FIRST Cap Profits Act of 2016

Summary

Flood Insurance Reimbursement Standards Transparency Cap Profits Act of 2016 or the FIRST Cap Profits Act of 2016 This bill requires the Federal Emergency Management Agency (FEMA) and the property and casualty insurance companies participating in the "Write Your Own" (WYO) flood insurance program under the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act) to implement and comply with the program's oversight and expense reimbursement requirements within one year after enactment of this bill. (The WYO program is a cooperative undertaking between the insurance industry and the Federal Insurance and Mitigation Administration that allows participating property and casualty insurance companies to write and service standard flood insurance policies.) The Biggert-Waters Act is amended to require FEMA to prohibit reimbursements to WYO insurers from exceeding 110% of the aggregate amount of the insurer's actual expenses for selling, writing, and servicing flood insurance policies and adjusting flood claims on behalf of the National Flood Insurance Program. The National Flood Insurance Act of 1968 is amended to require courts to award litigation costs to plaintiffs who prevail in civil actions for fraud or misrepresentation by an insurance company participating in the WYO program.

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Timeline

1. 5 December 2016

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 5 December 2016

   Introduced

   Introduced in House

   Source: IntroReferral

3. 5 December 2016

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 5 December 2016 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 5 December 2016

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 5 December 2016

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 5 December 2016

  Open at official source

Sponsors

• Rep. Pallone, Frank [D-NJ-6] · D · Sponsor
• Bill Pascrell · D · Sponsor
• Donald Payne · D · Sponsor
• Rep. Watson Coleman, Bonnie [D-NJ-12] · D · Cosponsor
• Donald Norcross · D · Cosponsor
• · hsba00 · Standing

Related records

No cross-record relationships stored yet.