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United States · Bill · S

S. 563 (115th)

Flood Insurance Market Parity and Modernization Act

openUnited States· United States Congress· EN

Introduced

8 March 2017

Last action

4 May 2017 · Committee

Status

Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-16.

Sponsors

Sen. Heller, Dean [R-NV], Sen. Tester, Jon [D-MT], Sen. Rubio, Marco [R-FL], Sen. Donnelly, Joe [D-IN], Sen. Portman, Rob [R-OH], Sen. Cotton, Tom [R-AR], Sen. Ernst, Joni [R-IA], Sen. Cochran, Thad [R-MS], Sen. Perdue, David [R-GA], Sen. Scott, Tim [R-SC], Sen. Hyde-Smith, Cindy [R-MS]

Subjects

Discovery layer

Source updated

5 December 2025

Official sourceDownload fileView documentsShare

Summary

Flood Insurance Market Parity and Modernization Act This bill amends the Flood Disaster Protection Act of 1973 to revise requirements for federal and private flood insurance. This bill revises the financial requirements that apply to flood insurance for home loans or loan guarantees by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Private flood insurance must meet any financial strength requirements set forth by Fannie Mae and Freddie Mac. Private flood insurance may include nonadmitted insurers (including surplus lines insurance) as long as the insurer is eligible to provide insurance in the home state of the insured and complies with the laws and regulations of that state. The National Flood Insurance Act of 1968 is amended to direct the Federal Emergency Management Agency (FEMA) to consider any period during which a property was continuously covered by private flood insurance to be a period of continuous insurance coverage, including for the purposes of National Flood Insurance Program subsidies.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 8 March 2017

    Introduced

    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Source: IntroReferral

  2. 8 March 2017

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 14 March 2017

    Committee

    Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-16.

    Source: Committee

  4. 4 May 2017

    Committee

    Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-16.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in Senate (text)

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Leesvertaling

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 8 March 2017

    ViewDownloadOpen at official source

  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 8 March 2017

    ViewDownloadOpen at official source

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  • Introduced in Senate

    summary · EN · 8 March 2017

    Open at official source

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Sponsors

Related records

Sources

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