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Wednesday, January 13, 2016

House Financial Services Committee Hosts Two Flood Insurance Hearings on the NFIP

Yesterday, the House Financial Services Committee (HFSC) hosted a hearing entitled "Opportunities and Challenges Facing the National Flood Insurance Program".  The hearing examined the National Flood Insurance Program (NFIP) and provided an opportunity to review the current government flood insurance model, the technological changes since 1968 that could improve the NFIP, and how the private sector could develop a private flood insurance market that compliments the current NFIP model.  View the witness panel.

Another hearing entitled “How to Create a More Robust and Private Flood Insurance Marketplace” took place this morning with the HFSC Housing and Insurance Subcommittee.  The hearing examined the NFIP and legislative concepts that will facilitate the creation of a competitive private flood insurance market to compliment the NFIP.   Members of the HFSC discussed with the witness panel the effects of moving towards a privatized market and the possibility of requiring flood insurance to be part of a Homeowner and Commercial Property Owners Policy.  View the witness panel.

The ABIA hosts a monthly Flood Insurance Working Group call that focuses on the examination of legislative and regulatory treatment of flood insurance policies issued by the National Flood Insurance Program (NFIP) and by insurers providing flood coverage as an excess or surplus line or on a forced order basis. If you are interested in joining the call, please contact Sarah Ferman.