§4027a Report of the Administrator on Activities Under the National Flood Insurance Program

Summary

The Administrator of the National Flood Insurance Program must send a full annual report about the program’s operations, activities, budget, receipts, and spending to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services. The report covers the previous 12 months and must be delivered no later than 3 months after the end of each fiscal year. The report must show the financial condition and income of the National Flood Insurance Fund (see section 4017), including premiums paid in, claims paid, and administration costs; the number and total coverage amount of active policies; summaries of repetitive-loss properties and of losses from hurricane and nonhurricane damage; amounts used for property buyouts under section 4104c(c)(4), how many properties were bought, and the total cost; the Administrator’s estimate of an average historical loss year and how that estimate was made; an estimate of the maximum claims in a catastrophic year; the average coverage amount, premium, and loss per policy; and the number and total amount of claims that exceed the maximum insurance available.