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CBO's Review of a Study of the Economic Effects of Charging Actuarially Based Premium Rates for Federal Flood Insurance
CONGRESSIONAL BUDGET OFFICE (U S CONGRESS) WASHINGTON DC
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To satisfy requirements of section 578 of the National Flood Insurance Reform Act of 1994, the Federal Emergency Management Agency FEMA contracted with PricewaterhouseCoopers PwC to study the economic effects of eliminating the government subsidies in the National Flood Insurance Program. Under current law, flood insurance premiums are generally subsidized for pre-FIRM structures-those built before the completion of a participating communitys Flood Insurance Rate Map or before 1975, whichever is later. At the request of the Subcommittee on Housing and Community Opportunity of the House Committee on Banking and Financial Services, the Congressional Budget Office CBO has reviewed the resulting report, titled Study of the Economic Effects of Charging Actuarially Based Premium Rates for Pre-FIRM Structures. CBOs analysis included three components Reviewing the report itself Reviewing FEMAs own internally sponsored review commissioned from Professor Richard N. Boisvert of Cornell University of the reports draft final version and sending three rounds of questions to FEMA and its contractor about assumptions and methods not adequately described or explained in the report.
APPROVED FOR PUBLIC RELEASE