In a letter to Senate Banking Committee leadership yesterday, ABA and other financial services and insurance trade associations outlined principles for regulatory reform with respect to flood insurance. The groups urged lawmakers to seek solutions that would increase the percentage of property owners who purchase flood insurance and called for long-term reauthorization of the National Flood Insurance Program, which is set to expire next September.
Specifically, the groups recommended that Congress focus on improving the customer experience through better disclosures, more policyholder education, reaffirmation of reimbursement rates, and simplified underwriting and claims handling. They also encouraged lawmakers to consider enhancing and fostering market oriented solutions; resolve issues related to mitigation; and ensure adequate mapping funding to enable consumers, communities and the private sector to accurately evaluate, mitigate and price flood risk. For more information, contact ABA’s Joe Pigg or Sarah Ferman.