News

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 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.

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.