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Flood Insurance Bill Set to Be Signed Into Law

Within the next several days, President Barack Obama is expected to sign H.R. 3370, the “Homeowner Flood Insurance Affordability Act of 2014,” into law.
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Within the next several days, President Barack Obama is expected to sign H.R. 3370, the “Homeowner Flood Insurance Affordability Act of 2014,” into law.

Enactment of this critical effort will mark a tremendous victory for the Big “I.” The Big “I” government affairs team has prepared a legislative memo (members must be logged in to view) that outlines some of the details of the legislation and how they may affect independent agents, brokers and their clients.

Among other things, H.R. 3370 would repeal both Section 205’s “bought/sold” provision and the entirety of Section 207 of Biggert-Waters. Because these two provisions were responsible for much of the “sticker shock” associated with Biggert-Waters, the new law will provide much-needed relief to flood insureds.

The Big “I” plans to host webinars explaining the impact the new law and its implementation will have on agents, brokers and their customers. Keep an eye on upcoming issues of News & Views for details.

In the meantime, a special presentation is also scheduled for Wednesday, April 9, immediately following the Big “I” Legislative Conference Issues Briefing during the Big “I” Legislative Conference. This 30-minute presentation on the Homeowners Flood Insurance Affordability Act will begin approximately five minutes after the Issue Briefing’s conclusion in the same room and is open to all Big “I” members attending the Legislative Conference.

John Prible is Big “I” vice president of federal government affairs.