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Flood Insurance: Greater Private Market Involvement for Financial Security.

This act aims to reduce financial risk for taxpayers in the event of floods. It requires the flood insurance program to transfer a portion of its risk to private insurance companies and capital markets. This means that in the event of major floods, costs will not be entirely covered by public funds, which can stabilize the program and protect the national budget.
Key points
The flood insurance program will be required to transfer a portion of its financial risk to private reinsurance or capital markets.
The goal is to ensure the program can pay claims while limiting taxpayer exposure to flood losses.
The Administrator will set an annual probable maximum loss target, considering various factors like other insurance programs and available funds.
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Expired
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Additional Information
Print number: 118_HR_1306
Sponsor: Rep. Luetkemeyer, Blaine [R-MO-3]
Process start date: 2023-03-01
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Taxpayer Exposure Mitigation Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1306.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-03-01.

What are the main provisions?

Key points include:

  • The flood insurance program will be required to transfer a portion of its financial risk to private reinsurance or capital markets.
  • The goal is to ensure the program can pay claims while limiting taxpayer exposure to flood losses.
  • The Administrator will set an annual probable maximum loss target, considering various factors like other insurance programs and available funds.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Luetkemeyer, Blaine [R-MO-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Real Estate Economy