Sens. Bill Cassidy (R-La.) and Kirsten Gillibrand (D-N.Y.) yesterday introduced draft legislation to reauthorize the National Flood Insurance Program. The bill, which would reauthorize the program for 10 years, proposes several changes to the program’s operations, including encouraging the Federal Emergency Management Agency to transfer more risk to capital markets and remove certain hurdles for more competition by private insurers.
The bill comes as Congress prepares to begin discussions in earnest on reauthorizing the NFIP before it expires at the end of September. The House Financial Services and Senate Banking committees are also expected to consider their own proposals on the matter. ABA will continue to work constructively with lawmakers as the reauthorization effort moves forward.