National Flood Insurance Program˜ :˜continued actions needed to address financial and operational issues : testimony before the Subcommittee on ... Financial Services, House of Representatives - Softcover

Office, U.S. Government Accountability

Softcover

ISBN 10: 1974498999 ISBN 13: 9781974498994

Publisher: CreateSpace Independent Publishing Platform, 2017

Synopsis

"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. "

Edition details

• Publisher: CreateSpace Independent Publishing Platform
• Publication date: 2017
• Language: English
• ISBN 10: 1974498999
• ISBN 13: 9781974498994
• Binding: Paperback
• Number of pages: 26