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National Flood Insurance Program Consultant Accountability Act of 2023
12/15/2023, 4:06 PM
Summary of Bill S 1039
Under this legislation, consultants working with the NFIP will be required to meet certain qualifications and standards in order to be eligible to provide services. This includes having relevant experience and expertise in flood insurance and risk assessment, as well as adhering to ethical guidelines and best practices in their work.
Additionally, the bill establishes a system for monitoring and evaluating the performance of consultants to ensure that they are meeting the necessary standards and providing accurate information to the NFIP. This will help to prevent any potential conflicts of interest or unethical behavior that could compromise the integrity of the program. Overall, the National Flood Insurance Program Consultant Accountability Act of 2023 aims to improve the quality and reliability of the information provided by consultants within the NFIP, ultimately leading to better decision-making and outcomes for policyholders and the program as a whole.
Congressional Summary of S 1039
National Flood Insurance Program Consultant Accountability Act of 2023
This bill allows the Federal Emergency Management Agency (FEMA) to terminate certain contracts under the National Flood Insurance Program on the basis of detrimental conduct to the program by a covered entity (an attorney, law firm, consultant, or third-party company that provides certain services under the contract). Specifically, on such basis, FEMA may terminate a contract between a covered entity and a Write Your Own company (a property and casualty company that writes and services federal standard flood insurance policies in its own name).
FEMA shall establish a process for a covered entity to appeal such a termination.
Neither FEMA nor a Write Your Own company is required to make an early-termination payout to a covered entity with respect to a contract terminated under the bill.
