Weaknesses in the Financial Controls of the National Flood Insurance Program

Gao ID: CED-77-47 March 21, 1977

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.

Recommendations

Our recommendations from this work are listed below with a Contact for more information. Status will change from "In process" to "Open," "Closed - implemented," or "Closed - not implemented" based on our follow up work.

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