Mississippi Insurance Commissioner Mike Chaney announced that he has filed suit with a federal court in Gulfport, Miss. in order to delay flood insurance rate hikes scheduled to go into effect today, October 1, 2013. He is suing the Federal Emergency Management Agency (FEMA), who administrators the National Flood Insurance Program (NFIP), and FEMA Director Craig Fugate.
According to the Mississippi Insurance Department, this action was necessary since "the proposed rate hikes will affect millions of homeowners, not only in Mississippi, but across the country and are intended to repay the debt from catastrophes being carried by the NFIP and to make rates in the future actuarially sound."
Read the complaint filed with the Court.
Read a press release from the Mississippi Insurance Department.