美国国家洪水保险项目评估.pdfVIP

United States Government Accountability Office GAO Testimony Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate For Release on Delivery Expected at 2:00 p.m. EDT NATIONAL FLOOD Wednesday, September 22, 2010 INSURANCE PROGRAM Continued Actions Needed to Address Financial and Operational Issues Statement of Orice Williams Brown, Director Financial Markets and Community Investment GAO-10-1063T September 22, 2010 NATIONAL FLOOD INSURANCE PROGRAM Accountability • Integrity • Reliability Continued Actions Needed to Address Financial and Operational Issues Highlights of GAO-10-1063T, a testimony before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate Why GAO Did This Study What GAO Found The National Flood Insurance While Congress and FEMA intended that NFIP be funded with premiums Program (NFIP), established in 1968, collected from policyholders rather than with tax dollars, the program is, by provides policyholders with design, not actuarially sound. NFIP cannot do some of the things that private insurance coverage for flood damage. insurers do to manage their risks. For example, NFIP is not structured to The Federal Emergency Management build a capital surplus, is likely unable to purchase reinsurance to cover Agency (FEMA) within the catastrophic losses, cannot reject high-risk applicants, and is subject to Department of Homeland