Weaknesses in the Financial Controls of the National Flood Insurance Program
CED-77-47: Published: Mar 21, 1977. Publicly Released: Mar 21, 1977.
- Full Report:
There are numerous weaknesses in the ability of the National Flood Insurers Association (NFIA) to generate accurate financial data on its operations relating to the National Flood Insurance Program.
These weaknesses could adversely affect the government's ability to: (1) determine reasonable amounts payable to NFIA under the program; (2) determine flood insurance premium rates; (3) prepare financial statements of the program's condition and results of its operations; and (4) make management decisions. Both accuracy of financial data and timeliness of such data are seriously lacking in the National Flood Insurance Program.