Financial Management Improvements Needed In National Flood Insurance Programs Financial Controls And Oversight

Author : Susan Ragland
Publisher : DIANE Publishing
ISBN 13 : 1437928102
Total Pages : 44 pages
Book Rating : 4.05/5 ( download)

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Download or read book Financial Management: Improvements Needed in National Flood Insurance Program’s Financial Controls and Oversight written by Susan Ragland and published by DIANE Publishing. This book was released on 2011 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a print on demand edition of a hard to find publication. Due to the federal government's role as guarantor, floods impose an enormous potential financial burden on the federal government. Consequently, decision makers at the Dept. of Homeland Security, FEMA, and the Congress need accurate and timely financial information to assess the effectiveness of the National Flood Insurance Program (NFIP). This report assesses whether controls in place during the 2005 to 2007 time frame were effective and whether actions to improve controls are likely to address identified weaknesses. The report reviewed and analyzed FEMA/NFIP guidance, data, and financial reports, and interviewed FEMA officials and contractors. Includes recommendations. Charts and tables.

Author : United States Government Accountability Office
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781983724442
Total Pages : 44 pages
Book Rating : 4.40/5 ( download)

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Download or read book Financial Management written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2018-01-26 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Management: Improvements Needed in National Flood Insurance Program's Financial Controls and Oversight

Author : United States Government Accountability Office
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781976202803
Total Pages : 44 pages
Book Rating : 4.09/5 ( download)

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Download or read book Financial Management written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-09-20 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Due to the federal government's role as guarantor, floods impose an enormous potential financial burden on the federal government. Consequently, decision makers at the Department of Homeland Security (DHS), the Federal Emergency Management Agency (FEMA), and the Congress need accurate and timely financial information to assess the effectiveness of the National Flood Insurance Program (NFIP). This report assesses whether controls in place during the 2005 to 2007 time frame were effective and whether actions to improve controls are likely to address identified weaknesses. GAO reviewed and analyzed FEMA/NFIP guidance, data, and financial reports, reviewed prior audit reports, interviewed FEMA officials and contractors, and selected a sample of claim losses paid to determine whether claim files contained key documents. GAO makes seven recommendations to improve NFIP financial management controls and oversight. FEMA agreed with two of GAO's recommendations and cited corrective actions under way, stated that two recommendations were unnecessary because sufficient procedures were already

Author : William O. Jenkins, Jr.
Publisher : DIANE Publishing
ISBN 13 : 9781422304365
Total Pages : 50 pages
Book Rating : 4.61/5 ( download)

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Download or read book Federal Emergency Management Agency written by William O. Jenkins, Jr. and published by DIANE Publishing. This book was released on 2006-03 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of Hurricane Isabel in 2003, this is a report on issues related to the Nat. Flood Insurance Program (NFIP) & its oversight & mgmt. by the Fed. Emergency Mgmt. Agency (FEMA). Private insurance companies sell NFIP policies & adjust claims, while a private program contractor helps FEMA administer the NFIP. This report assesses: (1) the statutory & regulator limitations on coverage for homeowners under the NFIP; (2) FEMA's role in monitoring & overseeing the NFIP; (3) FEMA's response to concerns regarding NFIP payments for Hurricane Isabel claims; & (4) the status of FEMA's implementation of provisions of the Flood Insur. Reform Act of 2004. Impacts from Hurricane Katrina were not part of the report's scope. Tables.

Author :
Publisher : DIANE Publishing
ISBN 13 : 1428932887
Total Pages : 52 pages
Book Rating : 4.83/5 ( download)

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Download or read book Federal Emergency Management Agency improvements needed to enhance oversight and management of the National Flood Insurance Program : report to congressional committees. written by and published by DIANE Publishing. This book was released on 2005 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author :
Publisher : DIANE Publishing
ISBN 13 : 9781422398548
Total Pages : 56 pages
Book Rating : 4.44/5 ( download)

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Download or read book National Flood Insurance Program written by and published by DIANE Publishing. This book was released on 2007 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : United States. Government Accountability Office
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.47/5 ( download)

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Download or read book National Flood Insurance Program written by United States. Government Accountability Office and published by . This book was released on 2007 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Extraordinary recent flood events raise serious questions about the solvency of the National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA). The NFIP is largely implemented by private insurance companies that sell and service policies and adjust claims under the Write Your Own (WYO) Program. This report, prepared under the authority of the Comptroller General, examines (1) how much FEMA paid the WYO companies in recent years for operating costs and how FEMA determined payment amounts; (2) how FEMA's approach to determining operating costs assures that payments are reasonable estimates of companies' expenses; and (3) how FEMA assures that financial and management controls are in place for the WYO program and operate as intended. To do these assessments, GAO interviewed FEMA and insurance officials, and analyzed statutes, regulations, payment data, methodologies, and audits of WYO companies. FEMA's payments to WYO insurance companies for operating costs ranged from more than a third to almost two-thirds of the total premiums paid by policyholders to the NFIP for fiscal years 2004 through 2006. In fiscal years 2005 and 2006, larger payments to WYO insurance companies were the result of settling an unprecedented number and dollar amount of claims for damages resulting from major hurricanes and flood events including Hurricane Katrina. To determine the amount of these payments, FEMA negotiated payment approaches with insurance industry representatives when it established the current WYO program in 1983 based on industry averages for operating expenses for other lines of insurance (such as homeowners, commercial, and fire), past practice, and discussion. The approach FEMA uses to determine operating costs for WYO insurance companies, rooted in policies negotiated and established about 25 years ago, cannot ensure that payments are based on reasonable estimates of actual expenses because actual expenses incurred by the companies for their services to the NFIP are not considered. Although it has authority to do so, FEMA does not collect data on actual WYO flood insurance expenses that could provide a basis for insuring that the WYO payments are based on a reasonable estimate of actual expenses. FEMA officials said that they have not asked WYO insurance companies to provide expense information due to concerns that the approach would increase FEMA's administrative costs and cause a decline in WYO program participation. However, some data on expenses WYO insurance companies allocate to flood insurance are available. FEMA officials said that they cannot use this information due to reporting inconsistencies. Also, there is some precedent in two similar public-private insurance partnerships for collecting actual expense information. FEMA's decision to rely on long-standing practices does not meet federal internal control standards that agencies be held accountable for, among other things, stewardship of government resources. Biennial financial statement audits--FEMA's primary mechanism to provide assurance that it receives complete and accurate financial management information from the WYO insurance companies--were not performed consistently as required by regulation. FEMA regulations require each participating company to arrange and pay for these audits by independent certified public accounting firms. However, many WYO insurance companies did not comply with the schedule in recent years. For example, for fiscal years 2005 and 2006, 5 of 94 participating companies had biennial financial statement audits performed. FEMA officials said they allowed some companies to delay having the audits done because they were in the process of contracting with new subcontractors to perform their financial reporting responsibilities. Nonetheless, without the required biennial audits, FEMA lacks an appropriate internal control mechanism for effective program oversight.

Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Community Opportunity
Publisher :
ISBN 13 :
Total Pages : 184 pages
Book Rating : 4.56/5 ( download)

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Download or read book Management and Oversight of the National Flood Insurance Program written by United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Community Opportunity and published by . This book was released on 2005 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Orice Williams Brown
Publisher : DIANE Publishing
ISBN 13 : 1437987249
Total Pages : 86 pages
Book Rating : 4.49/5 ( download)

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Download or read book FEMA: Action Needed to Improve Administration of the National Flood Insurance Program written by Orice Williams Brown and published by DIANE Publishing. This book was released on 2011-09 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: The National Flood Insurance Program (NFIP) has been on a high-risk list since March 2006 because of concerns about its long-term financial solvency and related operational issues. Significant management challenges also affect the Federal Emergency Management Agency¿s (FEMA) ability to administer NFIP. This report examines: (1) the extent to which FEMA¿s management practices affect the administration of NFIP; (2) lessons learned from the cancellation of FEMA¿s attempt to modernize NFIP¿s insurance management system; and (3) limitations on FEMA¿s authority that could affect NFIP¿s financial stability. Includes recommendations. Charts and tables. This is a print on demand report.

Author : United States Government Accountability Office
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781976391354
Total Pages : 58 pages
Book Rating : 4.50/5 ( download)

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Download or read book National Flood Insurance Program written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-09-15 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Extraordinary recent flood events raise serious questions about the solvency of the National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA). The NFIP is largely implemented by private insurance companies that sell and service policies and adjust claims under the Write Your Own (WYO) Program. This report, prepared under the authority of the Comptroller General, examines (1) how much FEMA paid the WYO companies in recent years for operating costs and how FEMA determined payment amounts; (2) how FEMA's approach to determining operating costs assures that payments are reasonable estimates of companies' expenses; and (3) how FEMA assures that financial and management controls are in place for the WYO program and operate as intended. To do these assessments, GAO interviewed FEMA and insurance officials, and analyzed statutes, regulations, payment data, methodologies, and audits of WYO companies.