NAIC Urges Renewal of NFIP

The National Association of Insurance Commissioners (NAIC) issued a letter to Senate Banking Committee and House Finance Committee leadership urging lawmakers to reauthorize the National Flood Insurance Program (NFIP) before its expiration. “The NAIC stands ready to work with Congress to support a long-term reauthorization,” said NAIC CEO Mike Consedine.

READ: PIA Supports NFIP Reauthorization

The NAIC also issued support for the Flood Insurance Market Parity and Modernization Act (S. 563), which would allow states to remove private flood insurance restrictions, helping insurers to provide coverage that would serve as a market alternative to the NFIP. The bill would allow states to remove private flood insurance restrictions, helping insurers to provide coverage that would serve as a market alternative to the NFIP.