News

The bill would require FEMA to publish the formulas used to calculate policyholder mitigation credits under Risk Rating 2.0.

Beginning April 1, all flood policies must be priced under Risk Rating 2.0 at renewal. FEMA is offering new webinars that will focus on renewals under Risk Rating 2.0.

As the April 1 implementation date for all Risk Rating 2.0 renewals approaches, agents should review all communication from their Write Your Own (WYO) companies.

As of press time, the U.S. Senate was expected to pass legislation that would fund the government through March 11, 2022, and extend the National Flood Insurance Program (NFIP) for the same period.

The U.S. Senate is expected to take up the legislation in the coming days, which is needed to avoid a government shutdown and a lapse in the NFIP.

The National Flood Insurance Program (NFIP) is scheduled to expire on the same date as government funding, which will expire tomorrow if legislation is not passed.

Advocacy efforts by the Big “I” proved successful on many fronts and several damaging provisions have been dropped from the legislation.

The Big “I” successfully advocated to remove several damaging provisions, including a cap on the 20% small business deduction and tax rate increases that would have impacted Big “I” members organized as pass-through businesses.

The legislation to extend the National Flood Insurance Program (NFIP) includes several controversial items, such as capping Write-Your-Own (WYO) compensation at 22.46% of written premiums.

The three bills introduced today aim at reforming the National Flood Insurance Program (NFIP) with the intention of growing the private market.