On Tuesday, the House voted 306-91 in favor of legislation that would reduce the rate increases taking place under the National Flood Insurance Program (NFIP). The measure, which proceeds next to the Senate, has not been without controversy.
Lawmakers have faced mounting pressure to rescind a recently enacted overhaul of the NFIP since homeowners in flood-prone areas complained about sharp premium increases. For its part, the insurance industry is expressing mixed reactions. The Independent Insurance Agents and Brokers of America contends that provisions of the bill constitute “a major win” for independent insurance agents, while another representative of agents is voicing skepticism.
PIA, NAMIC and PCI Weigh In
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