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Big ‘I’ Flood Update: NFIP’s D2C Proposal and FHA Private Option

Big “I" members and industry partners on the Flood Insurance Producers National Committee (FIPNC) met with staff from FEMA to discuss several issues.
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big ‘i’ flood update: nfip’s d2c proposal and fha private option

Recently, Big “I" members and industry partners on the Flood Insurance Producers National Committee (FIPNC) met with staff from FEMA to discuss a broad range of issues related to the National Flood Insurance Program (NFIP). 

Specifically, the continued rollout of Risk Rating 2.0, NFIP's recent request for information on their Direct-to-Consumer (D2C) proposal, loss avoidance and an update from FEMA on Hurricane Ian were discussed. 

The Big “I" has expressed concern with the D2C proposal and how it could impact the future role of independent agents. Both FIPNC and the Big “I" Flood Insurance Subcommittee will continue to collaborate with FEMA to foster growth in the private flood market and the independent agency system. 

FIPNC is a coalition comprised of three major insurance associations and industry partners. The coalition includes members of the Big “I" Flood Insurance Subcommittee, which is chaired by Joe Rossi. 

In other important flood news for Big “I" members, last week, the Federal Housing Administration (FHA) announced that it will start accepting private flood insurance policies for the mortgages it backs. 

The decision, which will take effect on Dec. 21, 2022, is another critical step in expanding the private market, which will benefit both consumers and Big “I" members. 

Specifically, Marcia Fudge, secretary of the U.S. Department of Housing and Urban Development, noted that “flood insurance is required to ensure families and individuals are prepared if disaster strikes." 

“Increasing consumer options for this important protection is one way we are building more resilient communities in the face of climate change," she added. 

In November 2021, the Big “I" submitted comments to FHA on the proposal to allow consumers to purchase a private flood insurance option. Over the last several years, the Big “I" has spent a significant amount of time advocating for this policy change.

The Big “I" will continue to provide its members with NFIP updates through the News & Views e-newsletter.

Joseph Cortina is staff administrator, Big “I" crop insurance task force.

16893
Thursday, December 8, 2022
On the Hill
Umbrella