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Legislation Introduced to Delay NFIP Rates

Legislation has been introduced in the House and Senate to delay most of the new rates included in the Flood Insurance Reform Act of 2012 (“Biggert-Waters” or “BW-12”)...
November 6, 2013

Legislation has been introduced in the House and Senate to delay most of the new rates included in the Flood Insurance Reform Act of 2012 (“Biggert-Waters” or “BW-12”). The legislation would need to pass in both the House and Senate before any action on rates is taken. There is strong bipartisan support for this legislation in both chambers and there appears to be some willingness to move it. However, a specific vehicle or route has not yet been identified.

PIA National supports risk-based rates coupled with specific homeowner affordability solutions. While PIA National supports the overall intent of this legislation and many of its provisions, PIA National would caution against dismantling the much needed reforms that were included in Biggert-Waters.

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