Since our article June 20th update, when the House was looking at proposals to renew and change the NFIP, a bipartisan bill has been introduced into the Senate. This is the National Flood Insurance Program Reauthorization Act of 2017 and would extend the program for six years. One of the provisions is to direct FEMA to required communities that participate in the NFIP and meet certain repetitive loss criteria to identify and assess areas with repeatedly flooded structures and develop and implement a community-specific plan for mitigating these areas. FEMA would then be able to impose sanctions on noncompliant communities. The bill also allows the administrator to utilize other risk transfer tools such as catastrophe bonds, collateralized reinsurance, resilience bonds and other insurance-linked securities. Replacement cost value would be incorporated into the rates over time, being phased in over three years and being fully implemented four years after enactment of the legislation. Replacement cost could raise premiums significantly. The $400 million authorized for the National Flood Mapping Program would be left intact through 2023.