ABIA/ABA and several trade groups on Friday requested that FEMA convene a summit on the National Flood Insurance Program to provide more certainty about the implementation of the Biggert-Waters flood reform law. The law, which took effect this fall, is intended to bring NFIP premiums up to actuarial rates and make the program financially sustainable.
“Uncertainty and confusion surrounding these implementation issues are now beginning to stall transactions nationwide,” the groups said. “We believe this summit should be separate from legislative efforts, and should focus on the provisions of the reform act that require immediate attention and clarification.”
The groups said a summit should address: speeding up flood map appeals; streamlining the community rating system and the process for getting elevation certificates; better educating homeowners, lenders and real estate professionals about Biggert-Waters effects and how to mitigate flood risk and thus premiums; and designating a FEMA ombudsman for mapping concerns.
Read the letter.