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PIA Comments on NAIC Private Flood Proposal

PIA recently commented on the National Association of Insurance Commissioners’ Property and Casualty Insurance Committee’s Blanks proposal concerning private flood insurance...
April 19, 2016

PIA recently commented on the National Association of Insurance Commissioners’ (NAIC) Property and Casualty Insurance (C) Committee’s Blanks proposal concerning private flood insurance.  PIA’s comments expressed its support for the proposal, which would add a line of business in the Property/Casualty Exhibit of Premiums and Losses (Statutory Page 14) and Insurance Expense Exhibit (Parts II and III of the NAIC Annual Statement Blank) and the corresponding instructions to acknowledge the developing private flood insurance market and its products. 

PIA continues to monitor this important issue and intends to provide verbal feedback on the proposal and the future of the National Flood Insurance Program at the NAIC National Meeting in New Orleans. PIA National favors the proposal because the additional information will elucidate the current condition of the existing private flood insurance market, and establish a benchmark against which subsequent years’ Annual Statement data may be measured. PIA National strongly supports the continued existence and long-term reauthorization of the National Flood Insurance Program (NFIP) along with a gradual progression toward ultimately risk-based rates.

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