News

This week, the U.S. House of Representatives passed a bill that reauthorizes the NFIP for five years and makes several reforms to the program.

Last week, the U.S. House of Representatives advanced a $36.5-billion disaster relief package that marks the second installment of aid since a series of natural disasters struck southeast Texas, Florida and Puerto Rico, among other areas.

The White House released proposed changes to the NFIP that it would have liked to see included in a disaster aid package the U.S. House of Representatives is scheduled to vote on this week.

On Wednesday night, the Trump Administration sent a letter to Congress requesting emergency hurricane relief funds and outlining substantial NFIP reforms.

The Big “I” submitted a comment letter urging FEMA to review complex underwriting procedures and update agent training policies.

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.