The National Flood Insurance Program (NFIP) has been on a high-risk list since March 2006 because of concerns about its long-term financial solvency and related operational issues. Significant management challenges also affect the Federal Emergency Management Agency¿s (FEMA) ability to administer NFIP. This report examines: (1) the extent to which FEMA¿s management practices affect the administration of NFIP; (2) lessons learned from the cancellation of FEMA¿s attempt to modernize NFIP¿s insurance management system; and (3) limitations on FEMA¿s authority that could affect NFIP¿s financial stability. Includes recommendations. Charts and tables. This is a print on demand report.