(1) In generalThe Administrator shall, on an annual basis, submit a full report on the operations, activities, budget, receipts, and expenditures of the National Flood Insurance Program for the preceding 12-month period to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives.
(2) TimingEach report required under paragraph (1) shall be submitted to the committees described in paragraph (1) not later than 3 months following the end of each fiscal year.
(3) ContentsEach report required under paragraph (1) shall include—(A) the current financial condition and income statement of the National Flood Insurance Fund established under section 4017 of this title, including—(i) premiums paid into such Fund;
(ii) policy claims against such Fund; and
(iii) expenses in administering such Fund;
(B) the number and face value of all policies issued under the National Flood Insurance Program that are in force;
(C) a description and summary of the losses attributable to repetitive loss structures;
(D) a description and summary of all losses incurred by the National Flood Insurance Program due to—(i) hurricane related damage; and
(ii) nonhurricane related damage;
(E) the amounts made available by the Administrator for mitigation assistance under section 4104c(c)(4) of this title, as so redesignated by this Act, for the purchase of properties substantially damaged by flood for that fiscal year, and the actual number of flood damaged properties purchased and the total cost expended to purchase such properties;
(F) the estimate of the Administrator as to the average historical loss year, and the basis for that estimate;
(G) the estimate of the Administrator as to the maximum amount of claims that the National Flood Insurance Program would have to expend in the event of a catastrophic year;
(H) the average—(i) amount of insurance carried per flood insurance policy;
(ii) premium per flood insurance policy; and
(iii) loss per flood insurance policy; and
(I) the number of claims involving damages in excess of the maximum amount of flood insurance available under the National Flood Insurance Program and the sum of the amount of all damages in excess of such amount.
(Pub. L. 112–141, div. F, title II, § 100231(b), July 6, 2012, 126 Stat. 950.)
Editorial Notes
References in TextThis Act, referred to in par. (3)(E), is Pub. L. 112–141, July 6, 2012, 126 Stat. 405, known as the Moving Ahead for Progress in the 21st Century Act and also as the MAP–21. For complete classification of this Act to the Code, see Short Title of 2012 Amendment note set out under section 101 of Title 23, Highways, and Tables.
Codification
Section was enacted as part of the Biggert-Waters Flood Insurance Reform Act of 2012, and also as part of the Moving Ahead for Progress in the 21st Century Act, also known as the MAP–21, and not as part of the National Flood Insurance Act of 1968 which comprises this chapter.
Statutory Notes and Related Subsidiaries
Definitions
For definitions of terms used in this section, see section 4004 of this title.