President Obama Signs Flood Insurance Bill
President Obama has signed a bill into law that will change the rate structure of the National Flood Insurance Program (NFIP) and cap the amount by which premiums may rise each year. The bill signed by Obama on March 21 received bipartisan support in both the U.S. House and the Senate. H.R. 3370 is designed to fix provisions of the Biggert-Waters Flood Insurance Reform Act (BW-12) that would cause rates to skyrocket for some NFIP policyholders. After the bill passed the Senate, PIA issued a statement praising the inclusion of mitigation provisions we advocated along with provisions on grandfathering. PIA’s perspective on the flood bill has been reported in the National Underwriter, Best’s News Service and other industry publications.
Now, PIA will work with Congress to craft long-term solutions for putting the National Flood Insurance Program – which PIA steadfastly supports – back on the road to fiscal stability in the coming years.