PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Financial Services.
Congressional Research Service
Version 00 · Introduced in House · Dec 5, 2016
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.
Showing the opening paragraphs of the official summary.
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.
People & committees
Rep. Pallone, Frank, Jr. [D-NJ-6] · D–NJ
Legislative record
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Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 12, 2025. Consult Congress.gov for the current record.
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