To study alternative approaches to ensure the future of the National Flood Insurance Program by requiring greater efficiency and financial accountability.

SA 4724. Mr. COBURN submitted an amendment intended to be proposed by
him to the bill S. 2284, to amend the National Flood Insurance Act of
1968, to restore the financial solvency of the flood insurance fund,
and for other purposes; which was ordered to lie on the table; as
follows:

At the appropriate place, insert the following:

SEC. ___. FEASIBILITY STUDY ON PRIVATE REINSURANCE.

Not later than 1 year after the date of enactment of this
Act, the Comptroller General of the United States shall
conduct and submit a report to Congress on--
(1) the feasibility of requiring the Director, as part of
carrying out the responsibilities of the Director under the
National Flood Insurance Program, to purchase private
reinsurance or retrocessional coverage, in addition to any
such reinsurance coverage required under section 1335 of the
National Flood Insurance Act of 1968 (42 U.S.C. 4055), to
underlying primary private insurers for losses arising due to
flood insurance coverage provided by such insurers;
(2) the feasibility of repealing the reinsurance
requirement under such section 1335, and requiring the
Director, as part of carrying out the responsibilities of the
Director under the National Flood Insurance Program, to
purchase private reinsurance or retrocessional coverage to
underlying primary private insurers for losses arising due to
flood insurance coverage provided by such insurer; and
(3) the estimated total savings to the taxpayer of taking
each such action described in paragraph (1) or (2).
______