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Tuesday, May 13, 2014

GAO Issues Comprehensive Report on Status of National Flood Insurance Program

By: ABIA Outside Counsel Adam D. Maarec, McIntyre & Lemon, PLLC

GAO Issues Comprehensive Report on Status of National Flood Insurance Program. The report concludes that "FEMA has not fully addressed all of the issues [the Government Accountability Office (GAO) has] reported on and will need to address provisions in both the Biggert-Waters Act and the 2014 Act that affect many aspects of [National Flood Insurance Program (NFIP)], including its finances, rate setting, mapping, and participation, among other things. The 2014 Act includes provisions that address affordability concerns for affected property owners. However, these provisions may also reduce program revenues and weaken the potential for improved financial soundness of the NFIP program."

Read GAO Report.

Read Property Casualty 360 article.