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S 563 115th Congress Senate Finance and Financial Sector American Samoa Caribbean area Disaster relief and insurance Floods and storm protection Housing finance and home ownership Northern Mariana Islands Puerto Rico Virgin Islands

Flood Insurance Market Parity and Modernization Act

Introduced: March 8, 2017 See on congress.gov
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This bill died when the 115th Congress ended
It never became law before the 115th Congress (2017–2018) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 4, 2017
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-16.
Mar 14, 2017
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-16.
Mar 8, 2017
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mar 8, 2017
Introduced in Senate
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 Plain-English summary Congressional Research Service

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.

What's happening now May 4, 2017

Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-16.

 Related & companion bills 2
  • HR 3823 Related bill Disaster Tax Relief and Airport and Airway Extension Act of 2017
  • HR 1422 Identical bill Private Flood Insurance Market Development Act of 2017
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Republican 4
R
Hyde-Smith, Cindy
Mississippi · Jun 28, 2018
 R
Scott, Tim
South Carolina · Nov 6, 2017
 R
Ernst, Joni
Iowa · May 10, 2017
 R
Cotton, Tom
Arkansas · May 8, 2017
Cite this page click to expand
APA
U.S. Congress. (2026). S. 563: Flood Insurance Market Parity and Modernization Act. 115th Congress. Open America. https://openamerica.io/bill/115-S-563/
MLA
"S. 563: Flood Insurance Market Parity and Modernization Act." 115th Congress, 2026, Open America, https://openamerica.io/bill/115-S-563/.
Bluebook (legal)
S. 563, 115th Cong. (2026), https://openamerica.io/bill/115-S-563/.
Markdown link
[S. 563: Flood Insurance Market Parity and Modernization Act](https://openamerica.io/bill/115-S-563/)
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