FEMA Unveils ‘Risk Rating 2.0’
On Monday, FEMA announced significant changes to the way the NFIP will charge homeowners for flood insurance risks.
Government Affairs
Big ‘I’ Testifies Before Congress on NFIP
On Wednesday, Chris Heidrick, chair of the Big “I” Flood Insurance Task Force, testified before the U.S. House of Representatives Financial Services Committee on reauthorization of the NFIP.
President Trump’s Budget Proposes Changes to FCIP, NFIP
The budget proposal includes $26 billion in cuts to the FCIP and proposed means-testing for the NFIP.
Big ‘I’ Warns Against FCIP Cuts
Earlier this week, the Big “I” joined a long list of insurance, commodity, farm, environmental and lending groups in sending two letters opposing cuts to the Federal Crop Insurance Program during this year’s budget process.
Big ‘I’ Seeks Clarity on NFIP Mid-Term Cancellation Policy
Earlier this week, the Big “I” and other stakeholders sent a letter to FEMA asking for clarification on when consumers can receive a refund for unearned premiums if they cancel an NFIP policy mid-term in favor of a private policy.
Regulators Issue New Federal Rules for Private Flood Insurance
Last Friday, federal banking regulators issued a new rule outlining when lenders are required to accept private flood insurance to satisfy mandatory purchase requirements.
NFIP Policies Available During Shutdown
FEMA reversed its decision not to issue new or renewal policies or make changes to existing policies during the government shutdown.
NFIP Limits Operations, Despite Reauthorization
Further guidance from the NFIP is expected, but for the time being, the NFIP will not issue new policies or make changes to existing policies.
NFIP Extension in Limbo
If legislation to extend the NFIP fails to garner final approval at the last minute, it is unclear what will happen.
Congress Passes Farm Bill
On Wednesday, Congress approved a five-year Farm Bill, which President Trump has indicated he intends to sign.