You are here:HomeNews CenterNews About PIA2016PIA Files Comments With NAIC on NFIP

PIA Files Comments With NAIC on NFIP

PIA National has filed comments in response to the National Association of Insurance Commissioners’ Property and Casualty Committee’s recommendations to its Government Relations Leadership Council on the Committee’s Principles for National Flood Insurance Program Reauthorization...
August 24, 2016

PIA National has filed comments in response to the National Association of Insurance Commissioners’ (NAIC) Property and Casualty (C) Committee’s recommendations to its Government Relations Leadership Council on the Committee’s Principles for National Flood Insurance Program (NFIP) Reauthorization (“the Principles”).

In the comments, PIA expressed appreciation that the NAIC’s C Committee has become proactively involved in the NFIP reauthorization process in advance of its upcoming expiration next year.  PIA’s comments go on to point out that PIA supports a long-term reauthorization of the NFIP and greater growth in the private flood insurance market as a complement to the NFIP. To this end, PIA also expressed support for the passage of H.R. 2901/S. 1769, the Flood Insurance Market Parity and Modernization Act, which would encourage the growth of private flood insurance availability. PIA also supports mitigation efforts such as H.R. 2230, the Disaster Savings Account Act.

PIA encouraged the NAIC to add an expression of its support for the forgiveness of the

existing NFIP debt ($23 billion). “The NFIP was not designed, and is still not intended, to be a

financially self-sustaining program [though], and until Hurricane Katrina and Superstorm Sandy hit in 2005 and 2012, respectively, it rarely operated with a deficit.”