Taxpayer Exposure Mitigation Act of 2017

This bill amends the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973 to limit the required purchase of flood insurance in certain circumstances to only residential properties (currently, the requirement applies to all types of property). It also requires the Federal Emergency Management Agency (FEMA) to annually transfer a portion of the risk from the National Flood Insurance Program (NFIP) to private reinsurance or capital markets. The amount of transferred risk must be based on a probable maximum loss target for NFIP established by FEMA each fiscal year.

The Biggert-Waters Flood Insurance Reform Act of 2012 is amended to require the Technical Mapping Advisory Council to develop: (1) standards for local and state governments to use for mapping flood risks and developing alternative flood insurance rate maps, and (2) certification procedures to use such alternative maps under the NFIP to replace FEMA maps that have not been updated or reissued in 36 months.