Increased Accountability for Consultants in National Flood Insurance Program.
This law grants FEMA new authority to terminate contracts with attorneys, consultants, and third-party firms found to be acting detrimentally to the federal flood insurance program. The goal is to safeguard the program against harmful practices, ensuring that insurance funds are used more effectively to assist citizens affected by floods. These changes aim to increase the trust and financial stability of the program relied upon by property owners in flood-prone areas.
Key points
FEMA can terminate contracts with third-party entities working for flood insurers if their conduct harms the insurance program.
Entities whose contracts are terminated due to detrimental conduct will not receive early termination payouts.
FEMA must establish a formal process allowing terminated entities to appeal the contract termination decision.
Status:
Expired
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