House Financial Services Committee Republicans are circulating a package of draft legislation to reform and reauthorize the National Flood Insurance Program. The committee is expected to turn to flood insurance in the coming weeks.
The six bills included in the package would reduce the cap on rate increases, authorize voluntary state programs to provide flood insurance assistance, allow commercial property owners to opt out of mandatory coverage, require local plans to address repeated structure losses, establish and nurture a robust private market for flood insurance, reform the flood zone mapping process, address fraud in the claims process and improve the NFIP’s financial management.
The American Bankers Association has been working closely with members of Congress to ensure timely reauthorization of the NFIP. Association staff are reviewing the draft legislation and look forward to further progress in the near future. For more information, contact ABA’s Joe Pigg.