Industry News
NAIC Panel Draft Seeks NFIP Reforms
A National Association of Insurance Commissioners’ (NAIC) panel has drafted recommendations to reform the National Flood Insurance Program (NFIP) as part of a congressional 2017 reauthorization, including measures designed to aid private flood insurance market growth. The panel has put forward objectives that include support for long-term reauthorization of at least 10 years in order to avoid short-term extensions and program lapses; encouraging greater private market growth; and encouraging mitigation to reduce losses.
The committee draft also supports final passage of H.R. 2901, the Flood Insurance Market Parity and Modernization Act, which clarifies that private flood insurance meets the mandatory purchase requirement. The bill passed the House in an overwhelmingly bipartisan 419-0 vote on April 28.
PIA supports the long-term reauthorization of the NFIP when it comes up for renewal in 2017. PIA opposes the immediate privatization of the National Flood Insurance Program (NFIP), but supports sensible solutions for encouraging the growth of the private flood insurance market with measures like H.R. 2901.
A National Association of Insurance Commissioners’ (NAIC) panel has drafted recommendations to reform the National Flood Insurance Program (NFIP) as part of a congressional 2017 reauthorization, including measures designed to aid private flood insurance market growth. The panel has put forward objectives that include support for long-term reauthorization of at least 10 years in order to avoid short-term extensions and program lapses; encouraging greater private market growth; and encouraging mitigation to reduce losses.
The committee draft also supports final passage of H.R. 2901, the Flood Insurance Market Parity and Modernization Act, which clarifies that private flood insurance meets the mandatory purchase requirement. The bill passed the House in an overwhelmingly bipartisan 419-0 vote on April 28.
PIA supports the long-term reauthorization of the NFIP when it comes up for renewal in 2017. PIA opposes the immediate privatization of the National Flood Insurance Program (NFIP), but supports sensible solutions for encouraging the growth of the private flood insurance market with measures like H.R. 2901.
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