The Big “I” spearheaded the submission of a joint letter to the Federal Housing Administration urging the agency to amend its policy regarding acceptance of private flood insurance by lenders for FHA-insured loans.
This week, Sens. Michael Crapo (R-Idaho) and Sherrod Brown (D-Ohio) introduced the “NFIP Reauthorization Act of 2017,” which would reauthorize the NFIP for six years.
One of the bills in the markup includes provisions that would cap WYO insurers’ reimbursement rate at 27.9% to administer the NFIP. Currently, the rate is 30.9%.
The legislation would reauthorize the NFIP for five years and addresses a variety of issues, including providing greater private market access, enhancing mitigation efforts and more.
This week, the Big “I” submitted testimony to a full committee hearing which examined the NFIP and several legislative proposals aimed at reforming the program.
Today, Republicans in the U.S. House of Representatives released six discussion draft bills and accompanying summaries.
As massive debt continues to loom heavy over the NFIP, a swell of private markets is targeting flood business—and new technology continues to make it easier for the entire insurance industry to get its arms around flood risk.
As the NFIP heads for reauthorization later this year, the pressure will continue to build—particularly for agents who feel the burden of educating their clients about flood market uncertainty.
As Congress seeks to reform the NFIP before it expires on Sept. 30, it’s examining lowering the compensation that insurance companies and independent agents earn for administering the program.
As the NFIP’s Sept. 30 expiration date looms, Congress is beginning to focus more on the program’s reauthorization and reform.