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NAIC Schedules Hearing on NFIP Reform

A National Association of Insurance Commissioners panel will host a hearing April 5 to discuss possible recommendations to reform the National Flood Insurance Program.
March 18, 2016

A National Association of Insurance Commissioners (NAIC) panel will host a hearing April 5 to discuss possible recommendations to reform the National Flood Insurance Program (NFIP). Panel Chairwoman Teresa Miller, Pennsylvania insurance commissioner, said the committee should develop ideas on NFIP reform that would help the NAIC make recommendations to Congress when the NFIP is up for reauthorization in 2017.

The House Financial Services Committee recently approved the Flood Insurance Market Parity and Modernization Act (H.R. 2901), which would clarify that private insurance is to be treated the same as federal flood insurance in cases where homeowners with federally-backed mortgages are required to buy the coverage. PIA supports H.R. 2901 to encourage the development of a private flood insurance market with strong consumer protections being overseen by state insurance regulators and opposes outright, immediate privatization of the National Flood Insurance Program (NFIP).

“As insurance agents, you are committed to helping your clients protect their families and properties,” Commissioner Miller writes in an op-ed in PIA Connection. “I encourage you to consider a product that has received little attention until recently but can help many of your clients—private market flood insurance.”

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