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Deepwater Horizon Oil Spill Disaster: Risk, Recovery, and Insurance Implications

Description: This report begins with a review of the Deepwater Horizon incident and identifies the limits of liability facing the operators of offshore oil rigs. The next two sections of the report examine risk management in the offshore energy exploration and production business, the scope of the oil spill financial responsibility and insurance requirements, and the marine insurance industry that offers specialized coverage for offshore oil and gas firms. The fourth section outlines the various approaches to compensating oil pollution victims, including compensation funds, commercial insurance, federal disaster assistance, and tort law. The report concludes with a discussion of four specific policy issue consideration for Congress, including new liability limits and insurance capacity, future insurability of offshore oil spill perils, availability of insurance, and the potential effects on domestic offshore energy production.
Date: July 12, 2010
Creator: King, Rawle O.
Partner: UNT Libraries Government Documents Department

Efforts to Delay the Gradual Elimination of Flood Insurance Premium Subsidies

Description: This report examines legislative efforts in Congress to delay the gradual phase-out of subsidized flood insurance premiums, which is required under Sections 100205 and 100207 of P.L. 112-141, the Biggert-Waters Flood Insurance Reform and Modernization Act of 2012. This new law extended the authorization for the National Flood Insurance Program (NFIP) for five years, through September 30, 2017, while requiring significant program reforms affecting flood insurance, flood hazard mapping, and floodplains management.
Date: March 3, 2014
Creator: King, Rawle O.
Partner: UNT Libraries Government Documents Department

The National Flood Insurance Program: Status and Remaining Issues for Congress

Description: This report provides an analysis of flood risk management, summarizes major challenges facing the National Flood Insurance Program (NFIP), and outlines key reforms in the recently enacted Biggert-Waters Flood Insurance Reform Act of 2012. The report also identifies and presents some key remaining flood management issues for congressional considerations, and it concludes with a discussion of relevant policy options for the future financial management of flood hazards in the United States.
Date: December 10, 2012
Creator: King, Rawle O.
Partner: UNT Libraries Government Documents Department

Midwest Flooding Disaster: Rethinking Federal Flood Insurance?

Description: This report examines the impact of the 2008 Midwest floods on the National Flood Insurance Program (NFIP) in the context of congressional efforts to reauthorize and modify the program before its authorization expires on September 30, 2008. The report begins with an assessment of the risk of flooding in the United States and why Congress might move to rethink the current multifaceted approach to federal flood insurance. The report concludes with lessons learned from the 1993 and 2008 Midwest floods, and an analysis of the NFIP's current financial conditions and major policy issues, as well as a summary of legislative proposals pending before the 110th Congress.
Date: August 11, 2008
Creator: King, Rawle O.
Partner: UNT Libraries Government Documents Department

Ocean Piracy and Its Impact on Insurance

Description: This report examines the issue of piracy off the coast of East Africa in the Indian Ocean and the Gulf of Aden. The report looks into the impact of such piracy on the insurance industry and explains the available options for Congress to mitigate piracy's negative effects on the industry.
Date: December 3, 2008
Creator: King, Rawle O.
Partner: UNT Libraries Government Documents Department

Ocean Piracy and Its Impact on Insurance

Description: This report examines the issue of piracy off the coast of East Africa in the Indian Ocean and the Gulf of Aden. The report looks into the impact of such piracy on the insurance industry and explains the available options for Congress to mitigate piracy's negative effects on the industry.
Date: February 6, 2009
Creator: King, Rawle O.
Partner: UNT Libraries Government Documents Department

The National Flood Insurance Program: Status and Remaining Issues for Congress

Description: This report provides an analysis of flood risk management, summarizes major challenges facing the National Flood Insurance Program (NFIP), and outlines key reforms enacted in the Flood Insurance Reform Act of 2012. The report identifies and presents some key remaining flood management issues for congressional consideration, and concludes with a discussion of policy options for the future financial management of flood hazards in the United States.
Date: February 6, 2013
Creator: King, Rawle O.
Partner: UNT Libraries Government Documents Department

Earthquake Risk, Insurance, and Recovery: Issues for Congress

Description: This report examines earthquake catastrophe risk and insurance in the United States in light of recent developments, particularly the devastating earthquakes in Haiti and Chile. It examines both traditional and non-traditional approaches for financing recovery from earthquake losses as well as challenges in financing catastrophe losses with insurance.
Date: March 12, 2010
Creator: King, Rawle O.
Partner: UNT Libraries Government Documents Department

Medical Malpractice Liability Insurance and the McCarran-Ferguson Act

Description: This report provides an overview of the current medical malpractice insurance situation and insurance market structure, summarizes the provisions of both S. 352 and the McCarran-Ferguson Act of 1945, and examines arguments for and against modifying the McCarran-Ferguson Act.
Date: March 19, 2003
Creator: King, Rawle O.
Partner: UNT Libraries Government Documents Department

National Flood Insurance Program: Treasury Borrowing in the Aftermath of Hurricane Katrina

Description: In 2008, Hurricanes Ike, Gustav, and Dolly made landfall in the United States, causing widespread flood damage. Exactly three years earlier, claims and expenses related to the massive flooding caused by Hurricanes Katrina, Rita, and Wilma had financially overwhelmed the National Flood Insurance Program (NFIP). The Federal Emergency Management Agency (FEMA) estimates that the NFIP will need about $3 billion in additional borrowing authority to cover the claims currently outstanding and a yet to be determined amount for the 2008 Hurricanes. Congress is currently working to reform the NFIP while retaining its original intent to keep rates affordable for people to buy the insurance.
Date: September 19, 2008
Creator: King, Rawle O.
Partner: UNT Libraries Government Documents Department

Financing Recovery from Large-Scale Natural Disasters

Description: Two important issues before Congress are (1) securing the nation's capacity to prepare for, respond to, and recover/rebuild from natural catastrophe events, and (2) determining whether and how the federal government should intervene in catastrophe insurance markets. This report focuses on this issue at length, taking into consideration the Gulf Coast hurricanes of 2004 and 2005; a sequence of tornadoes, wildfire, earthquakes, Hurricanes Ike and Gustav, and the 2008 Midwestern floods; and the financial market turmoil in 2008.
Date: November 18, 2008
Creator: King, Rawle O.
Partner: UNT Libraries Government Documents Department

Side-by-Side Comparison of Flood Insurance Reform Legislation in the 110th Congress

Description: This report discusses the key policy objectives of the National Flood Insurance Program (NFIP) that were threefold: (1) reduce the nation's flood risk through floodplain management; (2) improve flood hazard data and risk assessment by mapping the nation's floodplains; and (3) make affordable flood insurance widely available in communities that adopt and enforce measures to make future construction safer from flooding.
Date: June 24, 2008
Creator: King, Rawle O.
Partner: UNT Libraries Government Documents Department

Side-by-Side Comparison of Flood Insurance Reform Legislation in the 110th Congress

Description: This report discusses the key policy objectives of the National Flood Insurance Program (NFIP) that were threefold: (1) reduce the nation's flood risk through floodplain management; (2) improve flood hazard data and risk assessment by mapping the nation's floodplains; and (3) make affordable flood insurance widely available in communities that adopt and enforce measures to make future construction safer from flooding.
Date: February 26, 2008
Creator: King, Rawle O.
Partner: UNT Libraries Government Documents Department

Tax Deductions for Catastrophic Risk Insurance Reserves: Explanation and Economic Analysis

Description: According to the Insurance Services Office, Inc., (ISO), the property/casualty (p/c) insurance industry paid $62.2 billion in catastrophe losses from 24 disasters and more than 4.4 million claims in 2005, making 2005 the most costly year for catastrophe losses. This report begins by providing some background on the market for catastrophe insurance. It continues by describing the proposal for tax-deductible reserve accounts as set forth in H.R. 164/S. 926 of the 110th Congress, and concludes by providing an economic analysis of the plan.
Date: June 5, 2008
Creator: King, Rawle O.
Partner: UNT Libraries Government Documents Department