law:
*the NFIP insures approximately 4,400,000 policyholders;
*about 48,000 properties in the program have experienced, within a ten-year period, two or more flood losses where each loss is more than $1,000;
*about 10,000 repetitive-loss properties have experienced two or three losses that cumulatively exceed building value;
*these repetitive-loss properties cost the taxpayer about $200 million annually;
*about 1% of insured properties account for 25-30% of claims losses;
*the vast majority of repetitive-loss properties were built before the 1974 implementation of floodplain management standards created under the original program and thus are eligible for subsidized flood insurance.

When introduced in the House on January 8, 2003, the bill was called the Two Floods and You Are Out of the Taxpayers' Pocket Act of 2003.

External links

* [http://thomas.loc.gov/cgi-bin/bdquery/z?d108:SN02238:@@@T Senate] and [http://thomas.loc.gov/cgi-bin/bdquerytr/z?d108:HR00253: House] Summary, from a Library of Congress website
* [http://blumenauer.house.gov/issues/LegislationSummary.aspx?NewsID=899&IssueID=7 Blumenauer's January 2003 news release] about the bill


Wikimedia Foundation. 2010.

Look at other dictionaries:

  • National Flood Insurance Program — NFIP redirects here. For National Foundation for Infantile Paralysis, see March of Dimes. The National Flood Insurance Program (NFIP) is a program created by the Congress of the United States in 1968 through the National Flood Insurance Act of… …   Wikipedia

  • Dodd–Frank Wall Street Reform and Consumer Protection Act — Full title An Act to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end too big to fail , to protect the American taxpayer by ending bailouts, to protect consumers… …   Wikipedia

  • Health insurance — is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care expenses among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll …   Wikipedia

  • National health insurance — (sometimes called statutory health insurance) is health insurance that insures a national population for the costs of health care and usually is instituted as a program of healthcare reform. It is enforced by law. It may be administered by the… …   Wikipedia

  • Deposit insurance — Experiences from bank runs during the Great Depression led to the introduction of deposit insurance in the US …   Wikipedia

  • Judicial Procedures Reform Bill of 1937 — The Hughes Court, 1932–1937. Front row: Justices Brandeis and Van Devanter, Chief Justice Hughes, and Justices McReynolds and Sutherland. Back row: Justices Roberts, Butler, Stone, and Cardozo …   Wikipedia

  • American Recovery and Reinvestment Act of 2009 — Stimulus bill redirects here. For other uses, see Stimulus bill (disambiguation). ARRA redirects here. For other uses, see ARRA (disambiguation). American Recovery and Reinvestment Act of 2009 Full title An act making supplemental appropriations… …   Wikipedia

  • September 2004 — NOTOC September 2004 : January February March April May June July August September October November December See also: September 2004 in sportsEventsSeptember 1, 2004* Alu Alkhanov is confirmed as the winner of the presidential election in… …   Wikipedia

  • United States presidential election, 2004 timeline — The following is a timeline of events during the 2004 U.S. presidential election:2002* May 31 Vermont Governor Howard B. Dean III forms a presidential exploratory committee. * December 1 John F. Kerry, U.S. senator from Massachusetts announces… …   Wikipedia

  • Dates of 2004 — ▪ 2005 January It turns out we were all wrong, probably, in my judgment. David Kay, former U.S. chief weapons inspector in Iraq, in testimony to the U.S. Senate Armed Services Committee, January 28 January 1              Haitian Pres. Jean… …   Universalium

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.