PIA Issues Action Alert on NFIP Reauthorization
The National Flood Insurance Program (NFIP) has a new expiration date of December 8, 2017. Congress is working on legislation to reauthorize the program beyond that date.
PIA National opposed legislation that passed out of the House Financial Services Committee over the summer because it would cut the Write-Your-Own (WYO) reimbursement rate by 3 percentage points. This will very likely lead to a cut in agent commissions, forcing agents who sell flood insurance through the NFIP to leave the program, and the NFIP will quickly become prohibitively expensive for agents who might otherwise enter the market.
PIA National has issued an action alert that can be found here. It is critical that independent agents contact their House members and Senators and ask that they oppose any legislation to reauthorize the NFIP that would cut the WYO reimbursement rate unless it includes a specific and robust protection for agent commissions.