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Senate Prepares to Consider Flood Insurance Bill

The Senate Banking Committee has finished an 88 page draft flood insurance reform bill. PIA is working with members of the Senate to address concerns...
July 26, 2011

The Senate Banking Committee has finished an 88 page draft flood insurance reform bill. PIA is working with members of the Senate to address concerns prior to the bill being introduced. The Committee is considering holding a mark-up in the coming weeks.

On July 13, the House voted 406-22 to pass the Flood Insurance Reform Act of 2011 (H.R. 1309) extending the National Flood Insurance Program (NFIP) for a full five years and enacting key reforms to put the program on a firm financial footing. Among reform provisions, the bill phases in risk-based premiums, and phases out subsidies for certain properties, including high-risk buildings subject to repeat claims and confirms FEMA's authority to utilize private reinsurance in lieu of taxpayer exposure to mitigate risk.

See PIA's statement on the House-passed flood bill: PIA Statement on House Passage of H.R. 1309 (PIA 7/13/11)

Read more on the Senate's NFIP actions: Industry Urges Senate to Follow House on NFIP (National Underwriter 7/13/11)

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