House GOP to Allow Vote on Modified NFIP Rates, But Not on Senate Bill
House Majority Leader Eric Cantor (R-Va.) announced last week that a vote on legislation to modify flood insurance rate hikes imposed by the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12) will take place after Congress returns from its Lincoln holiday recess the week of Feb. 24. Cantor’s announcement came after the House leadership effectively blocked efforts by House Democrats three times to get a vote on the Senate’s bill, S. 1926, which effectively rules out any rate increases until the current National Flood Insurance Program (NFIP) authorization runs out Sept. 30, 2017. Speaker John Boehner (R-Ohio) previously indicated that the House will not consider a four-year delay in flood insurance reforms and premium increases. Cantor’s announcement opens the door to a bill with some rate rollbacks.
PIA supports risk-based rates and the ongoing implementation of BW-12. In light of the significant financial hardship for some policyholders who have seen drastic rate increases, PIA does support and strongly advocates for specific mitigation-related solutions that could lead to affordable premiums.