The changes, which apply to the FY2019 WYO Arrangement effective Oct. 1, include, among other things, eliminating the WYO non-compete and revising the methodology for calculating WYO compensation, which is used to pay agent commissions.
On Monday, the Office of Management and Budget released a proposed budget for FY2019 that includes cuts to the Federal Crop Insurance Program, as well as changes to the NFIP.
The NFIP was extended earlier today as part of broader government funding legislation to fund the government through March 23.
The NFIP is set to expire tomorrow as part of a broader government funding debate, unless Congress passes a continuing resolution to keep the federal government open.
The NFIP is set to expire tomorrow, Friday, Dec. 22, unless Congress passes a continuing resolution to fund the government into early next year.
As of press time, the NFIP is expected to receive a two-week extension this Friday as part of a continuing resolution Congress is predicted to pass to fund the government through Dec. 22.
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.