As required by the Homeowners Flood Insurance Affordability Act of 2014, starting this month, FEMA will send each NFIP policyholder a letter outlining their known flood risk and how it relates to their premium.
The briefing focused on why flood is different than other perils, where the private flood insurance market currently stands, how the NFIP operates and more.
Republican leadership in the U.S. House of Representatives Financial Services Committee took the first step in addressing reauthorization of the NFIP, which is set to expire on Sept. 30, 2017.
The Big “I” has serious concerns with draft legislation that could impact how agents receive compensation for selling flood insurance policies.
Last month, a group of federal agencies issued a proposal that aims to clear up confusion regarding when a lender may accept private flood insurance under federal law.
NFS Edge has launched a private flood insurance alternative to the NFIP’s policy for residential condo associations, tailored to meet the needs of those located in high-risk flood areas.
This week, the Big “I” submitted a joint trade association letter to the U.S. Senate Banking Committee hearing outlining priorities for the next NFIP reauthorization.
In response to an executive order President Obama issued last year as part of his climate change agenda, FEMA has issued a new proposal for defining the “floodplain” for federally funded projects.
The NAIC principles are intended to serve as recommendations for Congress to consider during upcoming discussions regarding reauthorization of the NFIP.
A new Government Accountability Office report cites regulatory uncertainty, refunds and market challenges as barriers to increased use of private market flood insurance policies.
