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FEMA/NFIP Issues Preliminary Overview of H.R. 3370 Implementation

Federal officials are out with a preliminary overview of the implementation of the Homeowner Flood Insurance Affordability Act of 2014, which was signed into law by President Obama on March 21, 2014...
April 9, 2014

 

Federal officials are out with a preliminary overview of the implementation of the Homeowner Flood Insurance Affordability Act of 2014 (H.R. 3370), which was signed into law by President Obama on March 21, 2014. This law repeals and modifies certain provisions of the Biggert-Waters Flood Insurance Reform Act (BW-12), which was enacted in 2012, and makes additional program changes to other aspects of the program not covered by that Act. Many provisions of the Biggert-Waters Flood Insurance Reform Act remain and are still being implemented.

FEMA/NFIP notes that “It is not possible for changes to happen immediately. While the new law does require some changes to be made retroactively, applying to certain policies written after July 6, 2012, other changes require establishment of new programs, processes, and procedures.” This bulletin offers some details and notes that additional guidance on some issues will be issued in the months ahead.

The Flood Insurance Producers National Committee (FIPNC), chaired by PIA National President-elect Richie Clements and the Institute for Business and Home Safety (IBHS) (a group for WYOs), are continuing to work with FEMA/NFIP. We asked FEMA/NFIP to issue an outline as soon as possible which includes those matters already decided.

w-14011 — Overview on the Homeowner Flood Insurance Affordability Act of 2014 (H.R. 3370)       04/03/2014

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