Yesterday, the Big “I” submitted testimony before the U.S. Senate Committee on Appropriations Subcommittee on Homeland Security at a hearing titled, “Insuring our Future: Building a Flood Insurance Program We Can Live With, Grow With, and Prosper With.”
Chairwoman Mary Landrieu (D-La.) and Ranking Member Dan Coats (R-Ind.) held the hearing in order to gather information on the ongoing implementation of two laws that directly impact the National Flood Insurance Program (NFIP): Biggert-Waters and the Homeowners Flood Insurance Affordability Act of 2013 (HFIAA), which was signed into law in March. Sen. Bob Menendez (D-N.J.) and FEMA Administrator Craig Fugate were the chief witnesses at the hearing.
HFIAA was a top priority for the Big “I” as it moved through Congress earlier this year, so the association welcomed the opportunity to provide the independent insurance agent and broker perspective on implementation of this important legislation.
In its testimony before the Senate subcommittee, the Big “I” stated, “In stark contrast to the uncertainty and confusion during the initial implementation of Biggert-Waters, we are happy to report to the Committee that, to date, the roll-out of HFIAA has gone rather smoothly.” The association, however, went on to note that “not everything is perfect regarding implementation, and there will undoubtedly be challenges going forward.”
For more details, view the complete Big “I” testimony online. Additional information on the hearing is also available on the committee’s website.
John Prible is Big “I” vice president of federal government affairs. Margarita Tapia is Big “I” director of public affairs.